Placement Services: A Life Hack for Savvy Business Owners
It’s been a rough day. You’re watching late-night television, overrun with advertisements. The announcer on one of these ads tells you that the best thing about his company’s service is that there are no hidden fees. You snuggle into the couch cushions, grateful that hidden fees aren’t something you have to deal with in your own line of work—you run a business! You never have to deal with things like hidden fees and sneaky money pits again without your say-so!
What you may not know is that something essential to running your business is eating up your money: the hiring process. Glassdoor estimates the average amount of time it takes a company to find a candidate is 52 days. During that time, the average cost of advertising for a new hire is $4,000. Once you’ve spent the time and money to find the ideal candidate, there’s no guarantee they’ll even be the right fit.
The Survey of Human Resource Management estimates most companies experience an annual turnover of 19%. If your company is 50 people, then the cost of finding a candidate to replace that 19% of your workforce is around $40,000 every year. This number doesn’t even include the cost of paying your recruiting staff, training the new hire, providing them with work equipment and office supplies or any of the other materials they’ll need.
Unfortunately, there’s no late-night television advertisement announcer to tell you how to avoid this hidden fee. Instead, you need to find an alternative to the traditional hiring process that is both fast and cost effective. Placement services are a great way to combat those pesky hidden hiring fees and end up with a better hire. Some of the benefits of using a placement service include competitive pricing, close collaboration and a quick turnaround in finding you the ideal candidate.
A placement service knows how expensive it is for a business owner to maintain a recruiting staff, pay to have their listings posted on a job site and allocate management’s time to interviewing multiple candidates multiple times. Instead, they will offer a competitive pricing model that covers the cost of your listing and a placement specialist. This placement specialist’s time will be dedicated exclusively to finding the right candidate for you. The service keeps you from having to sort through a pile of what may prove to be subpar resumes from that recruiting site you’re overpaying for, when you have a business to run.
Your placement specialist will work closely with your business in an effort to find the ideal fit for you. Many placement specialists will visit your company site and get to know your employees to ensure that any candidate they send your way will fit in with your culture. Using that culture-based knowledge, and the knowledge they have of industry-specific standards, they’ll craft a job description that will attract the best candidates for your company. This ensures that any candidate whose resume they send to you is genuinely the best candidate for your open position.
A good placement service will already have an existing network of industry professionals to call upon during the search for your ideal candidate. They’ll use their network, their industry knowledge and their stores of research to identify the right people with the right qualifications as quickly as they can. Since they are focused entirely on finding your candidate, they can also deliver timely updates about the search, and field your questions and concerns while serving as your point of contact with the placement service.
The Ideal Fit
Your placement specialist should have an acquisition strategy that evaluates a candidate based on attributes like skill, experience and the personality traits that will best fit in with your company culture. By conducting the first set of interviews and background checks, a placement company ensures that by the time a candidate’s resume ends up on your desk, that person is the ideal match for you. This process not only saves your business time and money, but guarantees that any candidates you choose to meet with or interview will be a viable option that not only fits in with your company, but thrives there.
Now, with your placement service, when you watch late-night television after a long day, you can rest easy knowing that you’re avoiding those hidden fees in your own business. After all, you’re a business owner! You have the best employees for the job! You never have to deal with things like hidden fees and sneaky money pits without your say-so!
If you would like to learn about NOW CFO’s Placement Services contact us here!