Hiring is challenging labor, and it's getting harder for many firms.
Early in 2020, 54% of companies reported a lack of unqualified candidates, and by 2030, it is predicted that there will be more than 85 million empty positions globally.
Fortunately, hiring managers of all sizes can benefit from the ability of recruiting agencies like CoreHires to intervene and considerably simplify the hiring procedure.
What is a recruitment agency?
Traditionally, the employer has been in charge of hiring. However, when left in the hands of employers, hiring is expensive and time-consuming. Employers in the United States invest on average $4,000 and take 24 days to complete a new hire. By managing the chores of locating top talent, screening individuals, and presenting the top candidates to clients, recruitment firms serve as the link between employers and employees.
Although there are many different kinds of employment agency and recruitment agencies, they are not interchangeable. Finding talent for permanent positions, especially upper-management and executive roles, is a priority for recruitment firms.
How a recruitment agency works
Although services may slightly differ from one agency to the next, the majority of recruiting businesses follow a similar procedure.
1. Agreement
You must first reach an agreement once your business has chosen to deal with a specific recruitment agency.
Naturally, you'll have to accept the terms of payment, which are typically a retained fee or contingency fee structure. You'll need to agree on your expectations for the work as well, though.
For instance, several employment agencies provide a guarantee term This practically guarantees that you will get a fantastic hire. The agency will start over and look for your next employment if your most recent recruit doesn't pan out within the time frame specified.
2. Profiling
The next step is a meeting with your recruitment agency to go over your hiring requirements. Your organization can require candidates for numerous positions. You might be hiring for one important executive role.
The agency wants to gather as much data as they can in order to locate and attract the most qualified job prospects. Normally, you'll give your agency a detailed job description, a list of prerequisites, a list of critical talents and qualities, and any other important requirements.
3. Sourcing
After that, the firm will search its own networks and database for qualified applicants, and it will organize influencers to contact candidates inside those circles. After compiling a list of probable applicants, the agency will screen them and schedule interviews. Only 2% of candidates, on average, are interviewed.
4. Interviewing
The interview process is two-fold. Interviews with candidates will first be scheduled by the agency with their recruiters. This will allow the agency to get a better feel for the candidates and whether they might be good matches for your company (as well as good reflections of the agency). The agency will inform candidates of your company's requirements, culture, and long-term goals during this process.
Your organization will be briefed on each candidate after using these interviews to further reduce the pool of candidates, and the agency will help you set up final interviews. Three interviews are required, according to 51% of recruiters, before an applicant is given an offer.
5. Extension of the Offer and Negotiation
The recruiting firm can work with you to manage offer and salary talks with the candidate once you've found one you'd like to hire. The recruiting firm will save you time and guarantee the candidate has a primary point-of-contact throughout the process by taking over offer negotiations from you.