FORT MYERS, FL – January 21, 2014
In any line of business, regardless of your objective and your client base, the single most important aspect of the business is the people. In order to operate, sustain growth and produce success, organizations need talented people. In short, they need the talent; they need to acquire the talent. In an ultra-competitive billion dollar industry, Talent Acquisition (Recruiting, Staffing, Staff Augmentation, and Headhunting) must be a priority #1. When making this a priority in your organization, who you partner with is just as important as the talent itself.
It is critically important to select a strategic business partner for Talent Acquisition. To understand a true business partner, we have to incorporate the following aspects: Is the firm cost structured according to your budget and your needs? Does the firm offer flexibility for one hire, to multiple hires, to remaining a long-term business partner and offer a graduating fee scale, to further promote your ongoing hiring? The partner must be sensitive and aligned to your annual staffing budget. Do the resources reduce timelines? With reduction of time to hire, you increase your internal production with people in the seats. Therefore, you must be diligent in confirming your staffing partner has the resources, inclusive of present day ATS platforms and various IT databases that offer the necessary collection of data, the organization of it, the retention of it, and the re-production of it. Resources must also include their internal staff of talent acquisition consultants or recruiters, who must be experienced at both verbal communication and “selling the story” of your company and the opportunity. In this modern day media driven market, the firm must also have a social media presence, where they are accessing the very best talent pool. Access to talent these days is everywhere, and happens at anytime with social media, 24/7 with Twitter, Facebook, YouTube, LinkedIn, Skype, Live Journal etc. The access to people and talent is global. They must have a global reach. The best organizations have borderless boundaries in their talent. The aspect that is often overlooked in selecting a partner is the answer to the important question; does this talent business partner align to your company culture, values and business acumen? Much of the time, this partner will be communicating you as a company, as a story and often, their communication is the first point of contact out there in the marketplace for your company. Make sure it is positive; ensure it is performed in a professional class manner, with the branding that best represents you as a company.
There are several critical supporting aspects of your decision-making on partnering. Understanding the firm’s specialty area and quickly being able to identify them or a unit as an industry expert. Does this partner aligns and offers compatibility of experience in your space, in your business vertical? Everyone may want to do business with Goldman Sachs, but not everyone has experience in IB, Private Equity, High-Frequency Trading, IPOs etc.
Often, there are associated pitfalls of not performing one’s due diligence and simply using a random agency. Time is the most valuable commodity. Wasted time will undermine your business and drain your organization’s production and overall effectiveness. Money. You can easily lose thousands of dollars if a contract is not written accurately and correctly, as well as your Human Resources Department not being well informed on the market fee rate. There are many examples of wasting money. One of the most consistent and overlooked areas is cost of acquisition (and maintaining of a consultant). Agencies who are only concerned with your money and obtaining a quick transactional fee will say, “We don’t operate on markup, we operate on margin.” Semantics. Word game. All firms operate on buying talent for “X” and selling that talent for “Y.” This is a markup. It is also a margin. Simply be cognizant that it does exist and perform your research to stay within the market’s going rate, usually a safe range is 30% to 50%. This is the cost of doing business; cost of acquisition; the cost of a business partner offering their expertise in a space similar to yours, with the ability to sell and close the candidate, on both your company and the job.
The decision to partner with a talent firm or recruiting agency should be incorporate in to a Best Practice priority. With each decision, from the initial choice of developing the right business partnership to the ultimate choice of hiring the best candidate, an organization’s ROI will increase or decrease and the success depends upon it. You would be surprised at how entrenched your business partner may become in your company. Make sure your partner is reflective of the culture and character you want your firm to be.
Hiring is the most important thing you do. Trust it to Global HR Research.