Due to shifting values, changing economic conditions and global competition – the hiring process is much different than it was just 10 years ago. In addition to being a major convenience, outsourcing your hiring process can also cut costs for a business.
Shift your hiring expenses
Posting just one job can cost you close to five hundred dollars by the time you take into account the time spent writing the ad and the fees associated with posting them. And that’s just for one simple post. Hiring the right person is often more complicated than posting an ad on Craigslist. In addition to targeting ads on websites and social media, HR staff and hiring managers must spend time interviewing, conducting background checks and discussing candidates – all of which costs company time and money.
All of these in-house costs and responsibilities can be easily eliminated by shifting them onto a company experienced and dedicated to taking them on.
Reduce impact on your staff by outsourcing
Screening and vetting candidates can cost another five hundred dollars, but the expense is more than just financial. It also takes time away from staff that could be used to accomplish other tasks – often revenue driving ones. If you don’t have staff dedicated to your hiring process, the time they spend on hiring can have a significant negative impact on normal day-to-day operations. Even a company with dedicated human resources employee or department may not be accustomed to hiring as a staffing and recruiting firm is. In this situation, taking time to hire new employees could disrupt payroll, benefits processing or other responsibilities of HR staff.
Outsourcing the hiring process allows a company or department to focus on its core responsibilities.
Control hiring costs
Interviewing and negotiating offers can significantly impact your bottom line. These tasks are frequently taken on by higher-ups at the company whose time is especially valuable. Just a single interview can take three hours, including prep, the interview itself and post mortem. Costs can run into the thousands, if a highly compensated professional is tied up interviewing candidates who have not been adequately screened.
Making the right hire
One of the biggest costs a company can suffer is if it hires the wrong person. Whether that person is unqualified or simply not a good fit – the wrong hire can set back a company significantly in terms of productivity. Even if that person is quickly removed from their position, it can take some time for the company to rebound.
Best case scenario is that a single hire can cost as much as twenty thousand dollars, not including the risk of repeating the process if a bad hire is made or the revenue lost by tying managers up in the hiring process.
Furthermore, since personnel companies see themselves as partners in the hiring process, they are effectively sharing the risk when it comes to taking on a new employee. These companies know when they make the wrong hire – it’s their responsibility to fix it.
With a large database of qualified candidates and robust search techniques, Cornerstone is solely dedicated to your hiring process and ensuing that the talent we provide has the maximum impact on your bottom line. We might use sophisticated methods, but our ultimate goal is a simple handshake.