When a new employee leaves a company within the first year, it can have a significant impact on the...
Recruitment agencies can be a valuable resource for businesses looking to find and hire new employees. However, it's important to understand the fees associated with using a recruitment agency and the importance of knowing the agency's new employee retention rate.
Below are five reasons why:
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Recruitment fees
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Time and Resource Savings
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Quality of Hires
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Importance of New Employee Retention
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Long-term Cost Savings
But what could making the wrong hire cost you?
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1. Recruitment Fees
Recruitment agencies typically charge a fee for their services. This fee can be a percentage of the new hire's salary or a flat fee. Understanding the fees associated with using a recruitment agency is crucial to enable businesses to budget accordingly.
2. Time and Resource Savings
While there is a cost associated with using a recruitment agency, they can save businesses time and resources. Recruitment agencies have access to a large pool of qualified candidates and can streamline the hiring process by conducting initial screenings and interviews.
3. Quality of Hires
Recruitment agencies can help businesses find high-quality candidates who are a good fit for the position and the company culture. This can lead to increased employee retention and decreased turnover.
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4. Importance of New Employee Retention
Knowing a recruitment agency's 'new employee retention rate' is important for businesses to ensure they're getting the best value for their investment. A high new employee retention rate can indicate that the recruitment agency is finding high-quality candidates who are a great fit for the company.
5. Long-term Cost Savings
A high new employee retention rate can lead to long-term cost savings for businesses. Retaining employees can be more cost-effective than constantly having to hire and train new employees. Knowing the recruitment agency's new employee retention rate can help businesses make more informed decisions about which agency to use.
Closing thoughts…
Understanding the fees associated with using a recruitment agency and the importance of knowing the agency's new employee retention rate is crucial for businesses to make informed decisions when deciding upon whether to use a recruitment agency and which agency to go with. A high new employee retention rate can be incredibly powerful for businesses, leading to long-term cost savings and a more productive workforce.
