Streamline. Scale. Save.
We’re already hearing those words a lot in 2023, as companies look to the future and consider ways to get more bang for their buck when it comes to recruitment spending. They’re also words that describe Recruitment Process Outsourcing (RPO), now the preferred method for companies looking to streamline and scale their recruitment efforts; to improve their overall hiring outcomes and, ultimately, save money.
A report released by SkyQuest Technology Consulting last fall showed the world’s RPO market is skyrocketing and projected to hit sales of $19.96 billion by 2028. In fact, 43 percent of companies surveyed by SkyQuest expressed plans to outsource all or part of their recruitment activities in the next two years. Of those who have engaged RPO, 60 percent said it is to ensure higher quality candidates and cut down on hiring time.
But how effective is it? Let’s take a closer look at how RPO delivers on the 3’S:
RPO firms generally operate on a fee-for-service model, meaning companies only pay for the services they need. To say that’s more efficient than having to maintain a full-time recruitment team would be an understatement, not to mention far more cost-effective.
RPO also has access to a wider talent pool, allowing the pros to quickly identify and attract candidates who might not have been found through traditional recruitment methods. This eliminates the amount of time and money wasted on job sites your ideal candidates may never visit.
Finally, there are a lot of steps involved in hiring a new employee, and RPO can support the entire process – from candidate sourcing to onboarding.
Engaging RPO means you can scale recruitment services up or down to meet the changing needs of your company, usually with the option of customizing that partnership to accommodate your specific requirements. This allows companies to choose the services that are most important to them, and to tailor their recruitment efforts to their industry or business model.
There’s a lot to be said for being able to quickly increase or decrease recruitment efforts as business conditions change, and RPO can deliver: The vast majority of organizations in the RPO market consulted by SkyQuest said they were satisfied with their RPO provider, with 72 percent rating them good or excellent.
You don’t want the cost of maintaining a recruitment team, particularly if your hiring needs tend to fluctuate. You also want to avoid saddling current team members with the added responsibility of finding new staff. This is both inefficient and expensive, considering that time spent on recruitment is time away from the jobs you hired them to do.
If you’re paying someone for their expertise in sales, finance, technology – whatever the case may be – let them do what they do best. RPO offers the freedom prioritize your core business while putting your hiring in the hands of those who know exactly how to connect you with quality candidates. In a competitive job market, you don’t have time for anything else.
What’s your recruitment strategy ROI? If any of the 3’S made your list of priorities this year, guessing is not an option. An experienced RPO will tell you how you’re doing, refine the process and guide you toward your goals.
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