Hiring is an expensive and time-consuming endeavor. According to the SHRM, it costs an average of $4129 to hire an employee, and takes an average of 42 days to do so. These figures increase exponentially the more senior-level the hire.
Given the time and expense involved, executives and decision-makers need to make the right decision the first time. Hiring well can be a great investment for the company, as high-quality talent quickly pays for itself in terms of knowledge, efficiency and leadership potential.
On the other hand, hiring out of desperation or from a limited pool of candidates can have the opposite effect. The resulting hires may be less experienced or qualified and maybe less of a cultural fit. These hires may be less likely to advance, and attrition levels are likely to be higher. Not only that, but poor employees take up about 17% of a manager's time - that's about a day a week.
Unfortunately, bad hiring decisions are common. Up to 95% of companies admit to hiring the wrong people.
While executives can reduce poor hiring decisions by anticipating staffing needs or hiring from a pre-qualified pool, another option is to work with a recruiter or recruiting agency.
Why Recruiters are Worth the Expense
Recruiters may come at a cost, but it's a cost that companies quickly recoup. Where your internal staff may have limited time and resources to invest in the hiring process, recruiters can dedicate themselves to sourcing and evaluating quality talent that meets your needs. Rather than turning their attention towards identifying candidates on an as-needed basis, recruiters are continually developing relationships with prospects, ensuring that they have a pool of potential candidates ready to go when the need arises. Not only that, but they have connections with candidates who aren't necessarily actively seeking a job - ones you'd never find with a standard job ad.
A Well-Oiled Machine
Quality recruiters also have a well-honed process for successful hiring at all levels, including the executive level. Ideally, this involves a deep understanding of your organization, its needs and culture, your expectations of a given candidate, and the terms you're able to offer. From there, the recruiter is able to begin searching for candidates who not only meet skill and educational requirements but who will also be a great cultural fit. While recruiters may source potential candidates through many channels, they'll likely have a specialized approach when it comes to managerial or executive roles, discreetly assessing whether their skills and experience are suited to your company's needs without revealing your company's inner workings.
Engaging a recruiter increases the likelihood that you'll quickly find a quality candidate on the right terms. In doing so, they'll spare you the expense of keeping positions open, streamline the interviewing process, reduce the costs of onboarding and training, and reduce your attrition levels.
If you're looking for assistance with management- or executive-level hiring, get in touch. StellaPop has extensive experience placing exceptional staff at companies across a wide range of industries.