Tips

Hiring is a complex process that requires careful consideration of both fixed and variable costs. While internal recruitment offers control and consistency, external agencies provide flexibility and expertise. Rather than choosing one over the other, a strategic blend of both approaches allows businesses to optimize their hiring process. By leveraging the strengths of each, companies can reduce overall costs, ensure the timely filling of key positions, and maintain the agility needed to adapt to changing market conditions. When evaluating the financial impact of internal versus external recruitment, the comparison can be eye-opening and is the debate of fixed versus variable costs. Below is the breakdown for an employer with an annual hiring goal of ten or more hires.

Talent Acquisition Partner: $80,000 (avg. salary) + $24,000 (overhead costs) = $104,000

Talent Acquisition Specialist: $50,000 (avg. salary) + $15,000 (overheard costs) = $65,000

LinkedIn Recruiter Seat: $10,000 x 2 = $20,000

LinkedIn Job Slots: $1,400 x 10 = $14,000

Recruitment advertising (Google, Indeed, Job Boards): $1,500 x 10 = $15,000

Employment Screens (Drug, background, credit, etc.): $150 x 10 = $1,500

Hiring Bonus Program: $10,000

Total Hiring Budget: $229,500

In comparison, external recruitment agencies might seem costly but offer a different, flexible financial structure & budget. This includes comprehensive recruitment services such as background checks, reference checks, degree verifications and guarantees. While the one-time fee can seem high, it eliminates or decreases internal fixed costs such as salaries and subscription services. With agencies working on a contingent basis, the variable cost is only incurred as a hire is made, saving significant upfront expenses while eliminating the complexities of managing large internal recruitment teams. The strategic decision to identify an external recruiting partner with expertise in your industry will save you time and your company money.

Further consideration is given when considering the cost of keeping a position open. Below is an example of an internal team attempting to fill a sales role that remains open for six months to a year in a territory that has a $3,000,000+ annual revenue goal.

Six Months:

• Lost Revenue: $1,500,000

• Recruitment Costs: $5,000

• Overall Operational Impact: $75,000 - $100,000

Total Cost for Six Months: $1,580,000 to $1,605,000

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One Year:

• Lost Revenue: $3,000,000

• Recruitment Costs: $10,000

• Overall Operational Impact: $150,000 to $200,000

Total Cost for One Year: $3,160,000 to $3,210,000

These substantial losses underscore the importance of filling high-revenue sales roles promptly to avoid significant financial losses to the company’s revenue and morale.

By working with a specialized recruiter as needed, you will reduce costs per hire while avoiding lost revenue due to a position remaining open for long periods of time.

We recently ran a poll asking our audience if they are showing up as the person they want to be.  

Whether you realize it or not, you're showing who you are every day through your actions.  

This statistic impacts workplace environments.   How you show up and treat people means everything in your journey to success. Your workplace character also influences the success of others. Incivility in the workplace has a chain reaction effect proven to lose companies' money, talent, and innovative ideas.  Nice Guys Don’t Finish Last.   Nice guys finish first, it’s a principle backed by research. According to civility researcher Christine Porath, treating people with respect creates more productive work environments and boosts companies’ bottom lines. Even small gestures of politeness performed throughout the day lead to lasting positive change. Alternatively, negative workplace interactions have a major effect in every aspect of a business.     Christine Porath, the tenured professor at Georgetown University's McDonough School of Business and the author of Mastering Civility, launched a study among business school alumni asking them to write a few sentences about one experience where they were treated: rudely, disrespectfully or insensitively in their workplace and to answer questions about how they reacted.  The results showed that these interactions made each employee much less motivated within their jobs.  

So much so that:  

How much of an impact can incivility really make? 

After Christine Porath published these results, she immediately received calls from numerous organizations. Cisco read about the study, took just a few numbers and estimated, conservatively, that incivility indeed was costing them over 12 million dollars a year.   This study went on to prove that incivility doesn’t only affect the person experiencing it – it affects anyone witnessing it. 

Those witnessing incivility had worse performance and fewer ideas.  

Is Workplace Civility that Significant?  

Following Christine Porath’s study, researchers in Israel discovered medical teams exposed to workplace rudeness perform worse not only in all their diagnostics but in all the procedures they did. This was mainly because the teams exposed to rudeness didn't share information as readily, and they stopped seeking help from their teammates. This occurs not only in medicine but in all industries.  Incivility affects our:  

• Our emotions 
• Motivation 
• Performance 
• How we treat others Our Attention 
• Our brainpower 
• Our Focus  
• Our Decision-making  

This can be a big deal, especially when it comes to life-and-death situations. Christine Porath shares in her Ted Talk:   “Steve, a physician, told me about a doctor that he worked with who was never very respectful, especially to junior staff and nurses. But Steve told me about this one particular interaction where this doctor shouted at a medical team. Right after the interaction, the team gave the wrong dosage of medication to their patient. Steve said the information was right there on the chart, but somehow everyone on the team missed it. He said they lacked the attention or awareness to take it into account. Simple mistake, right? Well, that patient died.” — Christine Porath 

Small Things Make a Big Difference. 

Incivility chips away at people and their performance. It robs people of their potential, even if they're just working around it. Civility lifts people. People give more and function at their best when in a civil environment. Research proves, when we have more civil environments, everyone is more productive, creative, helpful, happy and healthy.  Simply thanking people, sharing credit, listening attentively, humbly asking questions, acknowledging others and smiling has an impact and promotes a better work environment for everyone.  

In Conclusion, How You Show Up Matters. 

The way you show up matters not only to your success but to others' success as well. Try not to underestimate the effect of a simple action. Newton said it best: For every action, there is an equal and opposite reaction. Become the person who starts the positive ripple within someone’s day. For you never know what one single action can lead to.     References  

1. Research on friends at work: Olivet Nazarene University Dec. 8, 2022 

1. Christine Porath: Why being respectful to your coworkers is good for business | TED Talk  

 

As more and more candidates turn to social media for job research, companies are taking advantage of these platforms as part of their hiring strategies. Social recruiting and recruitment marketing strategies are becoming an increasingly important part when it comes to talent acquisition since research indicated that more than 75% of job seekers research about a company’s reputation and employer brand before applying.  It has become a necessity to use social media in talent acquisition. The average internet user (job seeker) has over five social media accounts. As of 2022, LinkedIn has at least 849.6 million members - roughly 10.7% of all the people on Earth have a LinkedIn account today. Following suit, Facebook has over 2 billion active users and Twitter has over 300 million, and those numbers only continue to grow.  Social media now doubles as business media where people may go to interact with friends, express their passions, shop trends and, yes, find their next job. 

The graph below outlines the top information Job seekers look for when applying for a job or researching your company. 

 

Use Social Platforms to make Better Hires | Tailor your job descriptions and Company Profile 

 

Key Takeaways 

• More companies will use social media to assess candidates. 
• Brands will have to improve their reputation to have a chance at hiring top talents. 
• Companies will be leveraging technologies like CRM and social media platforms to reach out to candidates. 

Benefits of Social Media Recruiting  

• Increases job visibility 
• Higher quality candidates 
• Better employer brand awareness 
• Reduce cost of hire 
• Opens the door to engagement 
• Shortens hiring time 

Tips for advertising a job on social media 

• Work with your marketing team to create advertisements that entice potential candidates. Discuss with your marketing/branding team the perks and benefits of roles to excite candidates about the opportunity.  
• Be concise. People scroll through social media quickly and spend very little time looking at each individual post, so your advertisement needs to get the point across quickly. 
• Include all the relevant information. Similarly, social media users tend to be reluctant to follow a link to more information, so make sure the most important details are covered in the post itself. Make the content easy to digest and call to actions simple enough for the viewer to immediately respond.  
• Advertise your company, not just a job. Advertising on social media is a chance to display your company culture, so try to reflect that in your posts. 

• Target the right audience. Make sure you post your advertisement where candidates in your industry will see it, and tailor it to the platform you’re using.  

    References: 

1. Linkedin statistics and trends (2022) Retrieved from: Data Reportal 

1. Berger, G. (2020). The Jobs of Tomorrow: LinkedIn’s 2020 Emerging Jobs Report. Retrieved from LinkedIn 

1. Occupop (June 10, 2021) The Advantages of Using Social Media to Recruit 

With much debate over the U.S. economy potentially entering a recession and labor shortages continuing, it is an excellent time to ensure your value and take steps to prepare for a pending recession.  How do you prepare for a future recession and possible layoffs? 

Check Yourself then Promote Yourself 

In times of uncertainty, see what you can be certain about. Are you certain you are putting your best foot forward in your current position? Are you demonstrating your best effort, most of the time? Could your skill set use a review? Kindly do a self-assessment to see where you can make improvements.  

If you are already doing a stellar job and giving your work 110%, make sure this contribution is visible to your leadership team. Your boss is likely busy, ensure they see the value of your presence and contributions. Ask for a time slot on your manager's calendar and talk about transferable skills you may already have or future skills you want to learn. Reminding your manager of the contributions you offer and the future ones you plan to contribute will bode well for you.  

 

Krissy Whitaker, Accounting & Finance Recruiting Expert states: “With so many uncertainties of the economic climate pending in 2023, we know that the war for talent will continue. The reality of hiring top talent is challenged by the lack of candidates available amidst the vast number of openings. How can you stay relevant and be visible with so many companies eager to hire critical staff? Many companies are seeing a lack of qualified & available candidates, so take the time to stand out from the crowd! It’s important for you to consistently show your value and announce accomplishments to be highly visible for future employers to know you. As recruiters, our consistent presence in the market will prove to be an asset for you when you are open to making a career move!”

 

You Should Always Be Proactive Regardless Of The Economy 

While you assess yourself, continue to re-evaluate what an employer of choice means to you. Ensure that you are keeping your resume and skills up to date and explore your professional network on LinkedIn. If you end up needing to make a transition, you will position yourself for success in the future. 

LinkedIn offers skills assessments, recommendation requests, certification courses, and more – if you are looking to be an indispensable asset to potential employers, LinkedIn is an ideal place to start.     

Unfortunately, reductions in force (RIFS) are inevitable, these decisions are often out of your direct manager’s hands. Either way, it is better to be prepared.   

Doing The Above Makes You More Marketable  

While your value has always existed, it is good practice to build on it and be prepared for the unexpected. Do the things now that can make for a smoother transition if the time to move on comes around.

While making yourself stand out, there is no need to overstep and try too hard to gain your manager’s attention. Simply remember to show your value and discuss it with your supervisor. Asking for feedback is a flawless way to ensure your work is seen while gaining an honest evaluation.  

Reaching out to a recruiter is a great way to start networking. This future relationship can help you be prepared by working with a well-connected professional when the economic future is uncertain. 

The principal factor influencing a person's success, whether personal or professional, is one's mindset. What you consistently think about has a direct impact on your behavior and output. What some may consider a trivial thing makes a stark difference and accounts for the primary distinction between those who succeed and those who do not. To achieve your goals, your mindset needs to match your aspirations, otherwise, it will hold you back from being successful in your endeavors. 

Focus on these areas to master your mindset and achieve success personally and professionally. 

1. Your Self-esteem  

To accomplish anything, one must feel capable of doing so – this is where high self-esteem impacts your success. Self-esteem is an internal dialogue that informs how we perceive and evaluate our worth, whether that be positive or negative. It also frames our self-concept (the comprehensive view we have of ourselves). To develop strong self-esteem, you must begin with a strong and optimistic mindset.  

Your self-esteem is a crucial tool that affects your daily self-dialogue and reinforces your beliefs, attitudes and feelings about yourself. So, become the sentinel of your mind and plant healthy seeds rather than criticism and doubt. What you think becomes reality. 

2. Your Perspective  

Tony Robins said it best “Nothing in life has any meaning except the meaning [we] give it.” How we attach meaning to events and circumstances has a profound effect on whether we view situations with optimism or pessimism. Your mindset and perspective run parallel to one another; if you have a negative perspective, chances are you have a negative mindset. Looking at your perspective through rose-colored spectacles increases the likelihood of formulating a well-rounded perspective and attaining long-term success. 

3. Your Determination  

Without some drive and determination, accomplishing any objective will be less than pleasant. Try making it to the gym with no determination. Yeah, how comfortable is that couch?  

Your drive and determination have the power to direct your mindset and motivate commitment. Your drive is what will push you past your comfort zone. People with healthy drive/determination are self-motivated and strive to accomplish more. A positive mind and strong drive will not waste time complaining about circumstances but instead work with conviction to improve them. 

4. Your Grit 

Grit, willpower, courage, fortitude; all these nouns boil down to mental toughness. Described by Oxford as “A quality of mind or intellect characterized by a refusal to be intimidated, a determination to follow through even when things are going badly, and an ability to control emotions and remain highly focused when under pressure.” With the basis of a strong mindset, you will be able to work towards mental toughness and clarity. Once mentally tough, you can become the person that digs deep and works persistently to achieve goals. 

So the equation to a great mindset and probable success goes something like this: 

Self Esteem + Perspective + Determination + Mental Toughness = Successful mindset = Successful life 

Once you have your mindset in good order, discover things that inspire you. Matthew McConaughey gives a speech on defining success for yourself. A great listen to shape your mindset and success.  

 

https://www.youtube.com/watch?v=BOwj1Yy62bU

This year is expected to have a record number of Americans retiring. Several factors are driving this retirement surge, including the ongoing coronavirus pandemic. Two million more workers retired during the pandemic than trends predicted. An estimated 50.3% of adults aged 55 and over left the workforce in the third quarter of 2021. Although these numbers have started to recover, it remains unclear how many baby boomers will continue employment or eventually retire in 2022.  With millions of baby boomers retiring sooner rather than later, employers will need a strong workforce plan for replacing existing workers. If trends continue in the same direction your company will likely have workforce gaps that need to be filled without the talent to suffice. Filling the holes will be challenging while the ranks of the Gen X workers are simply not enough and many millennials lack tenure.   As more Americans retire, there will be a shift in the workforce and how we work. As tenured staff walks out the door, the loss of institutional knowledge and wisdom goes with them, draining industries. On the bright side, the retirement boom presents an opportunity for younger workers to step into leadership roles and take on more responsibility. On the other hand, retirees gain the opportunity to “give back” by mentoring the next generation and sharing their expertise.  

What can you do to prepare for the retirement wave? 

1. Create an exit strategy for older employees. This can benefit your company if an employee is a top performer. A slow transition allows you to prepare a replacement without the shock that comes with a sudden retirement. 2. Develop your workforce and support mentoring programs.   3. Continue educating and training your workforce to steadily be prepared for the loss of high-level employees. Develop knowledge-sharing and training programs.  4. Utilize professional contract staff to fill gaps while you find permanent employees. Benefits include: 

• • • Reduced long-term labor costs
    • Shorter hiring process
    • Instant impact
    • Flexibility: Hiring a contractor gives you the option of evaluating whether you have a long-term job requirement in a function.

Eventually, you are going to need workers to replace the baby boomer employees who are retiring. The sooner you start exploring your options and planning, the better prepared you and your organization will be.