There is a talent shortage, which is expected to grow. Numerous studies show that recruiting the right talent is becoming more and more difficult. Competition is fiercer than ever.
Read our other Article, Marketing Is Facing Its “Worst Ever” Recruitment Crisis, for more information on this.
RECRUITMENT CRISIS FOR MARKETING AND ADVERTISING INDUSTRIES To state the obvious, the pandemic has brought about tremendous change across the global landscape. Marketing is facing its "worst ever" recruitment crisis, according to a new report from the World Federation of Advertisers (WFA) and global
It’s important to be aware of the labour market trends that affect recruitment and resourcing. For the UK, Beagle Talent has put together a Salary & Benchmarking Survey for all Digital, Marketing, Data, and Tech positions for 2022. Download it here
Beyond hiring the right person for the job, candidate experience is a key part of resourcing. The recruitment process is not just about employers identifying suitable employees, but candidates finding out more about the organisation and considering if it’s where they would like to work, in person or remotely. Flexibility and work-life balance are likely to be important considerations for candidates. First impressions matter; the process should be transparent, timely and fair for all candidates. In a digital age where candidates can share their experiences online, inefficient, poorly designed recruitment processes can negatively impact the employer’s brand and the ability to attract candidates. Read our article “Having an excellent candidate relationship is key to beating your competition in a talent crisis” for more information on this.
Competition for talent remains high across all business sectors, with the average time to hire for Q2 2022 was 6.76 weeks, almost a one-week increase since Q1 (6.
Candidates in skills short markets know their value and can afford to be picky in their job search. This means you have to try harder to win them over and hold their attention. To do this, it helps to think of candidates as you think of your customers and treat them in the same way; after all, they can be just as valuable to your business. Providing an excellent candidate experience throughout the recruitment process will make candidates feel valued and help retain them.
Good recruitment is vital for every organisation, especially when labour markets are tight – finding the right people for the right roles at the right time. It ensures that the workforce has the relevant skills and abilities for the organisation’s current and future needs. Effective resourcing is not just about filling an immediate vacancy but about impacting the business’s long-term success, using workforce planning data to understand what skills are needed for organisational performance.
That’s the positive spin on why recruitment fees are worth paying or why you should work with a recruiting agency. The downside risk is the cost of leaving critical roles unfilled or filling them with the wrong people. What’s the cost of putting strategic plans on hold while you wait to hire a CMO, then determining they’re a bad fit for the job, and having to start the process all over again? It’s likely a heck of a lot more than even the most expensive recruiting fee.
When an organisation hires a recruiting firm, there are several ways to do so; retained recruiting is common. When an organisation retains a recruiting firm to fill a vacancy, they pay an upfront fee to fill the position. The firm is responsible for finding candidates until the position is filled. The organisation also agrees to work exclusively with the firm. Companies cannot, in other words, hire multiple recruiting firms to fill the same position.
In contrast, a contingency search firm only gets paid if and when they successfully place a candidate in a role. There is no exclusivity agreement and no guarantee period. Unlike a retained recruiter, contingency firms tend to work on a larger vast knowledge than retained firms.
When an agency is given a new role to fill, it must be prioritised. There is not enough time to treat every new role as the number one priority. Further, you might have given your role to multiple recruiting agencies for a contingent search. Those agencies want to fill that role as fast as they possibly can, creating a race to the finish line to be paid. Sometimes, speed can take priority over candidate quality. Retained or executive search gives you access to a team committed to giving your role priority.
If your role is a priority or incredibly niche, you should probably consider it on a retained basis.
Our executive search focus makes us different, and our specialist domain knowledge across Digital, Marketing, Data & Tech gives us a clear advantage.
We have a vast network of contacts, deep background knowledge and strong expertise across different market sectors. Fewer Clients, Greater Service
Part of this is about understanding what a candidate is actually looking for, but it also requires the capability to drive candidate engagement. The experience of the candidate throughout the recruitment journey will directly impact this. There is a lot to be said about streamlining recruitment processes through the use of artificial intelligence and algorithms. Yet, at key touchpoints throughout the process, humanisation is essential. Organisations must humanise the recruitment process appropriately while automating other elements to help keep candidates engaged.
In summary, both methods have pros and cons when thinking about contingency recruitment vs retained search. However, there are clear situations when running a retained search over a contingency search would benefit you, so it’s important to select the right service at the right time.
Contact us to talk through your hiring needs and how Beagle Talent can source the best candidates in the market.