Planning for your recruiting cycles can be a major challenge. It’s as much of an art as it is a science to know exactly when half your new college grads are going to quit or when you’re going to have to bring on an influx of contingent workers for the high season. But what happens when the unexpected occurs? A critical earner gets a better offer elsewhere, and their whole department starts to fall like dominoes—leaving one by one until you’re faced with staffing an entire division by week’s end. How do you prepare to weather that storm?
The challenge for any head of talent is to be able to rapidly adjust their recruiting capacity (the number of requisitions a recruiting department can handle at any given time). The trick is to maximize their department’s capacity without creating huge overhead or other inefficiencies for the business. Taking a proactive approach and increasing recruiting head count or bringing in an RPO might solve the capacity issue, but creates huge overhead issues during times of limited requisitions. Agency recruiters can fill in the gaps during times of need, but come at a huge cost.
Let’s visually explore how each of these options compare across different points in your recruiting cycle, and how they stack up against an on-demand recruiting solution like RecruitiFi. Continue reading or view as a slideshow.
Ebb and Flow
The volume of job requisitions is in constant flux at most organizations, which makes planning a recruiting strategy infinitely complex. In finance, for example, you may see a lull over the holidays, and a huge spike in turnover after bonuses are paid out. When added to the typical stream of high volume roles, this increase in attrition can throw a monkey wrench in the system that leads to vacant seats, angry hiring managers, and impacted bottom lines.
Recruit to the Max
Whether your internal recruiting team has a headcount of 4 or 400, there’s a point where they reach their maximum recruiting capacity. Assuming that employee referral programs are maxed out, and your company has optimized its career page, there’s a limit to how many requisitions can be filled in any given month. So what happens when a flood of new reqs hits the department? Critical revenue-generating roles go unfilled.
When your department’s recruiting capacity is stretched by requisition overload, it’s felt throughout the organization. Critical, revenue-generating roles go unfilled as time-to-fill skyrockets, and your recruiting team struggles to keep their heads above water. While cost of vacancy and cost of lost opportunity are difficult to quantify across different roles and organizations, they are very real problems for hiring managers, and thus very real problems for recruiters.
Up the Headcount
So how do you deal with times of high attrition? You could increase your recruiting department's head count. This obviously increases your overall capacity and your ability to fill roles in-house. But what happens when requisitions slow down? Can you justify having an overstaffed department that only works at full capacity half the year? This is why the RPO model has become so popular. But an RPO requires a major overhaul (and typically firing your entire recruiting staff).
Your next option is to use agency recruiters. Agencies can be called as necessary, and provide great value in vetting and qualifying candidates before they come your way. But be ready to pay, as agencies can cost upwards of 33% of first year salary (or more in specialized industries). Add in the time it takes to select the right agency, negotiate terms, and get vendor approval, and you’re faced with a costly endeavor. And what if your agency comes back empty handed?
If you’re looking to cut your time to hire and cost of vacancy, you can tap into an on-demand network of expert agency recruiters through RecruitiFi. Get quality candidates, who are interested in your roles and hand-vetted, for less than half the cost of traditional agencies. All feedback is handled through the platform, cutting back on excess agency communication. Plus, there’s no need to find, vet, and negotiate with agencies, as RecruitiFi uses an advanced algorithm to select the top recruiters for your role, industry, and location.
RecruitiFi acts like an RPO in your pocket. Increase your recruiting capacity on-demand with no long-term commitments or high overhead like a typical RPO. Use it only when you need during times of requisition overload. Or adopt RecruitiFi strategically to focus on your high-volume evergreen jobs and difficult-to-fill roles, allowing your internal recruiting team to focus on other critical requisitions as they arise. Slash time to hire, cut your agency spend, delight your hiring managers, and boost your company’s bottom line. By adopting an on-demand approach to recruiting, your recruiting department can maximize it's ability to handle any volume of requisitions in the most efficient and cost-effective manner possible.