Search firms oftentimes get a bad rap. For some companies, they’re just a necessary evil. But successful firms in commercial real estate know that throwing a failed job opening at a recruiter once in a while isn’t the path to hiring success. Instead, they partner with a recruitment firm to achieve long-term results and so much more than an occasional hire.
A Good Hire
Employee turnover is a huge concern in the different fields of CRE. In property management, for example, companies have to overcome a staggering 33% employee turnover rate. Across most industries, the national average is nearly 25%.
The reason so many employees are walking is they simply weren’t a good fit for their position. They weren’t a good hire. Sure, they looked good on paper, or maybe they interviewed well. But somehow, they weren’t the right fit.
Unfortunately, the cost of a bad hire is rather high. Estimates vary from half their annual salary to over two years annual salary when all factors are considered. But the point is that the recruitment process correlates directly to the bottom line. Efforts after the fact to improve employee retention can only go so far if your employees aren’t the right hire to begin with.
Partner with a Recruitment Firm for Lasting Results
Hiring whichever contingency recruiter comes in as the lowest bidder whenever a role opens up shows a misunderstanding for the value and strategic importance the recruiter has in your overall business strategy.
Companies who partner with a recruitment firm for the long term, means moving beyond transactional decision making to a more trusted advisory role. In this position, a recruiting agency can develop a sense of your company’s culture, dynamic, business model, and hiring needs. They ask questions a one-off recruiter might not think to ask. They can see beyond the immediate need of your current opening to needs that might develop in the future.
A trusted recruiting partner can explore alternatives in a way that mutually benefits the hiring company as well as the eventual hires, growing both in the process. Considering the organizational relationship, managerial styles, and unstated values, a recruiting partner can better find the candidates you truly need vs. what you think you need.
Key Partnership Benefits
Below are four solid benefits your company can count on when you partner with a recruitment firm as a hiring advisor.
1. Company Advocacy and Confidentiality
Partnering with a recruiting firm that shares your company’s values will allow them to evangelize what you do and keep your best interests at heart. A recruitment firm that appreciates how you value the relationship with them will be able to paint your company in the best light to potential new hires.
And sure, even a one-off contingency headhunter will sign a confidentiality agreement, but a trusted recruitment partner will truly respect that confidentiality beyond the terms on paper. Searches often involve contact with competitors. A long-term partner will value their relationship with you and go the extra mile for your confidentiality.
2. Overlooked Roles
Often, people try to replace people. A job description may be a description of the person who left, when what is truly needed is a position the hiring company hasn’t even thought of. A tried-and-true relationship with a recruitment firm means a healthier dialogue in creating the role you truly need to fill based on what your industry has to offer.
3. A Better Talent Pool
A recruitment firm maintains and grows an immense pool of qualified talent that you may not need right this moment. But you’ll know about them should the need arise. Additionally, some of the best candidates aren’t actively in the market, but may have reached out to the recruitment firm to let them know when the right role for them comes up. Your role could be the right one fore the long-term, but you won’t know it unless you tap your recruitment firm’s relationship for these “off-market” candidates. With a strong relationship in place, your “right hire” won’t slip under your nose unnoticed. And you’ll enjoy a diverse set of options.
4. Future Success
Your company relies on long-term success plans and strategies. Your best employees have likely been with you for years. Likewise, working with a recruitment firm for years is a key factor in future success. You don’t know what hiring needs you’ll have down the road. But with a trusted recruiter partnership in place, the right hire when you need it is just a call away.
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Contact Carly Glova: CGlova@BuildingRECareers.com