Last week explained what a Talent Factory is. This week I’m writing about the value that a talent team adds to an organization, and the how your company could benefit by implementing a Talent Factory of your own.
As we all know, recruiting is your biggest HR asset, but in what ways?
Lower recruitment costs: Most companies that do not have a Talent Factory or an in-house recruiter resort to using staffing agencies for the bulk of their hiring. For full time employees, agencies can charge 20 – 35% of the first year’s salary as a “finders fee”. Depending on how much hiring you are doing, there is a good chance that you are paying much more in fees than what it would cost to employ an in-house Talent Factory.
Higher ROI: Similar to the point above, not only will an in-house talent team result in a lower cost per hire go, it will also enable you to hire multiple candidates should there be more than one opening for the same position at no extra cost. For instance, if you are hiring for your sales team you may need two or three people with the same profile. If you had a talent team they would be able to provide you with a group of candidates you can chose from to pull the best two or three options. If you were hiring through an agency, on the other hand, you would need to pay for each hire. An in-house talent team can also maintain an ongoing search for a particular skill set you are always looking for, making those hires move quicker.
Better candidate experience: Having an in-house Talent Factory will create a more streamlined process for hiring. This will ensure that each candidate has a similar experience, is told the same information, and goes through the same process. In turn, your candidates will have a better experience, overall, and your company will be able to make an educated decision on who the best candidate for the job is.
Improved visibility: The Talent Team will also provide valuable marketing for your company. They will be out at career fairs and networking events creating more visibility for your company within your desired candidate pool.
More credibility: Candidates will always be more responsive and feel more confident when they are contacted directly from the company as opposed to a 3rd party. This will facilitate quicker hires with more qualified candidates. Additionally, when contacting candidates directly from the company, you are cutting out a piece of the process and allowing it to move along more smoothly.
Greater sense of urgency: A Talent Factory creates a sense of urgency for hiring throughout the company. On one side, the internal recruiting team will be in the trenches. They will see the need for these new hires and be held accountable by the hiring managers waiting on qualified candidates. On the other side, the hiring managers will be forced to provide timely and complete feedback. It is a lot easier to ignore the email in your inbox than it is to ignore the person you pass in the halls.
Implementing a talent team into your organization can add value in many ways, and the ones listed above are just a few of the benefits you would reap. Want to know more about implementing a Talent Factory? Stay tuned and follow the OpenView Labs’ talent team!