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Hiring is an expensive and time-consuming process. According to the Society for Human Resource Management (SHRM), the average cost per hire is around $4,700. This includes external costs like advertising, recruiting software, etc and internal expenses like salaries of the HR team, employee referral bonuses, signing bonuses, onboarding and training costs. Time-to-hire rates have also hit at an all-time high across all industries.
According to Business Insider, it takes companies an average of 44 days to hire for an open role after posting the job. Pre-vetted talent pools significantly reduce the time required to fill key positions as they are already screened and assessed. Pre-Vetted Talent solutions can bring down the average-time-to-hire to less than a week.
The upfront cost involved in building and maintaining a talent pool is outweighed by long-term savings. The repetitive expenses associated with the entire hiring process for each position is avoided with pre-vetted talent pools which makes them budget-friendly in the long run.
Pre-vetted talent solutions help MNCs ensure the highest level of quality in candidates. Through rigorous screening and assessment processes, organizations can be confident that individuals in the talent pool possess the necessary skills, experience, and cultural fit. This minimizes the risk of making suboptimal hiring decisions.
For MNCs operating in specialized industries that demand specific skill sets, pre-vetted talent pools can be tailored to align with these unique requirements. Whether it's technology, finance, or marketing, having a pool of candidates with specialized skills enhances the likelihood of finding the right candidates in a reduced timeframe with significant cost reduction.
Pre-vetted talent pools offer the agility needed for scaling the workforce up or down as per business demands. MNCs can respond promptly to emerging projects and trending technologies, ensuring they have the right talent in place when it's needed the most.
One wrong-hire can cost the company as much as $100 million. MNCs can avoid such losses by outsourcing their talent hunt to reputed talent solution providers who have a vast pool of pre-vetted resources and industry experience to speed up the time-to-hire with reduced cost and assured candidate quality.
