High turnover levels can cause significant issues for employers, who end up investing a disproportionate amount of time, money and resources into sourcing and onboarding the wrong candidates.
There are many reasons why staff turnover may be high: inadequate salary and benefits, inflexible working patterns, poor work-life balance, a lack of opportunity for growth or mismanagement and scarce communication. All are important factors for businesses to consider when aiming to attract new talent.
With a large percentage of new hires prepared to leave a role within the probationary period if it proves to be the wrong fit, first impressions are also crucial. And a stellar hiring and onboarding process can be the distinguishing factor between a positive new relationship and an incredibly costly mistake.
Advantages of hiring right the first time
Providing feedback, dealing with unsuccessful applicants, managing salary and benefits negotiations…
The process of sourcing candidates, sifting through applications, interviewing and onboarding new employees can be a time-consuming, stressful and sometimes arduous task — particularly without the proper support. So, there are numerous advantages to ensuring you hire the right person for the job the first time around.
One of the most obvious benefits is reducing the financial burden of hiring and training processes. The average costs associated with replacing an employee total between six and nine months’ worth of that employee’s salary, which is why hiring right first time (and then retaining that team member) is crucial.
Today’s candidates look beyond pay and benefits; they also look for a company culture that puts its people first and aligns with their own goals and values. So, when hiring, it is essential to realise that the ‘right’ candidate is not always the one with the most experience. The ‘right’ candidate is the one that fits the bill in terms of skills and experience but who will also easily slot into and enrich the company culture — helping to improve their job satisfaction and, in turn, employee retention.
The appointment and retention of long-term staff also speak volumes for an organisation. A high staff turnover is not a good look for any company, and hiring quality over quantity is a great way to protect the corporate image and reputation.
The benefits of outsourcing recruitment to an agency
Outsourcing recruitment to a specialist agency may seem counterintuitive for businesses trying to save money on the hiring process, but seeking the advice of an expert consultant can eliminate many of the obstacles that stand between a company and the perfect first-time hire.
Specialist market knowledge
The right recruitment specialist will bring a wealth of industry knowledge and resources to aid the search for the ideal candidate. They can also advise companies on the current job market and possess a sharp eye for the skills, qualities and elusive ‘fit’ that make a candidate right for a role.
Access to a broader pool of high-quality candidates
Throughout their work, recruiters build a strong network of contacts and relationships. This means they have access to a vast pool of high-quality candidates — including passive candidates — and can often put people forward for the job based on trusted recommendations or personal experience.
Streamline the hiring process
Recruitment agencies streamline the hiring process to shorten the time it takes for businesses to fill open positions without compromising on quality — enabling businesses to hire quickly and well in the first instance. Specialist consultants are also practised in navigating all the ins and outs of recruitment and can take care of application filtering to identify only the top candidates for interviews.
Act as a buffer between companies and candidates
Enlisting a recruitment consultant’s support can help businesses deal with the more nuanced interactions involved in the interviewing and hiring processes. Sensitive information can be gathered independently from both sides, negotiated and agreed on through a third party — and the agency can ensure a consistent stream of communication throughout. (Nothing puts candidates off like poor communication!)
Recruitment consultants can also assist with the onboarding process to ensure a welcoming and smooth experience that engages new starters from the outset. Onboarding plays a vital role in staff’s ongoing success, happiness and loyalty, so it’s essential to get it right.