How Does Your Company Budget for Talent Acquisition?

How does your company find the people they need when they need them?
Where does your office turn when you have immediate sales positions that you need to fill?
Almost everyone will agree that going to work with a team that is fully staffed is a far better situation than having to fill in for missing positions while at the same time trying to hire for those positions.
Consider the following two scenarios:
Scenario 1 One of the major home and car insurance agencies knows that they will be flooded with claims from April to October as parts of the midwest deal with storms that include high winds, hail, heavy rains, and tornadoes. This particular company has a plan in place to meet the needs of the many claims that they expect. Full time claims adjustment staff members train college graduates to assess damage and give estimates for the most common types of claims. Through digital images and damage rubric these students can accurately settle claims.
Offering a very competitive salary, the young employees who are looking for a way to earn cash quickly are eager to work long hours as they understand that this is a short term assignment. The first 40 hours a week are paid at a rate of $18 an hour. The additional 40 hours a week that many of these eager for cash workers put in is paid at $27, the rate for time and a half. Because the training is so specific the time frame is so short, and the pay is so good, it is pretty easy to fill the jobs.
Scenario 2 A small sized data storage company in the midwest has been working for most of two years to find a larger company that would like to buy them. The top executives worked with a company to find the best candidates. When the buyout finally happened, the outplacement consulting firm made offers of salary, benefits, and stock options to the employees they wanted to retain. The top executives went on their way with healthy buyout plans. The majority of the initial company employees took their offers and went on to retirement or their next opportunity. Somewhere in the middle, however, there was an unexpected gap.
The top sales person of the acquired company was offered the position of sales manager. After much thought, he accepted the position. Her worst fears, however, materialized. In addition to managing an even larger sales team than he had been a part of, he also found herself filling in for the sales position she originally had. The executive search consultant service’s plan for filling his vacant position did not work out. After struggling for six months to learn his new job while at the same time maintaining relationships with longtime customers, the new sales manager decided to take a better offer at a different company. Now this data storage company had two positions to fill.
Outplacement Consulting Firms Work to Find the Best Candidates for Jobs in Nearly Every Industry
In many cases a company in constant need of employees will contract with a talent acquisition management service. These services, sometimes referred to as outplacement consulting firms, provide the legwork to finding the most talented applicants. Specifically, these companies are able to quickly, but reliably, complete background checks and vet the initial pool of candidates. Once the best candidates are presented the employer, the talent acquisition team is able to ensure that the group they suggest is ready to hire.
It probably comes as no surprise that 57% of organizations view employee retention as a problem. It is difficult to go about the tasks of a company when positions are left unfilled. And while it may be easy for a large insurance company to hand pick from a pool of just graduated college students for short term employment, sales positions and management team openings are often difficult to fill. Companies hiring the wrong person find themselves training a new employee only to have that employee leave. Alarmingly, the latest research indicates that the costs of employee turnover can range from 30% to 150% of the employee?s salary. The most important positions to fill can create the most expensive hiring mistakes. Outplacement consulting firms can help avoid these mistakes.