As a small business, Summit Financial Resources understands the competitive advantages of having a talented and motivated team. There is tremendous pressure on small business owners to make the right hiring decisions, since each new employee has a far greater impact on productivity and the company culture than at a large firm. Whether you need a seasoned executive, entry-level workers, or temporary seasonal staff, there are many benefits to working with an experienced staffing firm to fill your open positions.
Saves Time and Energy
Many small businesses don’t have large human resources departments with dedicated recruiters. If you do have an HR professional on staff, they may have numerous responsibilities, including payroll and benefits, and be too strapped for time to handle your hiring needs. Not having the expertise or capacity can make it difficult to compete for top talent in today’s tight job market.
While you may be able to find excellent candidates through LinkedIn or on job sites like Indeed or CareerBuilder, this is not always the most strategic way to connect with the best prospects to meet your needs. Placing ads, sifting through hundreds of resumes, and interviewing and negotiating with countless candidates can consume an incredible amount of valuable time and energy.
Outsourcing this process to an established staffing firm means that you or your HR team can focus your efforts on interviewing only the most highly qualified candidates. This can result in a higher success rate as well as giving you back the time you would have lost trying to hire on your own. In addition, staffing agencies often have pre-screened, qualified individuals for a variety of positions and can pinpoint candidates that match even the most specialized hiring profiles. When a current employee fails to give adequate notice or is terminated immediately, your small business can avoid losing productivity by working with a staffing firm to quickly fill the vacant position.
Offers a Cost-Efficient Option
Some small business owners hesitate to use staffing agencies because they don’t want to pay a fee. However, working with an employment agency can actually save you money in many areas that you may not have considered, from paying for an expensive ad on a national job board to the costs associated with pre-screening assessments, drug screenings, and background checks.
Although there are fees associated with using an agency, working with staffing experts that specialize in a certain field or geographic area to fill a specific vacancy can be more cost-efficient than engaging in a lengthy hiring process. For instance, at Summit Financial Resources, we may partner with a staffing firm to fill a senior sales position in a market where we do not have a wealth of reliable information or connections.
Relying on the expertise of a staffing firm can also prevent you from making hurried and potentially costly hiring mistakes. For most companies, the average cost of onboarding a new employee is over $4,000. Coupled with the fact that small businesses with few employees may suffer a slowdown if a new hire fails to work out, turnover can be a pricey proposition.
Solves Seasonality Issues
Staffing firms are not necessarily useful in every situation, but having a dedicated recruiter for targeted needs can help expedite the hiring process. For instance, if your small business is seasonal, hiring temporary help may be a cost-effective strategy for managing the extra workload during periods of high demand. Using a staffing agency to assist with personnel needs during high-volume times allows you to fill positions quickly with qualified staff, as well as save money on benefits you would be required to pay if you hired permanent employees. You can also use the services of a staffing agency to fill a temporary-to-permanent job. This allows you to bring an employee on board on a trial basis before making a permanent job offer.
Provides Access to Higher-Level Expertise
For small businesses without human resources departments, a staffing firm can fill the void with the required hiring experience and knowledge. Even if you have people who are responsible for recruiting, staffing agency employees are likely to have a higher level of expertise related to job knowledge, employment trends, and recruiting practices by virtue of the fact that they continuously place employees.
One of the greatest advantages of partnering with a staffing firm is they have a larger network of candidates and connections than the average small business owner. Professional staffing firms often have relationships with workers that are skilled, dependable, and available to fill a vacancy quickly. In addition, experienced passive candidates typically seek out successful recruiters to keep them informed about potential job opportunities, giving firms immediate access to top talent who may not be actively seeking new employment.
Hiring the right people for your small business is just as critical as managing finances and generating sales. Staffing companies provide a wide variety of expert services and types of employees to help you build a team that values the work you do and is dedicated to helping your company grow.
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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.