5 Ways Recruiting Firms Save You Time and Money

Silver pocket watch lies open on $100 bills close-up. Time is money concept.
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Silver pocket watch lies open on $100 bills close-up. Time is money concept.Jim RudmanBy Jim Rudman, CEO, Ashton Tweed

 

Remember, time is money, especially in the life sciences industry. Yes, recruiting firms cost a “fee,” but this fee is paid in the best interest of your company. Take a look at the big picture:

 

1. The longer a position is empty, the more money you lose.

Two words: “Turnover cost.” It’s been estimated that it costs as high as 150% of the position’s annual salary. It’s less for lower level positions, but still significant. When replacing someone at the senior level, it’s better to use efficient recruiters who specialize in that area.

 

2. Do your senior leaders have time to search for the right candidates?

Finding the right candidate is a full-time job. It’s a large responsibility to take on when you have work to do. Recruiters are experienced and do have the time. You can still be involved in the process without having to sacrifice your own time and overwork yourself.

 

3. Interviewing 15 semi-qualified people takes a lot of time…

Why not interview 3-5 highly qualified people instead? Recruiters will only send the most highly qualified individuals who are interested in the opportunity to a face-to-face interview, saving you both time and money.

 

4. Recruiters have access to otherwise unknown candidates.

There might be perfect candidates out there, but if they’re not currently job searching, you may never find them. “51% of workers who currently have a job are either actively seeking or open to a new job” (Jobvite). Recruiters, on the other hand, might have these candidates in their talent bank or have a strategy to attract very specific, non-active candidates.

 

5. Candidates are more likely to take the job when working with a recruiter.

Throughout the entire hiring process, recruiters communicate with candidates to ensure their interest in the job. They pre-qualify and pre-interview them before sending them to the employer. Their goal is to eliminate “unsure” candidates before the process gets too far. This saves time and ensures that the candidate will not withdraw before an offer has been presented.

 

Interested in our Interim and Executive Talent Bank for the life sciences? Find out how we can help you.

Share your insights! Contact khoffman@ashtontweed.com to contribute your life sciences article as a guest writer.

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