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Working with a top recruitment agency is guaranteed to save you time, money and the stress of risking a poor hire. The most substantial benefit of working with a recruitment agency is the improved quality of hire which boils down to the agency's coveted talent pool. It takes several years for agencies to build out networks of great candidates. This is where they compete and differentiate amongst themselves and it's a critical indicator of the agency's quality. If you are recruiting for hard-to-fill roles or rare tech skills in this fiercely competitive space— which is likely why you're considering hiring an agency — you'll want to make sure your agency has a deep running network of stealth talent, the kind you'd never find on your own.
These networks have candidates that are not found on job boards, as they do not need to post their resumes. You hire the agency for their exclusive network of candidates that no one else can see. This is why it is worthwhile to pay a recruitment agency over a freelance recruiter, even if the cost will be more significant upfront. Time-to-fill will be shorter, and the candidate quality will be improved by orders of magnitude. These are the two critical hiring factors, and you cannot obtain them without the assistance of an experienced recruitment agency.
But how do you pick a recruitment agency? Choosing the right agency is an invested process; there's a lot on the line for you - don't rush into this relationship without doing your due diligence.
As an experienced recruitment entity, we know what to evaluate and look out for, so we've compiled a list of tips and information to assist you in selecting a recruitment agency partner.
An agencies time-to-hire is one of the most critical metrics of success. As mentioned before, niche agencies are able to speed up the hiring process because they already have talent pools of vetted, prescreened candidates they can advance straight to your shortlist. At Make it in Ukraine, we fill a position typically within 10-14 business days depending on the level of expertise the role requires. For entry or junior level roles, we the time to hire is often even shorter.
Also make sure to ask about the replacement time to hire, to know what to expect if for whatever reason something doesn't work out between you and the initial candidate. Time to hire is critical to measure from the point where the vacancy is briefed to the time you make the offer.
It also helps to have a clear understanding of these ratios for identifying bottlenecks and inefficiencies in your collaboration process and being proactive in correcting them. It's important to note here that the jam could be on your side of the equation - if you're getting CVs on time, but the point of contact on your end is only getting back two weeks later, it will be a massive issue in such a competitive talent market.
Recruitment agencies mostly work on contingency and take between 15%-20% from the hired candidate's annual salary as their service fee. If the position is a notoriously challenging one to fill, like a CTO, Head of Engineering or Software Architect the costs may be higher, sometimes even up to 50% of the annual salary if the vacancy has been open for a long time. Other fee structures also exist, an agency can have a flat fee or monthly retainer or hourly rate, but this is less common.
The idea of hiring a recruitment agency is to save time, money, and mitigate the risks of a bad hire. But you want to make sure the CVs that make it to your desk is well suited for the role. If they aren't, make sure to communicate what requirements are getting lost in translation, so the recruiters correct it in their selection. Also, ask about the prescreening process and how many CVs you can expect them to provide.
All reputable recruitment agencies offer a one to the three-month grace period for their placements. Providing this assurance is part of the reason recruitment agency fees are relatively high compared to those of freelance recruiters. A grace period is a time during which the agency will replace the candidate at no charge if things don't work out. Make sure to always negotiate for a more extended guarantee period.
For example, if an agency says their grace period is a month tell them that you're only willing to consider agencies with a two month minimum grace period. Most often, the agency will agree to extend if you make it clear it is a critical factor for you. At Make it in Ukraine, we offer two-month placement guarantees and take great care to deliver on our value proposition. Our clients can trust us with their business, knowing there is little risk involved in hiring when you have a grace period and for candidate replacement.
After their time-to-hire stats, focus on the CV to interview ratio. This is how many of the CVs they send you make it to the interviewing stage of the process. This will make it easy to see if the agency is doing a good job prescreening what you're looking for and supplying a good number of quality candidates.
You want to aim for 50% CV to interview rate. Exceptional agency recruiters may be able to hit 90-100%. However, if it's more like 25%, you may have a problem. If this is the case when you first start working with an agency, don't panic and rush to switch agencies. It could just be the adjustment period for your specific requirements. Check in again for this later though.
This is the last vital metric to evaluate when choosing a recruitment agency. Your agency should be hitting the goal of securing three candidates for your second round of interviews. If you have three candidates in your final round of talks, there's an 80% chance you'll have a successful placement.
If there are only two people making it thru the final interviews, it's 50%, and then it drops to 20% if you end up with one candidate. Having a healthy interview to offer ratio is crucial because once the skills gap/(or any other reason candidates didn't make it to round two) has been identified and added for consideration for the recruiters going back to their search, they'll have an even smaller talent pool for selection. A Unicorn is hard to find.
Hiring great people is a definitive factor in running a successful business. Partnering with an agency to help you do it is a big step, and you want to be sure you've found the best firm for the job. Take the time for due diligence, research your prospects, understand what a successful partnership looks like and continue evaluating both your team's handling and the agency's recruitment ops to make sure you're maxing out your ROI and improving your odds of hiring a unicorn.
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