How to Grow Your Business
Inflation and high-interest rates are, unfortunately, affecting Canadian consumers and businesses. Businesses are worried about demand and expenses, while consumers choose to reduce spending. Earlier this year, the Bank of Canada said that companies could expect a decline in sales as many expect a recession this year.
Though companies are experiencing financial concerns, many say they are still planning to hire employees. Hiring costs can be steep, and in a recession, who wants to spend unnecessary money? Luckily, businesses that want to save a few bucks and grow their workforce can rely on recruitment agencies.
How to Save Money with a Recruitment Agency
A common misconception is that staffing agencies are too expensive. While you do have to pay the agency a percentage of the employee’s wages, they relieve businesses of many other costs they would have had to pay otherwise.
- Reduces hiring and training costs
Filling a position is time-consuming. When time equals money, the onboarding process can cost a pretty penny. There is no need to spend big bucks in hiring and training a new employee with a staffing agency. If you are a small business, hiring and training can take up many valuable resources that otherwise would be spent somewhere else. A staffing agency takes off this stress and lets employers focus their efforts elsewhere.
- Reduce overtime pay
For those extra busy times in the year, a staffing agency can supply temporary workers to take that extra load off your full-time employees. Staffing agencies have a diverse set of candidates that can help with any of your needs. With permanent workers not putting in overtime, you save money and avoid burning out valuable team members. Using a staffing agency also makes you not feeling bad when you no longer need those seasonal employees.
- Decrease turnover costs
Letting go and hiring new employees is a hassle. A Robert Half survey states that employers waste approximately 52 hours hiring and onboarding employees that don’t end up sticking around long term. Hiring a new employee can take another 52 hours, maybe even more. Agencies already have a pool of candidates ready at their disposal, eliminating time and money that would have been spent on traditional hiring practices. Agencies like Live Assets | IT Staffing Solutions focus on learning precisely what your company needs so we can find you the best candidates for the job.
- Avoid unemployment claims
With a staffing agency, there is no sweat. If you have to let go of an employee due to lack of work, there is a risk of paying unemployment. This responsibility is out of your hands and into the agency’s. This will save you time and money that would have been spent on filling out the legal work and paying former employees.
- Overhead costs
In addition to a salary, permanent employees come with many costs. Benefits, retirement plans, sick days, vacation pay, and the list goes on. The Conference Board of Canada 2019 Benefits Benchmarking report suggests benefits account for an estimated $9,000 of costs for an employee’s compensation. The beauty of a staffing company is that the employer only worries about paying for the work completed.
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
We have a diverse number of clients and industries and focus on both full-time and contract I.T. opportunities.