The Big Spend: Rethinking Hiring Costs

Aug 11, 2022

Posted by: Brendan Licata, Director of Strategic Accounts, BANKW Staffing

Kbwfinancial team brendanlicataWhat’s the cost of attracting talent? It’s a common question among employers that seems to have endless answers. In my eighteen years of professional staffing, I have spoken to countless companies who were confident in their expertise on how they attract candidates – for specific openings and for the general pipeline – and what those methods should cost to have a positive impact on business. With so many avenues of expertise on the topic, it can be difficult to identify the most efficient solutions to this problem.

In reality, there is no singular solution to maximizing the ROI of hiring costs, but rather a combination of approaches that makes for a winning talent acquisition strategy. Answering the almighty question of concerning hiring costs rests not in relying on low-cost options, but in deploying a variety of techniques, and perhaps considering some beneficial new ones.

The Cost of Attracting Talent

Most organizations are concerned about the cost of an effective talent-search campaign, but it stands to reason that if an organization is valued largely by its human capital, why wouldn’t a company have a big spend for talent? Every business owner will acknowledge there are costs to attracting talent such as maintaining an active website with job openings, external job portals incurring per-post or monthly membership costs, advertising across trade publications, and sending employees to job fairs.

The dilemma must transition from cost concern to cost-effectiveness. Everything is going to incur an expense, so how then does a business maximize their talent attraction while saving on hiring costs?

Reactive and Proactive

Companies will typically post open positions on their website, through job portals, industry-specific publications, and utilize job fairs when searching for fresh talent. There’s nothing wrong with these methods of searching for talent, and they’re commonly used for a reason, but it is worth noting that apart from job fairs, every approach listed is a reactive approach to filling open roles. To maximize hiring costs, companies should use various proactive methods to attract talent.

Taking your organization’s talent search from reactive to proactive could include employing a staffing agency. Staffing firms are proactive in recruiting and attracting talent to their client-companies, and already have an established pulse on the current hiring pool. Staffing agencies are your brand ambassador in the employment marketplace and are prepared to sell your open positions and your company to talented applicants instead of waiting for applicants to come to you.

Simple Hiring Cost Solutions

When concerned with hiring costs, it may be beneficial for business owners and hiring managers to know that much of a contingent staffing firm’s services are complimentary: business engagement, profile review, interview process timeline, and even offer stage management. A fee for services occurs once the search is completed and a talented new hire is working for you. By fully taking advantage of the various services a staffing agency, like BANKW Staffing, has to offer, employers can rest assured that they’ve made a cost-effective hiring decision.

Companies should be ready to assess costs, know ROIs, and look to improve where needed after remediations are complete. Staffing firms offer more than just placement services, they help drive talent pipelines, invest ample time in co-managing the recruiting process, provide real-time breakdowns, and become an extended representative of the company. Equally, staffing firms keep abreast of in-demand technical skills, ecosystem analysis, and compensation data. A staffing partner is a high-value, low-cost collaborator, and much of the guidance is unlimited.

It is the innovative hiring manager that integrates proactive, cost-effective solutions to quickly attract top talent for their organization, and what could be more efficient than having an advisor and partner to help guide and facilitate the hiring process on your behalf? The faster open roles can be successfully filled with skilled employees, the sooner businesses can reap the revenue rewards of business operating as usual.

Choosing the Right Approach for Your Business 

Determining factors, such as sense of urgency, budget, and comfort level will guide your decision on how your business intends to invest time and money when attracting and acquiring talent. Traditional advertising can be a low-cost solution but can yield a less than acceptable return in a market where talented, available candidates are few and far between. Fostering a partnership with a staffing company can be an excellent proactive way to build a talent pipeline and achieve speedy, impactful results when critical hires need to be made. Regardless of the pathway you choose, consider your options in advance, and keep time on your side.

 

About BANKW Staffing

Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.

BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.

Learn More – http://www.bankwstaffing.com

Media Contact

Please send media requests to pr@bankwstaffing.com or contact us directly at 603-637-4500.