A 5 Step guide on how recruiting companies work. And why they make the hiring process easy.
Hiring is hard work, and for many businesses, it’s becoming increasingly difficult.
In early 2020, 54% of businesses reported a lack of unqualified candidates and it’s estimated that the number of unfilled jobs worldwide will reach more than 85 million by 2030.
Fortunately, recruiting agencies have the ability to step in and make the entire hiring process significantly easier for businesses of all sizes.
What is a recruiting agency?
Traditionally, the role of hiring is the employer's responsibility.
But hiring is expensive and time-consuming when it is up to the HR team or whoever is responsible for hiring. According to Glassdoor, on average, U.S. employers spend roughly $4,000 and take around 24 days to close out a new hire. So what do you do?
You hire a recruiting agency.
Recruitment agencies do the heavy lifting of the hiring process, handling the tasks of identifying top talent, vetting candidates, and presenting the top candidates to clients.
How recruiting agency's work
Most recruiting agency's have a similar process but some agency's like Tyche might put an emphasis on finding candidates for certain roles or markets.
Step 1. The Agreement
When you decide to work with a recruiting agency you will need to decide which option is the best fit for your company. You’ll need to agree on how to pay the agency, most companies like Tyche offer a retained fee or contingency fee structure.
Some recruiting agency have other guarantees like a warranty on a hire. These terms can be set up and discussed when you have that initial conversation with the agency.
Step 2. Outline your ideal candidate
The agency’s goal is to gather as much information as possible about your company and your ideal candidate for the role, so they can attract the best possible match for the job. Typically, you’ll provide your agency with a clear job description, a list of important skills, as well as any other key attributes or information.
Step 3. Sourcing
The agency will then look through their own network for qualified candidates. Next they will scan resumes to make sure the candidate meets the company's needs.
With a list of potential candidates, the agency will then and set up interviews to ensure they would be a good fit for the role. On average, only 2% of applicants reach interviews.
Step 4. Interviewing
After sourcing the agency will arrange candidate interviews. This will allow the agency to get a better feel for the candidates and whether they might be a good match for your company. Some companies will assess candidates to identify certain skills of each potential candidate.
It’s during this process that the agency will talk to candidates about your company’s needs, culture, and long term plans for the role.
Then the agency will narrow the pool of candidates further, your company will be sent the candidates information for you to look over and set up a second interview which is usually a culture interview. Working with a recruiting agency can eliminate the 3 step interview process that most companies use.
Step 5. Offer and onboarding
Once you have identified a candidate and would like to extend an offer the recruiting agency can assist you to streamline the process.
Beyond helping both parties complete the necessary paperwork for employment, the agency will continue to make sure your new hire is fulfilling expetations and is a good fit for your team.
So why work with a recruiting agency?
You have access to better talent. Unlike most employers who only have access to LinkedIn, recruiting agencies use multiple sources and their own network of talent.
Better hires. A bad hire can cost a company. 74% of companies who admit they've hired the wrong person for a position lost an average of $14,900 for each bad hire.
Saves the company time and money. A single job opening can attract up to 250 candidates, combing through those resumes is time consuming. When you work with a recruitment agency, these concerns become non-issues. Its the agency's job and their area of expertise to find you the next great hire.
Want to work with us? Contact us here .
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