From LinkedIn to job boards and a number of tools in between, there is no doubt the internet has made it easier for companies to connect with candidates for open jobs than ever. However, companies that believe these avenues alone can fulfill all of their hiring needs may in fact be costing their bottom lines considerably. So, in-house recruiters or HR departments often use third-party recruiters to speed up the search, or in other cases, ask for help due to the workload.
Reaching out to candidates online and conducting the hiring process in-house may at first appear to be the most cost-effective option, but companies often end up spending far more time and energy than they anticipated on vetting applicants once the initial connection has been made. What's more, efforts to speed up this process can result in cutting corners, and the costs of the resulting bad hires can far outweigh any savings the company may have made initially. (as some folks in the industry say: if the position is open more than 2 months … something is wrong there ..)
For these reasons, working with third-party recruiters has remained the best option for companies looking to bring top talent to their teams. Recruitment consultants help companies save considerable time, money and energy by injecting their experience into every stage of the hiring process, including:
- Searching & sourcing,
- attracting & interviewing,
- qualifying candidates
- and checking references.
What's more, global executive search firms' proactive methods allow them to identify passive candidates, not just those actively responding to online job postings. Additionally, third-party recruiters typically receive many more resumes and applications than the companies themselves, because candidates know recruiters work to fill multiple positions for several companies at a time.
When choosing a recruiter, organizations have the option to hire firms that work on either a retained or contingency basis. Retained firms are paid to search and find those qualified individuals for their very specific client/company, rather than after a successful hire. This allows them to hold exclusive relationships with companies. Contingency firms, on the other hand, are only paid upon each successful hire and do not hold exclusive relationships, so organizations typically work with more than one such firm at a time. This, however, often backfires because the non-exclusivity goes both ways — for example, the same candidates are often "sourced" again a few months later from the same companies they were placed at.
Recruiters add the most value when hiring for positions that are difficult to find, require a narrow skill set or when searches are being conducted confidentially. In all three cases, retained executive recruiters' hold a serious advantage over their contingency counterparts because of their ability to build exclusive relationships. This allows them to work closely with hiring managers to determine their specific requirements of each opening, a crucial component of filling niche roles with the right candidates.
YES Partners has leveraged these advantages to fill countless such jobs successfully. Learn more about some of the stellar hires we've placed here!
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.
