5 Hints Your Company Should Utilize a Talent Acquisition Service

Employee turnover is an inevitable part of business. Even the best employers will have vacancies because either someone has voluntarily left their position or been terminated. There are also vacancies that result from retirement after many years of service. Regardless of why a position is vacant, talent acquisition is one of the most important functions of a business. If you’re thinking about securing a talent acquisition service but you’re not sure about it, take a look at the following hints that you need help.

1. Your Recruitment Costs Are Too High

Studies have shown that recruitment costs approximately 20 to 30 percent of the annual salary. While that amount seems reasonable, when you have positions with a lot of turnover, the associated costs can get out of hand. In fact, sometimes there are internal practices that contribute to high turnover rates and subsequently exorbitant recruitment costs. If you find yourself constantly filling positions at the manager and executive levels, the costs can rise to well over 150 percent of the annual salary.

There is an opportunity to reduce the financial risk of recruiting by implementing best practices and building a stronger corporate culture. Companies specializing in talent acquisition can reduce the number of mistakes that occur during the recruitment process so that you’re able to identify qualified candidates. This will in turn contribute to a lower turnover rate.

2. You Need to Expand Your Talent Pipeline

As you probably know, you shouldn’t wait until you need to fill a position to start looking for talent. Instead, you should have a solid talent pipeline across all departments within your organization. This is a good strategy because you have a running start when you’re ready to actively recruit a candidate. Many companies have internal promotion processes that are part of their talent pipeline strategy. However, both short and long-term growth require you to have an external pipeline of qualified talent. Fortunately, there are experts that have an extensive list of candidates within your industry.

3. You Are Unable to Find Talented Candidates

Companies that rise to the top of their industry often do so because they have truly qualified talent. For instance, you can hire someone that has a background in sales, but do they have a proven track record of success? Have they demonstrated an ability to expand market share and increase sales revenue? A talent acquisition service can take the necessary time to curate a truly talented list of candidates with demonstrated achievement. The difference is that you are not just filling a position, but instead you’re finding someone that will thrive within your organization and function well as part of a team.

4. You Are Experiencing a High Turnover

One of the reasons why a talent acquisition service is often able to achieve unique results is because they develop a proactive strategy that is not reactionary. The mistake that a lot of companies make is hiring a replacement based on an emotional response to a situation that’s happening in the organization. Unfortunately, when there is high turnover there are also many instances to react instead of respond. Expert recruiters often develop relationships with candidates that last for years and they have a list of passive job seekers.

5. You Have a Short Recruitment Timeline

When an important position is vacant, it usually means there’s a short timeline. Instead of rushing to fill the position, it’s better to work with experts that can accommodate a short timeline without just filling the gap, which is a recipe for disaster. When you have a short timeline, working with a talent acquisition service can alleviate the stress associated with the recruitment process. They can screen qualified candidates and make it a lot easier for you to select the best of the best.

On the surface, talent acquisition isn’t that complicated if you know what you’re doing and you have a sufficient amount of experience. Unfortunately, even a seasoned HR team with knowledgeable recruiters can struggle with identifying the right talent. Given the potential costs involved and the importance of finding the right talent, it makes sense to work with experts.

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