Businesses are engaged in a war for talent because good resources are scarce, and everyone wants to get them before anyone else does. Not surprisingly, companies are willing to go the extra mile to fine-time their recruitment processes. But it is easier said than done, specifically if you run a small business on a tight budget. Big players have plenty of money to invest in a seasoned team of recruiters.
But small ones depend on good luck to get the best talent on board. Fortunately, a PEO can come to your rescue by ensuring that you win the talent acquisition game without spending a fortune. Outsourcing your recruiting function to a PEO partner enables reaching out to more candidates in less time and increases the quality of recruits. Let us explain how a PEO can empower your recruitment process.
Extend networking reach
Small businesses struggle to reach out to potential candidates because they run short of time and money. Your small HR team may not have the time to network, and posting requirements on job boards is the only way to advertise open positions. But it isn’t the best way to showcase the opportunities. The best candidates may end up missing out on the opening completely. You require the right connections to spread the word about your company and job role. A PEO can help with their broader network and extended reach, so you can rest assured about being visible to the best talent.
Cut costs of hiring
Money is often a constraint for small businesses, and the last thing you want is to build a large HR team. Compare the cost of hiring and retaining an in-house recruitment team to the cost of a PEO, and you will be surprised to see the difference. You can save even more down the line as a PEO brings efficiency to your recruiting process and decreases the time to fill open positions. Moreover, there are fewer errors in hiring, and you can save a fortune by reducing employee turnover.
Facilitate onboarding
Besides fine-tuning the recruitment process, a PEO partner can facilitate onboarding for your business. The process plays a key role in preparing new hires to contribute to your company. It orients them by communicating your expectations, processes, values, mission, and culture to them. Your PEO makes the onboarding process seamless for recruits, helping them fill out paperwork, access handbooks and procedures, and complete necessary training. It cuts the burden on your HR team and ensures employee productivity from day one.
Ensure HR compliance
HR compliance is a significant matter for small businesses. Failing to comply with the essential recruitment guidelines can land them in a fix. These relate to the interview processes, salary and benefits offerings, background checks, diversity recruiting, and onboarding procedures. The compliance guidelines are complex, and internal teams may skip them unintentionally. Your PEO researches them to ensure adherence to the state and federal requirements. So you never have to worry about being on the wrong side of the law.
Collaborating with a PEO has immense benefits as it ensures a positive candidate experience from start to end. You get the advantages of employee satisfaction, long-term retention, and a strong employer brand, all at a fraction of the cost.