Many businesses are looking for ways to reduce their outgoings in light of the ongoing financial issues the country faces. However, if you are thinking about cutting your recruitment support services, you may end up costing yourself more in the long run. We’ve shared some of the hidden costs and dangers that you need to be aware of before you make your decision.
Recruitment Takes Time and Effort
One of the biggest drawbacks of doing your own recruitment process is the amount of time and effort you will need to dedicate to it. From setting your recruitment agenda to advertising roles, shortlisting, and interviewing, along with all the relevant paperwork and procedures. When you think about each of these tasks, it’s clear that you will need to find dedicated recruitment time within your schedule to cover everything in the most productive way.
Shortlisting Can Be Difficult
Even if you have the time to dedicate to recruitment, knowing how to shortlist effectively is often something that is done with support. Whether it’s working on reducing recruitment bias or understanding what to look for in a candidate’s resume, it’s much better to have a recruitment specialist on hand and ready to help rather than going it alone.
Recruitment Can Be Costly
When you use a recruitment specialist, they will often handle the process of finding candidates and then present them to you to pick from. Doing it on your own requires you to advertise roles in locations that will get the most interest and these locations are often expensive to use. You may think that you avoid the expense of advertising on large job platforms, but failing to get the right reach will reduce the number of quality candidates that apply. Even more costly can be the amount of time spent on mining passive candidates that work for your competitors!
Interviews Take Up Your Time
Once you’ve worked through your adverts, sifted the applicants, and arranged your shortlist, you will then need to find the time for interviews. For many companies, an interview panel consists of more than one executive, meaning that you will need to schedule times to suit each person’s calendar. When you consider the role an executive has in your firm, taking up their time with interviews is an expensive and time-consuming process that will leave them with less time to focus on the business.
Negotiations Can Be Hard
When you are fortunate enough to find a candidate you want to appoint, having the skills needed to negotiate a fair and competitive salary is difficult. It will require you to have extensive knowledge of competitive compensation as well as the confidence to know when to offer more and when to stick to a specific budget. Interestingly, many executives feel that their role prepares them well for this type of negotiation but then find that it is a niche skill that requires more recruitment experience than they may have.
Recruitment Results Can Be Ineffective
Finally, if you’ve worked through the recruitment process on your own without support and offered the job to a candidate, you may still have difficulties to face. For many companies, creating your own recruitment process can lead to ineffective hiring practices that leave you with the wrong person for the job. The cost and time it then takes to support or remove that person will ramp up significantly, leaving you in a worse position than when you started and requiring you to find a way to streamline the process for the most successful outcomes.
Get the Right Recruitment Advice
If you are keen to get recruitment advice that works for your needs and your budget, don’t rule out recruitment support from professionals like GeneCoda®. We can work to create a bespoke recruitment solution that meets your needs and gives you access to the best candidates on offer. Reach out to our team today and find out more about how we can help you.