Key Steps to Consider When Reevaluating Your Human Resource Costs

shutterstock_226614253_webReevaluating and improving human resource efficiency is vital to the success of any Property Casualty insurance company, especially when employee turnover can be so costly. An article by Insurance Business America stated, “…a November 2012 study from the Center for American Progress found that for positions earning less than $75,000—including most insurance producers—the cost of firing and hiring a new employee was roughly 20% of that position’s salary.” This means that a bigger emphasis is being placed on getting the hiring process right, making it even more important for every human resource department to take a closer look at their company’s candidate recruitment strategies and expenses.

When reevaluating human resource costs:

1. Determine if your organization has a ‘spend’ or ‘invest’ mindset. When asking human capital questions to hiring leaders, pay close attention to their responses. If the overwhelming responses to your questions are “how much is it going to cost?”, then you are likely part of a ‘spend’ culture. Conversely, if you are consistently asked “what is the expected return if we do this?”, then you are probably working in an ‘invest’ culture. These are two very different environments and understanding how to best deliver services to support the organization can drive everything including culture, attracting, hiring and retention strategies, metrics and recognition programs.   

2. Continually assess your hiring strategies, processes and budget. If you are spending or investing most of your time and money on recruiting and hiring whether internally or via third party, is it paying off? Make sure you are evaluating and measuring the right human resource strategies to really know if they are functioning in the most efficient way for your company. Items like reducing recruitment expenses or improving your investment return are key items to take into consideration. Should you insource or outsource recruitment efforts? If you decide to insource, you must develop processes that ensure your internal recruiters are solely working on recruiting needs. If you outsource, selecting the right recruitment firm for your company must be a priority to ensure human resource efficiency.

3. Find the most qualified insurance recruitment firm/recruiter for your company’s needs. When outsourcing your hiring efforts, your company must decide if hiring a recruitment firm or a specific recruiter will work best for your hiring needs. There is a big difference. When you hire a recruitment firm, you aren’t guaranteed to get the same recruiter every time. If you hire a specific recruiter, this means you are intentionally hiring a specific person to be the only one to conduct your searches. In either scenario, your company must seek out firms and recruiters that have a proven track record, impeccable referrals, large networks and are experts in all aspects of your industry. These are a few key qualities that will produce a qualified candidate in a timely manner; saving your human resource department time and money.

4. Ensure you are utilizing your internal/external recruitment strategies efficiently. If you decide to keep recruitment efforts as an internal responsibility through an in-house recruiter, make sure processes are in place to minimize distractions so that recruiting efforts are their sole focus. Often times, internal recruiters can get pulled into the other realms of human resources for various reasons. If your company decides to outsource through recruitment firms, be sure you are comfortable with their recruiting process, expertise and the type of search being conducted. Consider initially hiring only one or two firms or recruiters if you are conducting a contingent search to source potential candidates. Some companies think that using more recruiters to find employees will result in a larger pool of qualified candidates to choose from. This is not always true. In most cases, firms use many of the same methodologies to identify candidates; therefore you essentially end up with multiple companies contacting the same candidates.  This creates marketplace confusion and sometimes lessens a candidate’s desire to pursue your opportunity. Keep in mind, candidate identification is only part of the process, the best recruiters are also able to access and influence candidates based on their deep relationships, industry knowledge and personal experience.  

5. Implement the most effective type of search. When using a recruitment firm, you should be able to match your position and budget with one of the firm’s search options.  For example, if a company is looking to attract exceptional executive level leaders while learning about passive executive talent across the nation, a retained search may be the best option.  If a company is looking to hire key individual contributors and/or maximize their candidate pool, perhaps a contingent search should be utilized.  Or, if hiring high quality, management level candidates is necessary, consider using a customized blend of retained and contingent search features.

It’s Not Who You Know. It’s Who We Know.

shutterstock_137793371If your organization lacks succession candidates or is struggling to identify up and coming talent, choosing the right recruiter is key. Coleman Search Group works closely with you to understand your organization and your immediate, mid-range and long range hiring objectives.

Having worked in and served the property/casualty industry for more than twenty-five years, we understand the talent gap you are facing. We can provide the right candidate(s) for you to interview, because sometimes it’s not who you know, it’s who we know.

We save you time. Our years of experience go to work for each of our clients. Before “networking” was a term in the 21st century, we’ve been doing just that, networking and relationship building. Establishing relationships with clients and candidates IS the key to providing you with a successful candidate pool, so you can select the most qualified person to better your company.

We’re in the age where succession planning is the key to future success of all companies. Maybe you’re not looking to fill a position in the immediate future, but your long term goals may indicate that a closer look at the talent pool now will better secure your company’s future for tomorrow.

We know who has the know-how. Our talent pool grows by the day because we’re constantly searching and networking to find talented, top-notch people. Let us know what you’re looking for and we’ll put our experience to work for you. We connect the right talent with the right company to produce results quickly.

We’re Different. We’re Flexible To Meet Your Needs.

shutterstock_160713830Is your company looking to fill a position, but haven’t been able to identify the perfect candidate for the job? Not every company is the same, and consequently, not all needs are the same; Coleman Search Group understands that. We invite you to learn more about how we can help your organization identify the right candidate for your position.

We excel at resolving those hard to fill positions like Agribusiness Underwriting, and with our customized fee structure, we will meet both your talent needs while remaining cost effective. We’re different than other firms in that our search fee is based on a proprietary process rather than historical fee structures that can be disproportionate to your position requirements.

We are also flexible by offering more than one type of search option to better suit your needs. If your organization is looking to attract exceptional executive level leaders while learning about passive talent available across the nation, a Retained Search is the right option. A Retained Search is an exclusive contractual search agreement resulting in a thorough, exhaustive national search process and top-notch candidate presentations.

Time is money, and if hiring high quality, senior level candidates quickly is paramount, an Exclusive Search is the right option. An excellent alternative to a retained search, an Exclusive Search is a customized, engaged search agreement utilizing a consistent, rigorous process resulting in talented candidate placement.

If you are seeking line managers, individual contributors and/or wish to maximize your potential candidate pool, a Priority Search is the right option. A Priority Search is a contingent search utilizing sound, time-tested processes resulting in qualified candidate placement.

More than 25 property casualty insurance companies, including some of the world’s largest, utilize us to fill needed positions because they know that a candidate from CSG is the best candidate for their job. We are here to help you achieve the results you need in your search.