Every business has its top performers, employees known for being the best at their job. They’re the pride of their organizations, and their bosses are likely doing everything they can to keep them happy so they’ll stay put. So how can a competitor looking to beef up its executive roster with top-level talent convince these top performers to jump ship and join the team?
It’s no secret that the demand for qualified candidates is at an all-time-high. Top job candidates are only on the job market for ten days before they accept an offer of employment. . As an employer, you only have ten days to sift through resumés, contact candidates, make meeting arrangements, interview, follow up, re-interview, answer questions, and make an offer to a quality candidate, assuming you even found a quality . That’s a lot to do in a small amount of time. And, according to cleveland.com, Ohio employers are posting an average 9,500 jobs each month over the previous year, demonstrating the extraordinary demand for labor.
So, how do you quickly and efficiently source new talent in such a competitive labor market? Recruiting is time-consuming, costly, and challenging for many small to mid-size companies and as a result, many companies are using a fractional recruiter model, on both short- and long-term engagements to meet their employee recruitment needs.
Five Benefits of Using a Fractional Recruiter
1. Cost-effectiveness.
The cost of hiring a full-time recruiter can be expensive, but with a fractional recruiter companies can save thousands of dollars per hire. There are several ways fractional recruiters can save a company money:
- Salary: Fractional recruiters are typically hired on a part-time or project basis, which can help companies save money on the cost of a full-time recruiter. However, when working with a fractional recruiter, companies only pay for the time and services they need, rather than a full-time salary and benefits package. This is a cost-effective solution for companies that have recruitment needs on an as-needed basis.
- Cost of Recruitment: According to a survey by the Society for Human Resource Management, the average cost-per-hire for companies in the United States is $4,129. This figure includes the cost of a full-time recruiter. However, a study by the National Bureau of Economic Research found that fractional hiring reduced these labor costs by 18%, on average. By leveraging the services of a fractional recruiter, companies can save money on recruiting expenses while still accessing top talent for their organizations.
- Tools and Software: Many recruitment tools and software solutions require expensive licenses or subscriptions, which can add up quickly. However, fractional recruiters typically have their own network of resources and tools that they use to source, screen, and assess candidates. By working with a fractional recruiter, companies can avoid the upfront costs associated with purchasing recruitment software or tools, as well as the ongoing maintenance and update costs. This can result in significant savings for companies, particularly for those with smaller recruiting budgets.
2. Access to a wide range of expertise.
“Recruiting is hard. It’s just finding the needles in the haystack. You can’t know enough in a one-hour interview. So, in the end, it’s ultimately based on your gut.” This quote by the late Steve Jobs emphasizes the difficulty of recruitment and the gamble that employers take, boiling their decision-making down to intuition and a gut feeling. However, with the help of a fractional recruiter, companies don’t have to gamble. They can mitigate this risk and increase their chances of making the right hiring decisions. Fractional recruiters can offer their expertise and knowledge to help companies assess candidates beyond just their resume and interview performance. By utilizing a fractional recruiter’s experience and resources, companies can make more informed hiring decisions and find the right talent for their organizations.
3. Time-savings.
According to a report by Glassdoor, the average hiring process in the United States takes about 23.8 days. However, by working with a fractional recruiter, companies can speed up their hiring process and reduce the time-to-hire. Fractional recruiters streamline the recruitment process by sourcing, screening, and assessing candidates, and presenting only the most qualified candidates to the company for consideration. They take care of advertising job postings, conducting initial screenings, or preparing for interviews, freeing up your time and allowing you to focus on other aspects of your business. In fact, according to a report by Upwork, companies that use fractional recruiters can save an average of 47percent of their time on recruitment-related tasks. As the saying goes, time is money.
4. Flexibility.
There are many ways fractional recruitment provides flexibility for your company:
- Fractional recruiters are on-demand, answering the call to expertly scale your business when you need it. This flexibility allows you to adapt to changing recruitment needs as your business grows.
- Fractional recruiters can work remotely, which can further increase flexibility and reduce costs associated with office space and equipment.
- Fractional recruiters can help companies navigate the peaks and valleys of the hiring cycle, increasing recruiter use when many roles need to be filled and decreasing use during slower times.
- Because fractional recruiters work on a project or part-time basis, they may be more motivated to produce results quickly and efficiently. This can help to accelerate the recruitment process and reduce the time-to-hire for companies.
5. Improved hiring outcomes.
Fractional recruiters have a deep understanding of the job market and can help you identify the best candidates for your organization. They can also provide valuable insights and advice to help you make informed hiring decisions, resulting in improved hiring outcomes. According to a report by LinkedIn, nearly half (46 percent) of all small and medium-sized businesses struggle to find the right talent for their organizations. However, by working with a fractional recruiter, companies can tap into a wealth of industry-specific expertise and resources that can help them find and attract the right candidates. As Tony Hsieh, CEO of Zappos, noted, “If you get the culture right, most of the other stuff will just take care of itself.” Fractional recruiters can help companies identify and hire candidates that are a good fit for their company culture, as well as for the specific skills and qualifications required for the role. By optimizing the hiring process and ensuring a strong cultural fit, fractional recruitment can help companies improve their hiring outcomes and reduce the risk of bad hires.
Using a fractional recruiter is a smart choice for companies looking to streamline their recruitment process and improve their hiring outcomes. Tiffany Sacasas, Executive Recruiter at Gertsburg Licata Talent, shared, “Recruitment is just as important to a growing business as its sales and operations. You cannot reach your goals or realize your objectives without the right people. Recruiters are professional people finders.” With cost-effectiveness, access to expertise, timesaving, flexibility and improved hiring outcomes, fractional recruiters are an asset to any organization.
Gertsburg Licata Talent is a dedicated executive search firm. Our team can help you secure your next competitive advantage by partnering with you to build your ideal management team. Call us at 216-435–5800 or at [email protected].
Gertsburg Licata is a full-service, strategic growth firm, specializing in business law, M&A advisory and executive talent solutions for entrepreneurs and executives of start-up and middle-market enterprises. Our proven process ensures time and resources are dedicated to identifying the goals of your organization and how your executive talent needs align with that vision. Our expert recruiters partner with you to build your dream management team, securing the best talent to help drive value for your employees and customers.
Contact us today to discuss how we can help you secure your next competitive advantage.
