In this pandemic job loss and money crisis is the major problem that every country, as well as every person, is facing. Every staffing & Recruitment Company’s owner wants to save their money so that they can feed their employees for longer and survive in the market till this COVID19 period. But the major problem is how they will do that. How can they keep running their company in this slowdown situation? When the hiring process is slow, not all giant companies are hiring at this time or hiring at a slow pace. So, the question is how small and medium-size staffing companies will survive or what strategy they should follow to put their feet in the game.
As always Mr. Hirav Shah comes to their rescue with his amazing ideas and strategies. As everyone knows Hirav Shah Ji is a global phenomenon right now who is creating waves across many platforms like Corporate Businesses, Real Estate Sector, Sports Industry, entertainment Industry, Politics, and many more by providing innovative and extremely fruitful Business strategies that stem out of his immense knowledge of Business ideas and powerful tool of astrology. He has helped many amateur entrepreneurs in creating Business empires with his secret formulae to create momentum in Business growth with a sense of certainty of success.
What are the major areas of expenses that Staffing & Recruitment companies are doing?
Hirav Shah says, “If you are thinking about saving money in the recruitment process then first you need to know what are different areas of the recruitment process, where you are spending money, and in which amount.”
Hirav Shah says the major areas of recruitment where staffing & Recruitment Company’s most of the money is going in
- Paying recruiter’s salary and
- Managing the job board’s monthly expenses
He adds, “For any staffing company, a good recruiter is the most valuable asset while the job board is the second most valuable asset. Without these two assets, staffing companies can’t do anything but the issue is, if they want to save their money then they need to work on finding alternatives to these two assets.”
Alternatives to major Assets of staffing companies
Well, there is no active alternative to recruiters and job boards. But the passive alternative of recruiters and job boards can be an RPO Company. Any staffing company can alternatively go with an RPO Company who provides offshore recruiters at budget cost, and the best part of it is offshore recruiters will be equipped with multiple job boards. Well, what job boards, offshore recruiters are equipped with varies from company to company. Major Job boards, most of the RPO companies used are Career builder, Monster, Dice, LinkedIn Recruiter, and many more.
Whether you are in need of an IT recruiter, non-IT recruiter, or healthcare recruiter, you will find all of them with different levels of experience. You can hire them according to your requirement and need. Some of the companies do month to month agreement for that and some of the companies do quarterly or half-yearly agreement depending upon the need and services they are offering.
Issues in going with active alternatives
Now, you know that you can save money, which you are spending in the recruitment process, by hiring offshore recruiters from RPO Company. But the first question is how to find an RPO company which understands what you need and work exactly the same way as your in-house recruitment team is doing so you could save money without losing anything? And the second question is what service; you should signup with to get the maximum benefit.
In this competitive and fast-growing world, every RPO company is saying that they offer the best services and they have the best recruiters in the world. They also are offering recruitment as well as sourcing service. If you will talk about services, there is a separate benefit of both of the services and you can choose any one of them, according to your need.
Recruitment Service: Recruitment service offers end to end recruitment. Means, from screening resume, speaking with the candidate to know whether he/she is interested in the given job profile or not as well as pre-screening the candidate with a set of questions and then submitting the candidate for the interview. This service reduces all the overhead of the staffing & recruitment company and they just focus on bringing new clients on-board and making the money.
Sourcing Service: Sourcing services only help you to get the quality resume with the best match for the job role. Further, you need to speak with each candidate whether he/she is interested in the job or not.
Some other important techniques where a business organization can save a lot on the cost of new hires
1. Improved Hiring Process
2. Increased Internal Hiring
3. Focus on Employee Retention
4. Manage Employee Growth with Pathways
Hirav Shah concludes by saying, “Following the right hiring formula will allow you to avoid a lot of hits and misses and ensure you will hire the ideal candidate from the start. This will ultimately allow you to gain new employees who will work well with your team and contribute greatly to the improvement and growth of your business.”
“Turnover rates can seriously hurt a company, which is why it’s important to reduce the risk of turnover as much as possible. And last but not least, although hiring costs a lot, having an empty position, or keeping a bad employee can be even worse for the company.”