Hiring a Recruiting Firm Can Actually Save You Money!

Hiring a Recruiting Firm Can Actually Save You Money!!!!

If you’re a small business owner, franchisee, or hiring manager you might question if you need an outside recruiting resource to fill your job vacancies or expand your talent pool. 

Working with a recruiting firm like Patrice & Associates can save you time and money and reduce your cost per hire in several ways:

Access to Talent Networks:  As a recruiting firm we have access to extensive networks and a database of qualified candidates, including those who may not be actively looking for a job.   This can reduce the time and resources needed to source and attract top-tier talent even in the executive area.

Access to Passive Candidates:  Many qualified candidates, especially those in management, executive and high demand fields are not actively searching for jobs.   We have the resources and expertise to identify and engage these passive candidates, reducing the reliance on job ads to attract talent.

Reduced Advertising Costs:  Recruiting firms often have agreements with job boards and other advertising platforms, allowing them to secure discounts on job postings.  This means that you may not need to advertise, thereby reducing your advertising costs.

Time Savings: Posting job ads on multiple platforms and managing responses can be time consuming and take you away from revenue producing activities or other human capital management priorities.  By outsourcing this to a recruiter, you save valuable time that can be better spent on these key activities.

Recued Turnover:  Hiring the wrong person can be costly in terms of rehiring expenses, and lost productivity.  We strive to find candidates who are not only qualified but also a good long-term fit for your organization, helping to reduce turnover and its associated costs.

Performance Based Guarantee:    At Patrice & Associates we offer a one-time, complimentary replacement guarantee.  This means that we will replace a candidate in the rare occurrence that the first placement was not successful.  For this reason alone, it’s worth hiring a recruiter especially if you are in a high turnover business.

Market Insights:   We stay on top of up-to-date market trends, salary benchmarks, and competitor activity.  Leveraging our insights can help you make more informed hiring decisions and stay competitive in attracting top talent.

Avoid Lost Revenue Cost of Extended Vacancies: This can hurt your business in so many ways.  The duration for which the position remains unfilled can be costly in terms of lost revenue.   Consider this metric:   The cost of vacancy on unfilled positions measures the financial impact that occurs when a position within an organization remains vacant for a certain period.

Cost of Vacancy Formula= (Revenue Generated per Employee X Number of Employees) X       Time Vacant  Total Workdays in a Year

Revenue Generated per Employee: This could be the average revenue generated by each employee in the position that’s vacant. It varies depending on the role and industry.

Number of Employees: the total number of employees in the unit, organization, or specifically in the department affected by the vacancy.

Time Vacant: The duration for which the position remains unfilled. This could be measured in days, weeks or months.

Total Workdays in a year: The number of workdays in a typical year. This accounts for weekends, holidays and other non-working days.

Why is this important? In any business, this can mean less new clients, or customers that can’t be serviced. There is a direct link to lost revenue. For small business this can be catastrophic.

This means lost revenue every day the position is vacant.

• Finding the right recruiter is critical.  As an employer, you’ll benefit from having a dedicated Patrice & Associates Pro who understands your needs.
• We’ll discreetly find your next GREAT team member, even those who aren’t actively searching for jobs.
• Patrice & Associates is known for its high-quality candidates and collaborative approach to executive searches.
• We’ll save you time and money!

It’s time to contact Patrice & Associates today!