Good news again. The latest jobs report stated that the US unemployment rate has reached its lowest level in 50 years at a record low 3.5% in December 2019. The US has, for the 22nd straight month, seen this rate at or below 4%. Hiring has not slowed down in 2020, and companies are continuously adding essential headcount. The demand has placed pressure on Human Resources departments to keep up with the pace of hiring. Sometimes a permanent placement employment agency can be a viable partner.
According to Glassdoor, “unfilled jobs in the US tech market alone add up to a value of $20.1 billion.” Additionally, the US Job Vacancy rate in October 2019 was 7,267,000 people. Over the 12 months ending in November, hires totaled 69.8 million and separations totaled 67.5 million, yielding a net employment gain of 2.3 million. These totals include workers who may have been hired and separated more than once during the year.
Having a vacant position often impacts a company in dollars, directly and indirectly, in ways more than just salary. There is also the cost of advertising, background checks and drug screening, along with intangible cost of a vacant spot. Especially in a smaller business, the time spent internally recruiting through job boards may take up a month and cost upwards of $10,000. Most employees generate revenue for their company up to three times their yearly salary during 220 working days of a calendar year.
When a company’s Human Resources Department partners with an efficient employment specialist at a permanent placement agency, there can be a high level of complimentary recruitment support. A permanent employment agency provides recruitment expertise. These recruitment firms keep up with the pace of employment hiring trends, recruiting practices, industry knowledge, and technology as it quickly evolves.
A permanent placement agency can handle all the sourcing, candidate pipelining, pre-screening and marketing/advertising for an HR Department. The agency constantly navigates, sources, identifies, and interviews specialized talent pools of candidate. It’s what they focus on, it’s what they do!
There is also a deep advantage of partnering with a full service employment agency that handles both temp and permanent placements. An agency that has employed, observed and enjoyed a positive on-the-job work history with qualified candidates can be an asset for a new full time position. The employment agency clients deem these candidates as high performing, diligent, and, most importantly, reliable dependable.
Sometimes these stellar temporary employees are just waiting and hoping for the opportunity to become a permanently placed employee somewhere; and for a client, it’s a vacancy filled! There’s also less risk hiring a candidate who has survived the trial period, while being observed closely as a temporary employee. A file full of client feedback exists, with a built-in review!
2020 is a new year and sometimes a new budget. There are opportunities to stay competitive with talent acquisition by aligning with experts. A permanent placement agency can quickly fill replacements and add new staff. They can assist with productivity and absorb the burden of full time job vacancies.