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We currently have a very tight labour market. But what does this mean in practice?
The importance of selling your company to candidates
I notice in my work that many companies still start their hiring process the old way; “dear applicant, what can you offer us?” They often forget to sell themselves: what do they have to offer and what is important for the candidate? Keep in mind that good applicants NOW often have a choice of different vacancies. As a result, the selection process can become lengthy if you do not offer what the candidate is looking for.
What does it cost a company, when they look for a new employee themselves for expansion or replacement of staff? And what are these costs made up of? The cost of recruitment also depends on how many candidates are available. So in the current market, higher costs due to scarcity of good staff. For specialized work requiring highly qualified people, you may need a specialized recruitment agency. The cost of recruitment can be quite high, but not recruiting may be even more expensive. In the industry I work in, Treasury recruitment, costs quickly run into 3-4 times the monthly salary. Recruiting costs can add up considerably as a position becomes more difficult to fill. In addition, an average recruitment process has a lead time of 10 to 14 weeks (Source: Intelligence Group).
Understanding the costs of recruitment in a tight labour market
If you are going to recruit yourself (as a company), then the costs include; time for yourself and your own employees, for preparing the job profile and the vacancy text, creating a page on your website and using social media, a marketing campaign, time for assessing many unsuitable applications, conducting interviews with candidates and negotiating the terms of employment. Many of these costs are not immediately apparent to the company, and in many cases it may actually be cheaper to work with a specialized recruitment agency right away, rather than searching on your own first.
If you want to look for a new employee yourself and have the time, allow yourself the test. You might be lucky, have low cost, you might lose time and fill up your schedule. Put the job opening out to the UWV, the business association, and put the question out in your network. Call entrepreneurs you know. Create a page on your website with your offer. Have your employees ask around to family and friends and use social media. If it turns out it won’t be that easy, you can scale up. That way you keep the costs under control. If the desired applicant does not show up you can always ask a specialized recruiter to take a look.
Weighing the pros and cons of self-recruitment vs. using a recruitment agency
In addition, think about how you are going to handle current activities. Can they wait, can they temporarily be divided over other employees, or will you temporarily work with an interim professional? An independent professional who brings a lot of knowledge and experience, with whom you create time in the search for the best candidate. In addition, such a professional can often handle a little more than what is asked of them, and in this way they also offer additional added value. After all, they have gained a lot of experience at a variety of companies, and could come up with interesting new insights.
If you have a job opening, make a plan with a budget. The higher your requirements, the more time you will need and perhaps a larger budget. Sometimes it works to find your new candidate yourself, but if you are looking for highly educated and specialized candidates, it is often quicker and cheaper to work with a specialized recruitment agency.
Ron van Haeff
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