For many organizations, recruitment can be a disjointed and at times a haphazard process. Because hiring is done to fill an immediate need, companies may have a difficult time contextualizing their search, and deriving actionable insights from the results. Thus, not only are firms going about the process inefficiently, they have no way of even judging exactly how inefficient the process is.
A recruitment consultant, however, has the experience and expertise to not only find highly-qualified executive candidates, but also to evaluate the process as a whole. Here are four metrics professionals, like YES Partners, use when judging the efficacy of a search:
- Time to hire: Once you've decided to look for a new executive, how long does it actually take before that person is sitting in his or her new office? The weaker your talent acquisition process, the higher this figure will be. Global executive search firms can help lower this time by drawing on a wide range of candidates and performing the intensive labor of qualifying and screening them. In the end, this eases the burden on HR and means you welcome your next executive faster.
- Cost to hire: It's easy to measure the exact cost of using a recruiter, as it is generally tied to the salary of the open position. When handling a search internally, however, hidden costs can multiply in unexpected and difficult-to-trace ways. How long is HR spending putting up job postings, and what's the value of that time? What could managers be doing instead of interviewing unqualified candidates, and how could those tasks be used to advance the actual business of your company? Often, the best thing for your bottom line is to turn to an outside professional.
- Offer:Acceptance Ratio: Everybody wants the best and the brightest, but how often do you actually reel in an applicant after making an offer? It often depends on the relationships you're able to cultivate and your ability to sell the candidate on the company. Without experience in this task, more often than not, your organization will find itself being spurned by the people it wants most.
- Sourcing Channel: Not every potential hire will be searching via the same channel. It's important to diversify the areas in which you're looking, and to accurately track how many qualified leads are generated by each avenue. Knowledgeable firms will have a wealth of information about the value of various channels, and will know exactly where to look based on the role offered and the skills needed.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.
