3 Hiring Strategies that don't work... (plus, one that does)
For years, companies have constantly struggled to create efficiencies in their hiring processes to navigate a competitive and ever-evolving market.
Going all the way back, there are three strategies that seem to recur:
- I’m a founder, so I can do it myself
- I will trust an “old-boy’s club” to unlock hidden candidates, and
- I will buy in bulk to lower the cost per hire
Let's break these down...
The DIY Strategy
The first strategy (DIY) is logical at the outset. But, as time passes, the economics of the solution and the cost/quality/investment tradeoff leads to failure.
Founders either invest inadequate time to complete the task well (because they overestimate their aptitude or underestimate the complexity of the task), invest too much time so other initiatives suffer, or mis-price their time altogether and get frustrated.
The "Old-Boy's Club" Strategy
Enter solution two: “I’ll bite on a big agency’s sales pitch about their rolodex.” Feeling desperate, a lifeline offering white-glove service and proprietary this and that, with over 80 years in business…it’s tantalizing.
But, it comes with a cost: 33% of your candidates first year salary – up front. That’s potentially hundreds of thousands of dollars. Your account is then handed to a 22 year old who recently graduated college to manage.
Buy in Bulk Strategy
Okay. So what about option 3? You can just hire an internal recruiting team!
Breaking it down economically, it costs a minimum of $200k all-in and requires the purchase of additional software tooling including $15k/seat of LinkedIn recruiter and likely a couple thousand dollars (at minimum) on top of that for an ATS. Then it’ll take months to get your first internal recruiter and another month after that to get them up to speed and producing. When you decide to change course (on anything), they’re the first team you let go.
Introducing SCALE Search
Well, there is another way. A methodology that combines the best of all worlds.
- It’s fast - so you can start quickly and get value quickly.
- It’s flexible - so you can pay as you go.
- It’s efficient by recreating the network of pre-existing rolodexes without the silos of the “old-boys club”.
- It’s technology-first because HeadRace is a data platform.
- It’s scalable from seed to IPO. That’s actually a good name…here at HeadRace we call it SCALE Search.
You sign one contract. Pick one price. Scale or fan that search out to multiple professional, independent recruiters and sourcers.
If you’d like to learn how SCALE can work for you, please schedule a time to chat with us today.