The competition for Procurement talent is fierce. Engaging specialist recruiters can yield substantial cost savings for businesses. This article by Rupert Gaster, delves into the primary reasons why employing a specialist recruiter is a more economical choice, backed by industry data and expert insights.
How to Run a Cost-Effective Recruitment process
Using a specialist recruiter is more cost-effective. Fact.
Why? Read on to find out with Insights from Founder & MD Rupert Gaster
1. Faster Time-to-Hire:
-> According to Glassdoor UK, the average time to hire in the UK is approximately 27 days. Specialist recruiters can often reduce this time by leveraging their industry-specific knowledge and networks.
-> A CIPD survey of UK employers found that 42% of organisations believe that hiring the right candidate quickly leads to savings of up to £500,000 per year, due to improved productivity and reduced disruption in workflow.
2. Cost Savings from Reduced Turnover:
-> Gallup reports that replacing an employee can cost up to 150% of the employee’s annual salary. By using a specialist recruiter to match candidates more closely to a role, the likelihood of turnover is reduced, leading to substantial cost savings.
3. Advertising Cost Savings:
-> Advertising a job can cost between £300 to £1,000, depending on the platform and location, according to Jobvite. Specialist recruiters often have an existing pool of pre-vetted candidates, reducing or eliminating the need for costly job advertisements.
-> LinkedIn’s Global Recruiting Trends report indicates that 59% of recruiters report spending less on job advertising when working with recruitment agencies due to their access to a pre-existing candidate pool.
4. Quality of Hire and Impact on Productivity:
-> A report by LinkedIn UK in 2020 found that 83% of talent professionals say improving the quality of hire is their top priority. Specialist recruiters are more likely to match high-quality candidates with roles, reducing the risk of poor hires, which can lead to poor performance and increased costs.
10 Questions to ask a recruitment agency to guarantee cost-effective recruitment
It’s important to choose the right agency to partner with to ensure a successful hiring campaign. We’ve compiled 10 Questions To Ask Before Choosing A Procurement Recruitment Agency.
Ask these questions before making a decision, it’s crucial to ask the right questions to determine if the agency is the right fit for your company’s needs.
Interested in more content like this? Read our Hiring guide here
They offered guidance where needed and I would highly recommend them.”
“I’m 100% happy with the support Procurement Heads provided through the recruitment process.”
