Hiring is hard work, becoming increasingly difficult for many businesses. In early 2020, 54% of companies reported a need for more qualified candidates, and it’s estimated that the number of unfilled jobs worldwide will reach more than 85 million by 2030. Fortunately, recruiting companies can make the entire hiring process significantly more accessible for businesses of all sizes.
What Is a Recruitment Company?
Traditionally, hiring is the employer’s duty. But, hiring is costly and time-consuming when left in the hands of employers. On average, U.S. Recruitment companies serve as the bridge between employers and employees, managing the tasks of recognizing top talent, vetting candidates, and giving the leading candidates to clients.
Although all types of employment companies share similarities with recruitment companies Edmonton, they differ. Recruitment companies highlight seeing talent for permanent positions, including upper management and executive roles.
How a Recruitment Company Works
While benefits may differ slightly from company to company, most recruiting companies use an identical process.
- Agreement
When your company has decided to work with a particular recruitment company, you must first agree. Of course, you’ll need to consent to payment terms—typically, a retained fee or contingency fee format. However, you’ll also be required to reach terms about your anticipations for the work.
Some recruitment companies in Edmonton, for instance, offer a contract period. This all but guarantees that you receive a fantastic hire. If your latest hire doesn’t work out during the period set forth, the company will return to the drawing board and continue searching for your next hire.
- Profiling Candidates
A representative from your recruitment company will schedule a meeting with you to discuss your hiring requirements. During the meeting, you can discuss your specific needs and preferences for the position you want to fill. Your company may need multiple positions filled. You may have one critical executive position open. The company aims to gather as much information as possible to identify and attract the best potential candidates for the job. Generally, you’ll deliver your company with a precise job description, a list of requirements, necessary skills and attributes, and any other vital criteria.
- Sourcing Top Candidates and Building a Pipeline
The company will then scour its database and networks for qualified candidates and mobilize influencers to reach candidates within its unique networks and circles. These recruiters can work swiftly, taking six seconds to scan a resume. With a list of possible candidates, the company will then screen these people and set up interviews. On average, only 2% of applicants get interviews.
Further steps:
- Interviewing
The interview process is two-fold. First, the company will set candidate interviews with their company. This will let the company comprehend the candidates more effectively and whether they might be appropriate matches for your company (as well as provide good reflections of the company).
During this procedure, the company will inform candidates of your company’s requirements, culture, and long-term vision. After using these interviews to narrow the pool of candidates further, your company will be briefed on each candidate, and the company will assist you in arranging final interviews. 51% of recruiters convey that three interviews are needed before developing an offer to a candidate.
- Offer Extension and Negotiation
Once you have identified a suitable candidate for the job, the recruitment company can assist you in handling the offer and compensation negotiations with the candidate. This will save you considerable time and ensure the candidate has a dedicated point of contact throughout their recruitment journey. By removing the burden of offer negotiations from your plate, you can focus on other essential aspects of your business.
- Onboarding
After an offer has been accepted, the company may help your company with employee onboarding, where only 12% of employees are satisfied with their employers’ efforts. Beyond helping both parties complete the necessary paperwork for employment, the company will ensure your new hire feels comfortable and excited to join your team!
Why Should You Work With a Recruitment Company?
A company should seek assistance from a recruitment company for its hiring needs for multiple reasons, but three stand out.
- Access to Better Talent
Recruitment companies Edmonton have access to more extensive talent networks. Unlike most employers who only have access to LinkedIn, recruiting companies lean on multiple sources—including their platforms, in many cases—to glean as much of the top talent as possible.
They can also mobilize industry connections to get referrals, which is five times more effective than other hiring sources. It’s common for Edmonton recruitment companies to headhunt the best candidates. They are fearless in successfully wooing top passive talent from other companies. This is because around 70% of the global workforce needs to look for job opportunities actively, and is not found in the average search.
- Better Final Candidates and Hires
Unfortunately, when you pursue the wrong candidate through the hiring process, the perfect candidate you passed up earlier may already be onboarding with your competitor. In a CareerBuilder survey, 33% of bad hires were caused by dishonest candidates lying about their qualifications. Recruiting companies are hiring experts. Not only do they have more time to vet candidates thoroughly, but they also have the experience to identify red flags better. As a result, when a recruitment company hands over its top finds, you can be confident that you’ll receive adequately vetted candidates who meet your set criteria.
- Time and Cost Efficient
Hiring internally can result in a loss of time and money in several ways. Firstly, searching and evaluating candidates can consume a lot of time. On average, a single job opening receives around 250 resumes. As a business owner or executive, you probably have other pressing responsibilities. Therefore, your precious time could be better utilized elsewhere.
When you delegate hiring responsibilities to someone else, you pay them a premium to find your next employee. Moreover, when you make a wrong hiring decision, it costs you both time and money. Apart from the lost productivity, it would help if you bore the additional cost of retraining or rehabilitating a subpar hire before finally letting them go.
Employee turnover can be expensive. According to data, losing a senior or executive-level employee can cost around 213% of their salary. However, you don’t have to worry about these issues when collaborating with a recruitment company. It is the company’s responsibility to find your next great hire. Their expertise lies in finding the right candidate for you, so you rely on them to hire your next top employee.
Conclusion
In Edmonton, recruitment companies are crucial pillars in navigating the dynamic job market, offering specialized expertise to employers and job seekers alike. Their multifaceted role extends beyond mere placement, fostering meaningful connections between talent and opportunities while streamlining the hiring process. Through tailored strategies, these firms identify top-tier candidates and provide invaluable guidance, shaping the workforce landscape in Edmonton.
As indispensable partners in the employment ecosystem, these agencies demonstrate their significance by bridging gaps, fostering growth, and contributing to the thriving professional landscape of the city.
