How To Reduce Your Cost While Working With Recruiting Firms

Working with a recruitment firm is a smart and effective way to handle the hiring process at your organization. Recruitment firms come with a vast network of connections and can more quickly and efficiently locate, evaluate, and secure top talent. According to the Wall Street Journal, companies with more than 10,000 employees globally pay a median figure of $1,949 per hire. This is compared with midsize companies, which pay $3,632, and small firms, which pay $3,665. Knowing how best to utilize the search process can save you time and money, as well as result in the best hire possible.

 

Save Time & Money Locating The Right Recruitment Firm

Pro Tip: Use a modern day recruitment matching maker

 

You know the benefits of working with a recruiting firm, headhunter or staffing agency-- access to the recruiter’s vast network of connections and well built relationships can lead to the ideal hire. But did you know you can save time and money, before you even begin working with a firm? The recruitment industry is competitive and populated, and locating the right firm can be difficult and overwhelming. Using a free online search tool can match you with the right firms quickly and simply. With Recruiters LineUp you can access their comprehensive database of over 12,000 recruiting firms and staffing agencies and cross search by location, industry and even niche. You’re given only the most relevant recruitment firms for your specific search, which saves you hours of internet research and phone calls.

 

The Insider Advantage

Pro Tip: Find a recruiter that specializes in your industry

 

Working with a recruiting firm that specializes in your industry can work well to your advantage. If you are searching for a leverage finance specialist, it is recommended to consider firms specializing in banking and finance. These firms have a multitude of connections and years of experience building and fostering relationships. Additionally, they are familiar, inside and out, with their specialized industry. The advantage? The recruiters will know the industry lingo, trends, and be able to quickly and resourcefully evaluate a large volume of resumes with expertise and a trained eye.

 

Have Well Defined Needs, But Remain Flexible

Pro Tip: Unicorns don’t exist

 

Waiting for the perfect candidate is akin to waiting for Godot. Holding unrealistic expectations that the perfect candidate will possess all of the qualities you’re looking for can cause the search process to be long, unfruitful, and expensive. Nobody is perfect, and neither are candidates. A recruiter will bring the most relevant and qualified candidate options, but if you’re not willing to explore the candidates as individuals then you may lose out on some great perspective hires. Instead of waiting around for a unicorn candidate, work with a recruiter you can trust to bring you candidate options based on your requirements that will bring true value and heart to your organization.

 

Know Your Payment Options

Pro Tip: Know your payment options

 

You obviously want to know upfront what your costs will be when hiring a recruitment firm. There are several payment models that agencies use, so be sure to choose the one that best fits your business.

  • Flat rate per hire. This is typically either an agreed upon rate or some percentage of the new hire’s annual salary. This means that the agency doesn’t get paid until a hire is made. In most cases, there are no out of pocket fees until you decide on a candidate.
  • Retainer: You pay a fee for the firm to do the recruiting for you. And you can continue to contract with the firm for various openings that you may have under this retainer.
  • Combination per hire & retainer billing: You pay the firm a nominal fee for their work while they recruit, and the remainder of your contract is paid upon a successful hire.

You should also check on the firm’s guarantee. Some firms will refund your fee if the new hire leaves or terminates within a certain amount of time. This window of time is typically short, like 60 to 90 days.

Finding the recruitment firm that’s right for you doesn’t have to be like trying to find a needle in a haystack. The right firm is out there if you know what to look for and how to choose the best one for your needs. To get matched with the right recruiting firm free of cost, head to Recruiters LineUp.

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