Did you know that nearly 60% of companies agree that employee retention is a problem for their organization? It?s no secret that employee retention is an ongoing problem for many companies. It can take months for a new individual to get up to speed ? if you have a high turnover rate at your company, this can translate to delayed progress and a high hiring cost.

It?s for this reason that many companies decide to work wit HR executive search firms in order to improve this process. Here?s a few other advantages you might not be familiar with.

Executive Search Consultants Know Hiring

If there?s one thing that human resources consultants understand, it?s hiring. Hiring, for you, may just be something you do because it needs to be done. For experts, however, it?s their entire livelihood ? and you benefit from this level of experience.

You?re Likely Underestimating the Cost of a Bad Hire

Did you know that, according to the U.S. Department of Labor, the average cost of a bad hiring decision is about 30% of an individual?s first year earnings? Any hiring decision requires a fair amount of time, and as we all know, time is money. Spending just a few hours reviewing resumes, then another several hours setting up meetings and then interviewing candidates, then more hours choosing a candidate and discussing their requirements for employment ? this adds up. If you make a poor hiring decision, not only is your employee likely not contributing as much as they could ? but you also need to repeat this entire act.

Talent Acquisition Management Services Seek Out Top Applicants

The truth is, the best applicants are often not actively searching for jobs ? they?re already hired by your competition. You likely have little time to research potential applicants who aren?t even thinking about applying for your available position ? must less time to contact and woo them with an offer. But for talent managers, this is exactly what they do. They have the resources and contacts available to find top applicants ? whether or not the applicants are actively searching for employment.

But What About the Cost of HR Executive Search Firms?

Yes — these services will cost money. But at the end of the day, they will be worth it. An outplacement service is going to get you top applicants that not only boost your company, but stay with it — helping to increase revenue in the long term, while saving you both time and money.

There you have it — are HR executive search firms worth it? Let us know what you think about this list!