Estimated read time: 5-6 minutes
With the "great reshuffling" of the pandemic, an influx of out-of-state talent, and a booming startup industry, Utah businesses face a unique hiring challenge: optimizing in their talent pool without sacrificing their time and budget. In this competitive hiring landscape, top candidates are snatched up quickly, turnover is rapidly increasing, and HR teams are rehauling compensation packages and strategic DEI efforts. In short, leaders have never spent so much effort on recruiting.
Traditional recruiting methods (internal and outsourced) offer little relief for hiring teams strapped for resources. The average cost of a new hire hovers around $4,000 — and in the case of replacing a current team member, up to two times the employee's salary. Meanwhile, traditional recruiting fees average 25% of a placed candidate's salary, tens of thousands of dollars on top of already high costs of sourcing, hiring, and onboarding.
Bottom line, whether or not leaders are on the frontline of recruiting, sourcing and retaining talent is a top concern for CEOs, startups, and HR teams. With the high cost of hiring and so little ROI on traditional recruiting methods, many are lost as to which efforts are most worth their time and budget.
One Utah company has introduced a new and affordable way for businesses to fill those job openings. A recruitment firm based in the Silicon Slopes area of Lehi, IsoTalent is helping executive teams, hiring managers, and HR professionals find much-needed talent with a modernized approach to pricing. Rather than charging placement commissions based on salary, the firm replicates a similar approach to consultant and legal teams: bill by the hour.
Here's how this Utah recruiting agency has retooled recruiting to save clients thousands of dollars, filling high-volume, technical, and executive positions as painlessly as possible.
Hourly-rate recruiting saves clients 40%-70% compared to traditional commission fees
The primary difference in IsoTalent's model is how much money businesses save by paying by the hour. Traditional recruiters typically calculate a 20%-25% fee based on the placed employee's first-year salary. That means placing a Marketing Manager or Software Developer with a $100k salary will cost an additional $25k to pay the recruiter. With IsoTalent's model, the same service and quality of hire can cut that recruiting bill in half.
Consider metrics from a real IsoTalent client as proof. Last year, a local biopharma research company used IsoTalent recruiters to hire an experienced CEO. With IsoTalent's model, what would have cost $43k for a $172k commission cost $9.4k. By skipping commissions and charging by the hour, IsoTalent's recruiting team saved the client over $30k.
"Traditional recruiting is a major headache for organizations. Business leaders need to invest in their hiring efforts, but this can be expensive, clunky, and time-consuming — ultimately not worth the hassle and misalignment. I've worked in HR most of my life, and IsoTalent was designed to remedy the problems I've seen firsthand: lack of accountability from professional recruiters, high commission fees, and the need for better hiring tools," says Austin Miller, co-founder and CRO of IsoTalent.
Reduce the time it takes to hire
Because of their hourly-rate approach, IsoTalent also frees up a non-renewable resource: time. While it takes a traditional recruiter two to three months to fill an executive role, IsoTalent can do it in 44 days — and with full visibility into the process. With their biweekly billing and weekly calibrator calls, IsoTalent helps hiring managers source, screen, review and interview qualified candidates within a matter of weeks.
This time-to-fill average is especially meaningful for filling niche or technical roles; fixing gaps in revenue-generating teams like sales and marketing; and hiring multiple candidates at a time. Whether a business has a difficult role to fill or simply needs to place several entry-level roles as quickly as possible, IsoTalent's time-to-fill averages offer a clear and prudent solution.
Test applicant tracking with IsoConnect
IsoTalent has recently launched a new software offering, IsoConnect's Applicant Acceleration Platform. Similar to an ATS, IsoConnect is designed for busy hiring managers to track candidates, communicate with teams, and organize their sourcing and interviewing efforts. IsoTalent has big plans for the platform this year, and are currently working to build more user-friendly features, data insights, and integrations.
The IsoConnect software team is seeking beta testers for this free candidate tracking platform. Those interested can request to sign up at isoconnect.com.
Scale your hiring with IsoTalent
Utah businesses are special—so much so Lehi got the nickname "Silicon Slopes." With so much innovation and competition in one state, it's more important than ever for entrepreneurs and industry leaders to get their hires right the first time.
"Utah is an exceptional tech hub with ties to organizations all around the globe. Human capital is top-of-mind for founders and startup teams; in this market, they need every tool available to attract technical talent, tap into niche industry expertise, and hone their retention strategy and culture," says IsoTalent CEO Paul Ahlstrom.
Hiring managers don't have to sift through hundreds of applications or wait several months to hire the talent their company needs. The recruiters at IsoTalent are dedicated to matching clients with ideal candidates, building a culture of excellence, and improving employee retention — all while saving you thousands. Contact them today to see how they can help you meet your hiring goals and cut 40%–70% off recruiting costs with their innovative pricing model.