Recruiting in a candidate-short market? Get a leg up on your competition by partnering with a specialist recruitment agency to access talent. Find out more here.
First came the great resignation. Now we have the great talent shortage. Businesses of all sizes and sectors are affected, with one in four HR professionals across Australia and New Zealand saying their top organisational challenge in the coming year is recruitment.
If you’re in the market for new staff, using a recruitment agency is a key way to get a leg up on your competition. By partnering with the right one, you’ll not only gain access to a wider pool of talent, but it can work out to be more cost-effective than going it alone.
Here is how a recruitment agency could save you money and time in your hunt for that ideal candidate.
Access to a Greater Talent Pool
Time is money so it’s natural you want to fill your open role as soon as possible. A professional recruitment agency works hard to cultivate its broad network, meaning they have access to a wider section of skilled candidates in your field. While this offers you more choice, it also exponentially cuts down the time it takes to locate your ideal candidate.
It’s important to note that this candidate pool comprises active job seekers but passive talent too – people who aren’t necessarily looking but are open to an opportunity that may be a better fit.
As a bonus, a specialist Recruiter possesses important insights into your industry, such as salary benchmarks, and can also support you with crafting an offer that gets a ‘yes’.
Speedy Hiring Process
In a talent-short market, it’s important to move fast to secure your number one choice. But it’s something many Hiring Managers struggle with when going it alone. Did you know just over one in four HR professionals in Australia and New Zealand say their top two recruitment challenges are a slow decision-making process?
By using a professional recruitment agency, you benefit from their best practice processes; ones that have been finely honed over many years to ensure maximum speed and efficiency. From expertly crafting your job advertisement to attract high-calibre applicants, to overseeing the entire review, interview and offer process, a specialist Recruiter allows you to move quickly and maintain your hiring momentum, all while providing an enhanced candidate experience.
When you consider the average time to hire has jumped in recent years (40 days in Australia and 50 days in New Zealand, up from 33.4 and 36.5 respectively in 2021, with executive roles taking the longest at 59 days for Australia and 86 for New Zealand), partnering with a recruitment agency saves you significant time, thus money.
Higher Quality Hires
A great hire boosts your team’s productivity and morale, while a bad hire can do just the opposite. In the worst case, it may mean you lose clientele and valued staff, two problems that are costly to rectify.
It seems many businesses are feeling the brunt of a bad hire. According to the Elmo HR Industry Benchmark Survey 2021, the new hire turnover rate almost doubled across Australia and New Zealand from 2020 to 2021 (from 7% to 14% in Australia, and from 8% to 14% in New Zealand). The industry that fared the worst was administrative and support services with a 19% new employee turnover rate.
Using a recruitment agency can greatly reduce the chances of a poor hire. Recruitment agencies are efficient because they stick to their ‘zone of genius’ – recruitment. Candidates are thoroughly pre-screened and often undergo extensive skills testing to ensure they’re the right fit for potential clients.
Gives Back Time
By hiring in-house, the recruitment process can only move as quickly as your schedule allows. When you consider how time-intensive it can be – producing recruitment materials, answering candidate questions, reading and assessing CVs, interviewing, preparing a job offer and negotiating terms, onboarding etc., that’s a lot of schedules that are impacted!
Using a recruitment agency frees up a considerable amount of time, so you can focus on your primary (and considerable!) strategic and administrative priorities.
Allows You to Scale Quickly
Many industries experience peaks. It might be seasonal, like the Christmas sales rush or tax time, or it might be unexpected, such as a new client with a major project in the pipeline.
Relying on already overstretched workers to take up the slack isn’t always a sustainable option. This is where using a recruitment agency to tap into a temporary workforce can be highly beneficial.
A professional Recruiter has a deep pool of reliable temporary workers skilled in your industry, ready to begin at a moment’s notice. With an intimate understanding of what’s involved in hiring casual and temporary workers, an agency can also handle much of the time-consuming administrative tasks, such as pre-employment checks and payroll.
Support When You Need It
That covers five ways where using a recruitment agency could save you time and money, allowing you to keep your focus on the important work you’re doing to nurture your team and achieve company goals.
Here at Employment Group, we specialise in helping our clients find their ideal candidate fit across the accounting and finance, contact centre, office support, HR and sales industries. Please let us know if we can help you position your business in the most attractive light to entice top Australian and New Zealand talent.