In a fast-moving economy with constant disruption, the only thing that never changes is the fact that everything's always changing! Fortunately, you don’t have to go it alone when it comes to hiring talent to help your business grow despite economic changes. Here are five ways partnering with a staffing company can drive your business forward.
hire for a growth mindset
Some leading staffing companies today offer dedicated career transition practices: In other words, they specialize in placing qualified candidates who are looking to gain vital experience in new fields where they can build their careers. And when employees are genuinely interested in learning from colleagues and contributing to your company — versus working only for a paycheck — you'll find that your company is primed for growth.
shorter time to fill
Unemployment in the U.S. continues to be at a historic low, which means there's a shortage of qualified talent for nearly every position across almost all industries. That’s why partnering with a staffing firm with a large network of qualified talent can be a huge advantage. After all, the average time to fill at most organizations right now is north of 30 days — that's 30 days you don't have to spare. Hiring managers already have a lot on their plates, and each day spent interviewing and vetting candidates is a day not spent growing your business.
average time to fill: 30 days
Human resources outsourcing (HRO) is another way that staffing partners can make a major impact on your bottom line. What is HRO? In a nutshell, HRO refers to the practice of transitioning responsibility for various HR functions — from benefits administration to employment process outsourcing, hiring, recruitment and payroll — to a third-party provider. And while the pricing models vary from one staffing firm to the next, the decision to switch to an HRO model yields clear ROI for most companies. Ultimately, that handoff can happen in a number of different ways, but the underlying rationale remains essentially the same: By reducing costs associated with HR overhead, you'll likely be able to free up working capital to invest in growing your business.
Today's best-in-class staffing firms (click here to see the top five) don't approach requisitions as one-off engagements. Instead, they seek to form close-knit partnerships with clients in order to understand not only the qualifications that candidates need, but also the intangible factors that will make someone a good fit for your workplace culture. With the cost of a bad hire estimated to be as high as 21 percent of their first-year salary, you can't afford to let the wrong one in.
potential cost of a bad hire:
21% of that employee's first-year salary
capacity to scale
Even the most steadfast companies can experience some level of variance in demand from one quarter to the next. When you partner with staffing firms that have global reach and deep rosters of qualified demand, that's not a problem. Staffing partners can flex and scale to meet your growth needs, ensuring that business continues as usual and that the quality of your services or products is not sacrificed when demand spikes.
Armed with this information, you should have a clear sense of the advantages of partnering with a staffing firm. Before selecting a staffing firm, however, make sure you understand the different types of staffing firms, as well as the essential questions you should ask as you begin to vet vendors.