When looking ahead at 2021, consider partnering with a search firm vendor that can help forecast hiring spikes due to growth and turnover. As spikes are predicted, design a relationship with your vendor partner to pay less, as you use more! (see previous blog partnering with a select number of search firms).
The “why” behind volume discount is of course obvious: “Cost Savings” but that truly is just icing on the cake. There is more to it than “Cost Savings” 😊!
Win-Win-Win Strategy – Let’s Dive In:
As a Search Firm successfully recruits to and fills greater positions for your organization, they will acquire vast knowledge about your Company, Market, Competition, etc. As they fill multiple positions within certain job families, they will build and nurture relationships with qualified candidates, some who are interested now and some not interested today but possibly in the future. They have built “relationships” with the talent your organization is after!
When doing this effectively, three positive outcomes occur:
- Faucet on Faucet off: When you need candidates the search firm can turn on that Relationship Faucet and quickly deliver you a slate of candidates.
- Time and Speed: Your Search Firm partner can more efficiently identify top talent for your positions. The # of candidates presented and interviewed per hire will go down reducing time spent on the search.
- Decrease in Cost of Delivery: The third positive outcome is as the search firm build’s their database, hones their “pitch” and “dials” into the searches – – their cost of delivery goes down. When their cost of delivery goes down, they are more apt to be able to deliver cost savings without sacrificing the operation margin.
This leads to a Win-Win-Win Solution:
- Organization – monetizes cost savings
- Hiring Manager – Fills positions faster. Improves operations, employee morale, turnover, etc.
- Search Firm Partner – Has the ability to reduce costs without decreasing the operating margin. They feel good about charging less for services!
Every organization likes to reduce costs. But reducing costs without improving operational efficiency for all parties can often lead to failure. Partnering with a Search firm vendor and establishing a win-win-win Strategy can go along way to optimizing your hiring solution and augmenting your internal capacity to fill positions faster at less cost!