Introduction
In 2018, a manufacturer with an annual revenue of $1.8B approached us with a challenge. Their Human Resources department, previously consisting of five members, was suddenly down to two after three members abruptly left the organization. The HR Director was in urgent need of efficient, "plug-and-play" support, primarily for recruitment functions, for a division within the larger organization.
Successes and Key Learnings
Our partnership with the manufacturer proved to be fruitful and successful, as evidenced by the continuously improving metrics and cost savings over the years. The managed integrated talent acquisition model allowed us to rapidly address the company's immediate needs and adapt to their growing recruitment demands over time.
Key Successes
1. Rapid Onboarding: We managed to onboard our team within 2 weeks, swiftly understanding the core business, key stakeholders, tools, and technology, as well as processes and workflows. This quick integration allowed us to be effective from the very first day of operation.
2. Significant Cost Savings: Over the course of 5 years, we saved the company a total of approximately $4.15 million. This was achieved through reducing the cost of hire from initially bringing it down from 17% to 5.7% in the first year. Then continuously improving it to 1.2%.
3. Increase in Hires: Despite the lower cost of hire, we managed to significantly increase the number of hires. From 46 hires in the initial year (2018), the number rose to 106 hires by 2021, before settling at a consistent rate.
4. Seamless Integration: Our team fit well within the existing framework of the company, ensuring the smooth operation of the talent acquisition function.
1. Rapid Onboarding: We managed to onboard our team within 2 weeks, swiftly understanding the core business, key stakeholders, tools, and technology, as well as processes and workflows. This quick integration allowed us to be effective from the very first day of operation.
2. Significant Cost Savings: Over the course of 5 years, we saved the company a total of approximately $4.15 million. This was achieved through reducing the cost of hire from initially bringing it down from 17% to 5.7% in the first year. Then continuously improving it to 1.2%.
3. Increase in Hires: Despite the lower cost of hire, we managed to significantly increase the number of hires. From 46 hires in the initial year (2018), the number rose to 106 hires by 2021, before settling at a consistent rate.
4. Seamless Integration: Our team fit well within the existing framework of the company, ensuring the smooth operation of the talent acquisition function.
Key Learnings
1. The Importance of Understanding the Business: Engaging with top-line business decision makers and understanding the company's objectives was crucial to our success. This helped tailor our talent acquisition strategy to align with the company's needs.
2. Continuous Improvement: Our process did not stop at just filling in the gaps. We constantly monitored our KPIs, adjusted our strategies, and Impressed with our efficient and effective work, the company decided to entrust all North American Talent Acquisition needs to us in 2019. We continued to improve our metrics:
1. The Importance of Understanding the Business: Engaging with top-line business decision makers and understanding the company's objectives was crucial to our success. This helped tailor our talent acquisition strategy to align with the company's needs.
2. Continuous Improvement: Our process did not stop at just filling in the gaps. We constantly monitored our KPIs, adjusted our strategies, and Impressed with our efficient and effective work, the company decided to entrust all North American Talent Acquisition needs to us in 2019. We continued to improve our metrics:
Execution and Results
Our team began operations in April 2018, and by the end of the year, we had:
- Made 46 hires
- Managed an annual consolidated payroll of $2 million
- Reduced the cost of hire to 5.7%
- Saved the company $286,000
Impressed with our efficient and effective work, the company decided to entrust all North American Talent Acquisition needs to us in 2019. We continued to improve our metrics:
2019
- Hires: 88
- Annual Consolidate Payroll: $4.2 million
- Cost of Hire: 5.08%
- Savings: $626,640
2020
- Hires: 103
- Annual Consolidate Payroll: $5.4 million
- Cost of Hire: 4.98%
- Savings: $811,080
2021
- Hires: 106
- Annual Consolidate Payroll: $5.7 million
- Cost of Hire: 2.08%
- Savings: $1,021,440
2022
- Hires: 98
- Annual Consolidate Payroll: $5.3 million
- Cost of Hire: 1.90%
- Savings: $959,300
YTD 2023 (as of July 10th, 2023)
- Hires: 42
- Annual Consolidate Payroll: $2.4 million
- Cost of Hire: 1.20%
- Savings: $450,327
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