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Tag: Insights

Cost-effective hiring strategies to stay competitive in the talent market

In the current economic landscape, businesses face significant pressure to streamline costs across various areas, including talent acquisition. M3 Placement & Partnership, a certified woman owned recruitment firm located in the Capital Region, recognizes this challenge. We understand businesses need to optimize expenditures while attracting essential talent to drive their strategic initiatives. M3 excels in meeting clients’ requirements by providing cost-effective strategies and refining hiring procedures to yield long-term advantages and substantial savings.

“Today there are so many costs to take into consideration when expanding your team or replacing key positions. Turnover costs are estimated at 1.7 times an employee’s salary, according to SHRM. And that’s where we come in, we offer competitively priced solutions that add more to your bottom line, reducing your hiring costs,” says Mary Malone McCarthy, founder and CEO of M3.

The hidden costs of recruitment mistakes

Few things are as costly for employers than a poor candidate experience. When candidates have a positive experience throughout the hiring journey, the odds are greater that a strong candidate will accept the offer, become an engaged employee, stay on board, and refer more great talent. Conversely, a negative experience makes candidates less likely to accept an offer or remain with the company long-term. When asked why they dropped out of the hiring process, Zippia found that 40% of candidates stated it was because of a poor first interaction with a recruiter or hiring manager.

The recruitment process heavily influences the retention statistics of new employees. In BambooHR’s 2023 Onboarding Report, they found that companies have 44 days to influence a new hire’s long-term retention as 70% of new hires decide if a job is right for them within the first month. That means that hiring the wrong candidate can cost twice as much if the wrong hire is made. Often the culprit is inefficient recruitment processes that can’t give the time and energy needed to find the best candidate and instead focus on filling the open seat.

The direct placement advantage

Recruiting today is an expensive prospect that eats up the time of management in a variety of ways. One of the best ways that companies can expand their hiring capacity and ensure the right hire is made is to bring on a direct placement partner like M3. This partner would manage the entire recruiting process for the individual position, proactively reaching out to active and passive candidates, saving companies time on outreach, screening, and managing applicant flow.

“We leverage our networks and our industry expertise to quickly identify and attract top talent that aligns with your organization’s specific needs. This streamlined approach eliminates the need for lengthy and costly in-house recruitment efforts, saving you valuable time and resources,” shares Elisha Gilroy, vice president of executive search and direct placement of M3.

Unlocking efficiencies with recruitment process outsourcing (RPO)

Much like outsourcing any function, outsourcing your recruitment process is a means to gain bandwidth and cut costs. Many businesses have found that outsourced recruitment solutions can remove bottlenecks that slow down the recruiting process.

“RPO, whether used for a high volume of open positions or for supplemental assistance is a great way to combat many recruiting challenges at once. It addresses both tactical and strategic challenges while providing an objective, third party perspective that improves the candidate’s experience. Our work allows HR teams to focus on those strategic initiatives that will make the biggest impact on the company. We customize design solutions that fit the company’s needs rather than asking them to contort themselves to fit our services,” says Kristi Richtmyer, vice president of RPO at M3.

Long-term benefits through advisory services

Beyond the immediate cost savings and efficiencies gained through direct placement or RPO models, M3 also offers invaluable advisory services. Through comprehensive workforce planning, employer branding, and talent management initiatives, M3’s advisory services empower businesses to attract, retain, and cultivate top talent more effectively. This proactive approach not only reduces the costs associated with high employee turnover; it positions your organization as an employer of choice, giving you a competitive edge in the war for talent.

The double-edged sword is that even if you know your recruitment process isn’t working optimally, you’re still under pressure to fill open roles with the best fits. And that’s where an outsourced recruitment firm like M3 can help. They’ve designed direct placement and RPO solutions that allow  your open roles to be filled, while providing advisory services that can help you improve chronic  process issues that bog down your talent acquisition team.

*The article above was recently published in the Albany Business Review on May 15, 2024

10 tips from a recruiter to create a standout resume

We have some amazing roles that we are currently recruiting for. Today, one of our top Direct Search Consultants, Danielle Watkins, is sharing her top tips on how to create a resume that stands out to recruiters in executive search and direct placement.

  1. Create a strong summary or objective statement: This is the first thing recruiters will see so craft a compelling summary or objective statement that succinctly summarizes your professional background, top 2-3 skills, and career goals.
  2. Tailor your resume to the job description: Customize your resume for each job application. Highlight relevant skills and experiences that align with the specific job requirements. Don’t be afraid to take right from the job description you’re applying for.
  3. Quantify achievements: Use numbers, percentages, or other quantifiable metrics wherever possible to showcase your accomplishments. This helps employers understand the impact you’ve had in previous roles. For example, instead of “answered the phone & responded to emails” try “answered 20-30 incoming phone calls & responded to 15-20 emails per day.”
  4. Ensure you’re clarifying your impact: In each of your past roles, employers want to see the impact you made during your time there and proof that your work benefited the company in some way, no matter how big or small. Maybe you updated their filing system to improve efficiency, fixed an inventory issue that saved the company money, or exceeded an annual fundraising goal.
  5. Use action verbs: Start bullet points with strong action verbs to describe your responsibilities and achievements. This makes your resume more dynamic and engaging. Make sure to use the correct tense too – present participles for your current role (filing) and past tense for your previous role (filed). For example, instead of “helped write financial reports” try “organized and documented all relevant financial information into comprehensive reports.”
  6. Showcase transferable skills: Highlight transferable skills that are relevant to the job you’re applying for, even if they were acquired in a different industry or role. Not everyone follows a linear career path in one specific field, and that’s okay! The skills you developed in other industries can help you stand out, as long as you highlight them in a way that is relevant to the job you’re applying for.
  7. Include relevant keywords: Incorporate keywords from the job description into your resume. Many companies use applicant tracking systems (ATS) to scan resumes for relevant keywords before human eyes even see them. One thing to note, make sure the resume still reads well and isn’t just a jumbled list of keywords because hiring managers can tell the difference.
  8. Include additional information: Include additional sections such as certifications, volunteer work, or languages spoken to help strengthen your candidacy. Having a section dedicated to skills is also a great place to list specific software or platforms you’ve used to demonstrate the unique skills you possess. You may also want to include links to your LinkedIn profile, online portfolio, or personal website if applicable. This allows recruiters to learn more about you beyond what’s on your resume.
  9. Create visual appeal: Make sure your resume is easy to read and visually appealing. Use a clean, professional layout with consistent fonts & formatting. Consider using bold text, bullet points, and minimal white space. If you choose to use color, consider neutral, muted tones that still allow your information to be read if printed in black & white. We recommend having an editable Word document version and a standard PDF format copy used for uploading.
  10. Proofread and edit your resume: Finally, proofread your resume carefully to catch any typos or grammatical errors. Consider asking a friend or mentor to review it as well for feedback. A polished, error-free resume demonstrates attention to detail and professionalism.

Interested in learning more about the roles we are currently hiring for here at M3 Placement and Partnership? Please go to our candidate page to learn more.

Recruiting with a twist: Recruiting + Advisory Services

When you think about a “recruiting firm” you probably have one thing that comes to mind: a firm that specializes in helping you fill open positions at your company.  

Twelve years ago, our founder and CEO Mary Malone McCarthy knew that was the widely held perception in the business community, so she set out to change that. She believed that a recruiting firm could be so much more, which is why she built advisory services into every client contract she offers through her company, M3 Placement and Partnership.  

How we recruit and advise:  

We fill open positions at your company while evaluating your current recruiting and hiring processes for maximum efficiency and effectiveness and sharing the best practices you need to grow a strong and vibrant talent acquisition department or function.  

Our recruiting and advisory process:

Step 1: We review your current processes and procedures 
Step 2: We evaluate the effectiveness of your current processes and procedures against your hiring goals and timelines  
Step 3: We create customized presentations for your team to showcase and highlight the areas that could use improvement and offer direct step by step instructions to do so  

Why we recruit and advise:

We’re passionate about improving the recruiting and hiring experience for our clients and their candidates. We believe that the most effective relationship is a partnership, and we know that a partnership focuses not just on the short-term recruiting goals of a company (i.e. hiring for open positions) but also the long-term goals (e.g. fixing chronic issues in recruitment and talent acquisition).  

What kind of outcomes do our clients see? 

Our clients, like long-term care facilities, biotech centers, professional services companies, and nonprofit organizations, often see improvements in their: 

  • Hiring procedures and timelines  
  • Standard operating procedures  
  • Screening processes  
  • Hiring manager trainings  
  • Job descriptions 
  • Job application system effectiveness  
  • Online job platform posting effectiveness  
  • Talent acquisition department and hiring manager cooperation and collaboration  

Please reach out to us at hello@m3placement.com to learn more about how we can partner with you to build a stellar recruitment process that keeps candidates engaged from start to finish and speeds up your hiring timelines.  

How to build your 2024 recruitment plan

The M3 Placement and Partnership team has over 25 years of recruiting experience and today we’re sharing our best practices to consider as you build your 2024 recruitment plan.

Assess your organization and articulate your recruiting goals 

There are two types of assessments everyone should perform when they’re preparing their recruitment plan:  

  • A review of the business goals and strategic initiatives that your business is trying to achieve this year and the departments and roles that are responsible for achieving these goals 
  • A review of current recruitment initiatives and hiring processes (we suggest building this review from internal surveys, questionnaires, and conversations with recent hires and hiring managers) to find out if there are there any challenges, gaps or areas to enhance 

After assessing your organization, articulate your recruiting goals using this table:  

Role Name Level of importance to hire (critical-low) Hiring Timeline Hiring Team Recruitment Budget 
     

Create and update job descriptions 

Once you know the roles that you’re looking to fill in the new year, we suggest writing and updating the job descriptions in tandem with the hiring managers. Consider that today’s job descriptions are half marketing the position and the company and half explaining the roles and responsibilities that are required for the position. Showcase your employer brand, highlighting information on the mission, vision, values, and culture of the company- this allows candidates to see why you’re a great choice for them personally and professionally. Learn more about bringing your employer brand to light here.  

Determine your recruitment methods and strategy 

Ask yourself the following questions as you determine your recruitment method:

  • What technology platforms will you utilize to attract candidates to your job posting(s)? Consider what has and has not worked for you in the past.  
  • Is there a candidate in your or your team’s network that would be a great fit for the position?  
  • Do you need the assistance of a recruiting partner to help you fill these openings? 
     

Define your complete hiring process  

One of the first things that we look at when we work with a new client is the company’s full recruitment cycle. Many times, we find that the hiring process hasn’t been fully outlined, leaving some members of the hiring team feeling like they don’t know what is expected of them or when it will be expected of them. Consider that for talent acquisition professionals the recruitment cycle is familiar and the hiring process is routine, but for hiring managers they could need training on best practices and the dos and don’ts of the hiring process. For more best practices on creating a seamless interview process read our in-depth article here.  

Create an onboarding plan  

Did you know that 28% of new employees quit in the first 90 days? Why? Because a recruitment plan doesn’t stop at the offer letter. All companies should build a robust onboarding plan for the first week, 30 days, 60 days, and 90 days.  

Here’s some onboarding ideas to get you started: 

  • Add pre-scheduled touchpoints to your new hire’s calendar so they know that you plan to receive feedback from them at regularly scheduled intervals. 
  • If the job is remote or hybrid, consider setting up 15-minute meet and greets with team members from across the organization.  
  • Create a mentoring program for senior staff to get to know entry level or mid-level team members.  
  • Schedule team lunches for a new employee to get to know different departments.  

Feeling overwhelmed, stuck as you’re planning your 2024 recruitment initiatives, or like your recruitment efforts need new fresh ideas? Looking for a partner to help you in building your recruitment strategy, proactively reaching out to candidates, and/or managing the recruiting process? Here at M3 we’ll custom build a plan just for you based on your needs and hiring goals. Reach out to us today at hello@m3placement.com to learn more about how we can help you in the new year. 

Preparing for new recruiting trends in 2024

We’re preparing for 2024 and that means looking back at the changes in recruiting we’ve seen in 2023 and deciphering which trends are here to stay and which are being replaced by new ideas, technologies, and approaches.

We sat down with our executive team to discuss what’s emerging in the recruiting field this upcoming season.

Hybrid and in office positions are taking a front seat

All of our departments- direct placement, executive search, and recruitment process outsourcing- are seeing companies and their hiring managers either looking for candidates to fill in-person or hybrid roles over remote roles. According to the Harvard Business Review, while 50% of work was remote in the time immediately after COVID lockdowns, today the number is hovering at around 28%. As one of our clients said, “there is no replacement for being able to sit next to a team member, so we are actively trying not to hire for remote roles”.

This has implications for both hiring managers and candidates. As candidates prepare to look for new roles, they should consider that many companies are not as flexible as they once were. And as hiring managers look for in-person candidates they may need to consider that offering some level of flexibility might be necessary to get the talent level they are looking for.

Workers continue to actively and passively search for a new role

As noted in Gallup’s 2023 State of the Global Workplace, 51% of employees are either actively or passively looking for a new role. We reach out to thousands of candidates each year about potential job opportunities and we receive just as many applications for new job postings. Our research tells us that this statistic could actually be higher.

What has changed though is when in the recruiting cycle employees are quitting. We are finding that gone are the days when quiet quitting led to quitting with no new prospects in mind. Instead, we are seeing employees waiting to leave their current jobs until they have received an offer from their potential new employer. This is why we encourage companies to perform stay interviews with current employees to ensure that employees are engaged, active in their roles, and feel open to sharing feedback about what could improve their employee experience. In the same Gallup study, participants were asked, “if you could make one change at your current employer to make it a great place to work, what would it be?” Results showed that 85% of respondents answers fell into the same three categories: engagement or culture, pay, or wellbeing.

Candidates continue to value flexibility

We’ve interviewed over 2,000 candidates this year for a wide variety of roles in numerous industries and fields. “The one thing that remains true over these role and industries is that candidates are looking for flexibility- whether it be in location, schedule, or work/life balance. This is a benefit that is no longer just considered a plus but is now expected. After COVID people are looking for ways to make life and work happen simultaneously and they’re going to choose the company that allows them the flexibility to have both,” says Kristi Richtmyer, VP of Recruitment Process Outsourcing for M3..

Competition for certain roles continues

Elisha Gilroy, VP of Direct Placement and Executive Search, notes that, “We are still seeing a higher-than-average pursuit of talent in accounting, healthcare, finance, and engineering roles. These roles aren’t just about filling the position but are focused on finding the right person with the right set of qualifications that is going to actively be involved and dedicated to the growth of the company.”

And this is being seen from entry level to executive level. “In order to get in front of top candidates employers need to be willing to make more compromises that they have in the past in order to get the talent they need because talent is so scarce,” Richtmyer states.

Internal recruiting practices need to be updated

Many studies have pointed to AI as being the next big thing to happen for internal recruiters and talent acquisition managers inside of corporations. But we’re still finding that many of our partners are still looking to improve the basics before implementing new technology platforms.

A survey of all our recruiters here at M3 showed that they recommend improving processes with AI once all internal practices and processes have been brought up to speed. So, before you add in AI check to see if your practices including candidate outreach, candidate follow up times, long periods of wait times between steps, and long periods of delay in the process have all been corrected. “If you take too much time between steps or create too cumbersome of a process then the chances go up that your candidate has already found a new role,” says Richtmyer. We sat down for an in-depth interview with our team on how to update your recruiting process in this article.

Looking for help improving your processes, finding top talent, or managing the candidate negotiation process? We here at M3 would love the opportunity to show you how a true partner in talent acquisition can make all the difference for you. Email us today at hello@m3placement.com to learn more about our tailored recruitment retention services.

Building a seamless interview process

One of the most important aspects of recruiting is the interview process. According to LinkedIn, 65% of candidates say a bad interview experience alone makes them lose interest in the job. And with the Society of Human Resource Management finding that the average cost per hire at $4,425, there are huge benefits to creating an effective recruiting and interview process. Today, our team is sharing how employers can build a seamless interview process that keeps candidates engaged from start to finish.  

  • Connect within 48 hours and outline your process  in an engaging and welcome way 
    Here at M3, after the initial screening, we make a point to give an idea of what to expect next or an outline of the interview process to come. If you aren’t interested in moving forward with a candidate based on their resume, thank them for their submission and let them know you’ve moved on to other candidates.  
     
  • Conclude interviews with next steps 
    When finishing an interview always be sure to tell the candidate what the next steps are and how long they should expect to wait to hear from the company next. Candidates may be in the middle of several interviews, and you don’t want to lose top talent because they think you’re not interested during lulls in the interview process.  
     
  • Create interview groups and panels where appropriate 
    Today’s interview processes can take many forms and in collaborative team environments multiple people are often brought into the interview process. If possible, try to create group interviews. This is not only more efficient for the internal team but can also give candidates a sense of teamwork and interactions that take place on the team.  
     
  • Touchbase between interviews  
    According to Glassdoor, the average length of a job interview process is 23.8 days but we know from experience that executive roles can take upwards of 6-8 weeks. Touching base between interviews in a thoughtful and engaging spirit ensures that you don’t lose quality candidates to other roles that they may also be interested in applying for.  
  • Get to know the person as well as their qualifications  
    In our experience, we’ve rarely found that people remember what questions you’ve asked about their qualifications or work history. Instead, people remember how they felt during the interview process. Did they get a sense of the personalities they’d be working with? How did the culture and experience feel each step of the way?  Did they get the opportunity to share beyond what’s on their resume with the interviewer(s)?  Did they feel heard and considered as a priority? 
  • Prepare interviewers with candidate overviews 
    One of the top reasons candidates say they didn’t move forward with an interview process is a poor interaction with a hiring manager or managers. Preparing interviewers with candidate overviews gives them the ability to create questions ahead of time that are specifically designed for each candidate. Additionally, provide hiring managers with some interview questions and if a group is interviewing a candidate, talk ahead of time about who will ask what to present a united team to the candidate.  

We know that this can feel overwhelming when you’re designing your interview process. But you’re not alone. The recruiting team here at M3 can support you by designing interview processes for candidates in any stage of their career. Whether you’re looking for a key role in your department or the next member of your executive team, we’re here to allow you to focus on your business while we focus on the personnel you need to support that business. Contact us today at hello@m3placement.com to find out how we can make a difference in recruiting top talent for your organization.  

Why You Need Quality Candidates (not Quantity) to Meet Your 2022 Growth Objectives

When your company is executing on a plan to achieve aggressive growth goals, you’re sure to hit some obstacles along the way. In the unprecedented tight labor market that we’re experiencing right now, talent acquisition may be one of the most difficult obstacles to overcome.

If you hope to achieve the ambitious objectives you’ve set for 2022, you need to think differently about how to attract the talent it takes to grow and thrive. One mindset that’s essential to leave behind is the idea that quantity is important when you’re evaluating job candidates.

When a Focus on Candidate Quantity is Harmful, Not Helpful  

For years, many search firms made a living pushing the idea that more is better when it comes to presenting candidates to employers. Some search firm contracts were even structured that way, promising to deliver a minimum number of candidates for each open position. The larger the search firm’s database of potential candidates, the more valuable they purport to be.

It’s what we at M3 refer to as the “spaghetti at the wall” approach: If you throw enough candidates at a company, something is likely to stick.

The problem is, it may not be the right candidate.

You might assume that if you have a stack of resumes from a company that’s been hired to help you fill a role, there must be a viable candidate in there. But that’s not necessarily the case. When you hire the best person out of the bunch—not the strongest fit for the job—you can run into a host of problems.

  • You might feel forced to choose a candidate who only fits the core requirements in your job description—and that’s not sufficient to ensure a good fit and a successful long-term outcome for either party.
  • You might sacrifice factors that are critical in matching the right person to the position, such as emotional intelligence or alignment with your culture. Let’s say you need to hire an engineer who will have to collaborate cross functionality to achieve his job objectives. If you only focus on finding someone with a great command of the technical aspects of the job and don’t assess their emotional intelligence, the odds of a successful experience will be low.
  • You might end up settling for a match that looks good on the surface but won’t work out long term. For example, a leader who has a track record of success heading up departments that are already working as well-oiled machines won’t necessarily succeed in an environment that is in a rebuild mode.

A difficult labor market is certainly a challenge for employers, but it shouldn’t get in the way of finding and hiring quality candidates. In fact, with turnover at alarmingly high levels, it’s even more important than ever to ensure you’re evaluating the best quality candidates. The better the candidate quality, the more likely the new hire will stay, perform at a high level, enjoy a positive work experience, and contribute to your growth objectives.

How the Right Search Partner Can Bring You Quality Candidates

High-growth companies can’t afford to make the wrong hires—whether it’s hiring a poor match for the job requirements or your culture, or candidates who didn’t realize exactly what they were getting into. That’s where the right search firm can help.

A search firm whose focus is candidate quality, not quantity, invests in a long-term relationship with your company. They become intimately familiar with your business, including your goals, challenges, and culture. And they become a partner who is equally committed to seeing you achieve your aggressive growth objectives. When those elements are in place, throwing quantity at the wall is replaced by a consultative approach that seeks to find the right fit for both the company and the candidate and achieve the best long-term outcome. 

What are the hallmarks of a search firm that’s committed to and skilled at presenting the best quality candidates for a position?

  • They seek to understand and align with your company mission, vision, and values. 
  • They take a long-term, relationship approach to working with you, not a short-term, transactional view.
  • They get to know the person behind the resume, including their personal story and how this individual will (or won’t) fit within your culture. When new hires don’t work out, about 70 percent of the time it’s because of a lack of cultural fit.
  • They do the heavy lifting for you, including the thorough, thoughtful homework it requires to find and present only the best fits.
  • They ask your hiring manager the right probing questions to understand your need beyond the core job description. For example: What pain points is your business facing which this new employee will have to work within or tackle? Is your private equity or venture capital ownership creating especially high expectations for growth? If you tell me a year later that this candidate turned out to be a great hire, what criteria will you base that on?
  • They ask potential candidates equally probing questions as part of the vetting process. For example: What are your short-term and long-term professional goals? Do you have experience leading a team in a hybrid live/virtual work environment?
  • They encourage their clients to use behavioral-based interviewing techniques to assess a candidate’s emotional intelligence, which is increasingly critical for many positions, especially those that will manage remote workers.

Choosing a search firm should be an immersive experience, one in which you walk away feeling like the company understands and connects with your brand and your story. If you’re trusting an external firm to find the individual contributors and leaders who will enable you to achieve the growth you envision, it needs to be a company that can convey your story just as vibrantly and accurately as your own CEO.

M3 takes a different approach to talent acquisition and executive search than most—one that results in better outcomes for employers and candidates alike. We become your partner, immersing ourselves in your business holistically so we can help you attract and retain the talent it takes to succeed as a high-growth business.

Start Planning Today

Contact M3 today to schedule an initial consultation!