It can be hard to find good employees these days. One of the reasons is the low unemployment rate, which means the labor market is tight, but there are many others. If you make the wrong hiring decision, it can cost you. The average cost of hiring the wrong person and having to replace him or her can cost up to 30% of one year’s salary for the position. Unfortunately for firms, bad hiring happens fairly regularly. It’s estimated that nearly one-fourth of hires leave their jobs within 45 days, often because of poor performance in the new role. Such issues can be magnified when you are looking to replace a key executive. One of the ways to avoid these problems is to hire executive hr search firms to do the work for you.
Talent acquisition is down to a science, and many executive search consultants use quasi-scientific systems to help companies with their recruiting. This includes the use of psychological profiles and data gathering as well as other methods.
Using executive HR search firms isn’t just about trying to weed out candidates to get the right fit; it’s also about finding candidates that might not actively be looking for a job. Research has shown that more than half of employed workers would consider new job opportunities even if they aren’t actively looking for another job. One of the advantages to using a talent acquisition management firm is that it can go out and find qualified candidates who wouldn’t otherwise know about or consider the opening you have.
When corporate restructurings occur, many qualified people lose jobs through no fault of their own, simply because they occupy jobs targeted for elimination or consolidation or because they don’t have enough seniority to retain their jobs. Such events can present opportunities for companies looking for talent, and there are restructuring consulting firms that can help identify such candidates.
Outsourcing your hiring functions to HR consultants can bring a number of benefits. It can find you more qualified candidates while also freeing you from all the work that goes into the recruiting and interviewing process.