You just had one of your key team members give their two week notice and all you can think about is how this resignation is going to impact you and your team.
Time to find a replacement.
If you have done your job and prepared for this inevitability, then you have a succession plan in place. With a promotion and a slight reorg of your team you will be okay.
What if you don’t have a promotable candidate or a reorg is not an option? You will then need to look outside of your organization for a candidate talented enough to fill the soon to be vacated role.
Should you use a Search Firm or Employment Website?
As “Let’s play ball!” begins to echo throughout ballparks across America there are three things to consider at this juncture:
Who are you seeking?
If you seek a candidate processing a bachelor’s degree, you should know that as of March, the unemployment rate for individuals with at least a bachelor’s degree was 2.5%. If you seek an individual with a specialized background or someone in a leadership capacity the rate it is much, much lower….So, chances are the replacement candidate you seek is currently employed and contributing to another organization’s success.
An employment website will offer you two types of candidates, those who are unemployed looking for a new job and those employed looking for a new job. We find that if you combine these two categories you will have less than a 5% exposure to the qualified candidates for a particular role. And, if you post a job on an employment website, what are the odds that candidates in the above-mentioned categories will even see your posting much less act on it?
A search firm, alternatively, knows these facts and they are constantly networking and sourcing the 95% of talent that is not on an employment website. The firm will put in the necessary work, harnessing their knowledge, network and expertise to find the talent that you seek.
Employment Website has Strike One
What will you get?
An employment website will give you resumes derived from a list of buzzwords.
A search firm, on the other hand, will give you a qualified candidate based upon your instructions. You will get a candidate that has been interviewed, fits your culture, has been qualified for the compensation range and is interested in your opportunity. The firm will help expedite the process by scheduling interviews and debriefing the candidates, they will be your PR firm and assist you during the negotiation process. And, for good reason, they have to earn their fee. Only by providing the candidate that you hire do they succeed. It should be underscored that everyone is a winner here…client, candidate and search firm. The goals of all stakeholders have been aligned since the very beginning. Namely, to hit the bull’s-eye as quickly as possible.
Employment Website has Strike Two
Here is where you would think an employment website comes out the winner…but think again. The cost of a mis-hire is staggering.
Citing the fact that many companies don’t recognize or deal with a mis-hire immediately, expert Dr. Bradford Smart estimates that the average mis-hire earning $100,000 will end up costing $1.5 million. – (Josh Weiss-Roessler The Real Cost of Replacing a Mis-Hired Employee).
With an employment website all you get is a resume and not a qualified candidate.
Search firms are experts in knowing where the best talent resides and they are extremely skillful at vetting out candidates with respect to skill set and culture fit. This along with the firm’s ability to establish positive feedback loops with both you and the candidates greatly diminishes the odds of you making a mis-hire.
Employment Website has Strike Three….You’re out!
Who do you want up to bat for your team with the bases loaded? Talent acquisition is a very action biased endeavor. Having a trusted search firm up to bat for you will make all the difference.