The Power of Partnership: Why HR and Recruitment Agencies Should Work Together
In the first half of 2023, Vietnam is expected to witness a significant increase in job hopping among its workforce. According to analysts, 75% of Vietnamese workers are planning to switch jobs These job seekers are looking for companies that offer opportunities for professional development, a healthy working environment with a young and dynamic workforce, and an office location that’s near their residence.
Employers are struggling not only in finding top-tier talent but also in ensuring that their workplace conditions are aligned with most of these priorities to attract and retain quality talent. In today’s fiercely competitive job market, this has become a crucial challenge for human resources (HR) departments in companies of all sizes. One effective way to address this challenge is through partnering with recruitment agencies. Here’s how your HR team can leverage on these partnerships to improve your hiring and retaining of high-quality talent.
1. Streamline your recruitment processes
Recruitment agencies are experts in their field and have streamlined processes for finding, screening, and hiring top talent. They can often fill vacancies faster than an in-house HR team, reducing your time-to-hire and helping you avoid lost productivity due to understaffing. This can save your HR staff time and resources, allowing them to focus on other matters to support your internal staff. Recruitment agencies are also adept in using applicant tracking system tools (ATS) that can help you find better candidates and automate the more tedious steps of the recruiting and hiring process.
2. Improve candidate quality
On average, top candidates are available on the job market for around ten days only. It’s no wonder that 76% of hiring managers find it challenging to attract the right candidates. Given that small window of opportunity in a highly competitive job market, having a recruitment agency on your side will give you access to a wide range of qualified candidates. This also includes those who may not be actively seeking employment. By tapping into their network, they can quickly and efficiently help you find candidates who are a good fit for your company culture and values, which can lead to higher retention rates.
3. Provide workforce management solutions
Perhaps the reason why you’re struggling to find great talent is that your workplace culture or the compensation that you’re offering needs to be reviewed. A recruitment agency can evaluate and provide workforce management recommendations that will support your HR’s initiatives to attract and retain the best talent. Recruitment agencies have in-depth knowledge on the latest industry rates and trends to guide you if you need to adjust and align your company benefits to the employee’s needs. They also have extensive resources for employee training platforms and other programs that will help create a working environment that’s conducive to staff retention.
4. Improve company’s bottom line
A bad hire can have a serious impact on your company’s finances. In fact, the average cost of a bad hire is 30% of that hire’s annual salary. A recruitment agency will help you to invest more efficiently in finding and retaining top talent, thereby reducing staff turnover. You’ll save money on recruiting, training, and onboarding costs, as well as improve productivity and overall business performance. They can also help you reduce your overall hiring costs by offering a range of customised services to meet your specific needs. For example, they may offer temporary staffing solutions, which can help you avoid the expense of hiring full-time employees for short-term projects.
Your go-to solution for talent acquisition sourcing in Ho Chi Minh City
Establishing a partnership with a reliable recruitment agency can be a game-changing strategy to achieve business success in Vietnam. The Talent Consultants is a leading recruitment agency in Ho Chi Minh City that offers efficient talent acquisition sourcing and effective workforce management solutions. Our team of experienced recruiters has a deep understanding of the industries we serve and a proven track record in placing top talent in a variety of junior to c-suite roles.