Accessing Top Talent When Your Budget is Tight
I’ve had a bit of sticker shock lately in the grocery store. It’s clear that prices are soaring when the cost of a dozen eggs means that an omelet is a special-occasion meal.
These price rises aren’t confined to the dairy aisle of your local grocery store. If you’re leading an organization, no matter the industry, you’re confronting the challenge of navigating increased costs of operation while ensuring that you have the right talent to meet the demand for your products and services.
Recruiting top talent can be very expensive. But it doesn’t have to be.
I’m a big believer in recruitment research as the best strategy to successfully target the people who are the very best match for your open positions. It consistently delivers candidates who don’t simply meet your basic requirements, but candidates who understand your business model, believe in your values and will work hard to help you achieve your vision.
Recruitment research can also be a smart, cost-effective way to maximize your recruitment and retention budget.
Let’s start with the upfront fees that are standard for retained search and contingent search approaches. These fees can significantly impact your budget. Retainer fees often add up to one-third of a successful candidate’s first-year compensation, while contingency fees are typically as high as 25 to 33 percent of a candidate’s first-year compensation.
Recruitment research has a very different fee structure. It’s based on billable time, just like any other professional services organization you might hire. There are no “package deals.” Instead, clients can unbundle the search process to select only those services that work within their budget and create significant value for their HR team.
Many of my clients depend on us to help uncover passive talent—individuals who aren’t actively looking for new opportunities but are the perfect fit for this opportunity. We promote the client and the role to these candidates to ensure they understand the company, its competitors, and its culture and are enthusiastic about bringing their talents and skills to the mission. This is strategic work that results in highly vetted candidates.
Sometimes, clients need us to evaluate candidates with in-depth interviews, to provide competitive intelligence, or to create a customized list of all candidates researched that can be used as a talent pipeline to meet future needs.
That’s why I’m so passionate about recruitment research. It enables you to access the strategic intelligence that you need, without paying for services that you don’t. Our clients can save up to 50% when using the five-step recruitment research process compared to traditional executive search firms. You’re paying only for the effort required and the value delivered.
As prices rise, we all want smart, customizable solutions. Whether you’re shopping for groceries or recruiting top talent, you shouldn’t be expected to pay for things you don’t need.
Stay up to date on Recruitment Research trends and more by listening to my podcast, Revolutionizing Recruitment as I talk to the best in the industry about talent management, leadership, and organizational culture.