How to Hook Good Employees: Here's How to Land Good Recruits without Overfishing the Waters of Professional Search Firms

By Nolan, John L. | Mortgage Banking, May 1990 | Go to article overview

How to Hook Good Employees: Here's How to Land Good Recruits without Overfishing the Waters of Professional Search Firms


Nolan, John L., Mortgage Banking


HOW TO HOOK GOOD EMPLOYEES

Here's how to land good recruits without overfishing the waters of professional search firms.

Recently, the president of a mortgage banking company was surprised to learn that in the last six months more than half of the managerial and professional employees hired by his company had been referred by professional recruiting firms. The cost of these placements exceeded $100,000--almost enough to double the size of the company's in-house recruiting staff.

Such use of recruiting firms to fill managerial positions is not an uncommon practice. In fact, mortgage companies pay these firms millions of dollars each year for locating and referring job candidates. Many in the industry believe that the fees paid are entirely justified and strongly support the use of professional recruiters. Among the most commonly heard arguments favoring their use are:

* Recruiting firms have access to

individuals not actively in the job

market; * Recruiting firms can locate

candidates more quickly than the

in-house employment staff; * Recruiting firms understand the

unique nature of the mortgage

industry and are specially qualified to

recruit the kind of talent needed.

Those supporting the use of recruiting firms also contend that the fees paid are more than offset by savings on the lost opportunity costs of having the position go unfilled until the in-house recruiter can find a qualified candidate.

Each of these arguments has some merit. Recruiting firms can and do provide a valuable service. At certain times, they represent the most effective and efficient way to find a particular candidate.

In-house overload

Utilizing professional recruiting firms becomes a problem when companies routinely rely on them as their primary recruiting source, and in doing so, incur substantially higher recruiting expenses than are otherwise necessary. Given the costs involved, why do some companies become so dependent on recruiting agencies?

Typically, companies begin to rely on recruiting firms because the in-house employment group cannot fill positions quickly enough to satisfy hiring managers. The difficulty in filling positions arises from any one of three conditions. First, the in-house recruiting function is not adequately staffed. Second, company recruiters are not properly trained to locate and attract qualified candidates for professional and managerial positions. Third, the company itself lacks an established policy governing the use of recruiting firms.

In many companies, the recruiting function is simply not staffed to give hiring managers a high level of service. According to a 1986 national survey conducted by Costello, Erdlen & Company, the average in-house recruiter works between 25 to 40 job openings at any one time. Moreover, these jobs are not usually concentrated at a single organizational level or in one functional area. As a result, the in-house recruiter is forced to conduct simultaneous searches in unrelated areas (e.g., underwriting, production, loan administration). This process increases the amount of time needed to fill positions because candidates located in one search are not usually qualified for another opening. Finally, in-house recruiters have other duties that divert attention from recruiting activities. They conduct exit interviews, orient new employees, assist in relocations and counsel employees. This kind of workload severely limits the internal recruiter's ability to respond quickly to the needs of each hiring manager.

In contrast, outside recruiters work far fewer jobs. Many have trained research assistants helping to locate prospective candidates. They also tend to specialize in particular functional or geographical areas. These practices enable professional recruiters to dedicate more time to each search, find candidates more quickly and allow their recruiting efforts to gain synergy as candidates may be presented to multiple companies. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

How to Hook Good Employees: Here's How to Land Good Recruits without Overfishing the Waters of Professional Search Firms
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.