New year, same talent market challenges. According to Glassdoor and Indeed’s Hiring and Workplace Trends report, the tight labor market will continue well into 2023 due to a deep-seated gap between employer demand and supply of candidates. This means the competition for top talent will remain, and jobseekers will continue to have the upper hand. The success of your business highly depends on your ability to attract and keep employees, are you prepared?
If you're looking for a cost-effective solution to strengthening your recruitment and retention efforts this year, consider partnering with a Recruitment Process Outsourcing (RPO) provider.
Below are five ways an RPO can give you a competitive advantage in sourcing, hiring, and retaining top talent in 2023.
Improve Efficiency and Effectiveness
When partnering with an RPO, you gain a team of highly skilled recruiters who dedicate 100% of their time to sourcing, screening, and hiring qualified candidates. Plus, they have access to the latest recruitment tools, technology, marketing, and paid advertising to attract top talent over competitors.
RPOs have extensive experience streamlining recruitment efforts and have access to a robust pool of prequalified candidates to fill your open positions quickly while saving you money. A good RPO will also serve as a consultative partner by providing data, insights, and expertise to help your leadership team make proactive, informed decisions during times of uncertainty.
"The recruiter provided by Hueman RPO is considered an integral part of our internal team. Even during very difficult markets, she has sourced and delivered quality candidates. Hueman provides valuable insights which allow our leadership team to make more informed business decisions." -Amy, VP, HR.
Increase Employee Engagement and Retention
Though it may be easy to find candidates with the right skills for your roles, finding those who align with your company's values, mission, and culture is critical to employee retention and satisfaction. With an RPO, the recruiters assigned to your partnership have an intimate understanding of your organization. They use this information to quickly find candidates who align with your organization's values to build cohesive teams who stay for the long run.
According to a Retention Report by Work Institute, "35% of employees will leave their jobs each year by 2023 to go work elsewhere."
RPOs help improve transparency in the recruitment process to ensure candidates fully understand what the role and the company are about. This can prevent new hires from leaving as they already know what to expect from the recruiting process. A good RPO partner will also help support other talent goals, such as enhancing employee engagement, retention strategies, DEI initiatives, and workforce planning.
"If you get recruitment right from the beginning, you can retain employees AND improve employee satisfaction." - Derek Carpenter - EVP, Business Development.
Mitigate Recruitment Risks
With soaring inflation rates and a potential recession on the horizon, predicting your talent needs for the year ahead can be challenging.
By partnering with an RPO, you can quickly scale recruitment resources up or down depending on your needs in a cost-effective manner. This eliminates the risk of being understaffed or hiring more employees than you need.
An RPO partnership is a great low-risk option for companies concerned about protecting their investment. RPOs typically establish service level agreements (SLAs) to help you hold the provider accountable for mutually agreed upon performance and saving guarantees, including the number of hires, time-to-fill, and quality of hires. Throughout your partnership, you'll receive reports on the progress and effectiveness of your RPO partner to ensure you're receiving the value you are paying for.
Save Time and Money
The time spent on recruiting efforts, including hours spent posting jobs, reviewing applications, and responding to applicants, can eat away at your team's productivity. With other responsibilities to tend to, it's unlikely they're dedicating the time necessary to source the right candidates – resulting in prolonged recruitment and bad hires.
Working with an RPO allows companies to focus on their core business while their recruiting is left to experts. Not only will you have more time back in your day, but you'll also decrease the time needed to hire new employees.
On top of saving valuable time, you'll save on significant recruitment expenses. The cost of an RPO partnership encompasses all recruitment-related expenses, including recruiter salaries, technology, recruitment tools, and digital marketing costs. Bundling these costs can help an organization's bottom line in the long run.
Engaging with an RPO will drive recruitment efficiencies which can result in cost savings across multiple areas of your business, both tangible and intangible:
- Decreased time-to-fill
- Minimized financial risk during an economic downturn
- Reduced advertising and marketing spend
- Savings on decreased turnover rates
Enhanced Employer Branding and Candidate Experience
Tight labor markets mean candidates have the upper hand in choosing their employer. It's not enough to post a job listing, no matter how high the pay may be. Creating a positive company culture and selling it to top candidates can set you apart from competitors. An RPO can help define your employee value proposition (EVP) and align recruitment messaging to showcase your organization's benefits, culture, and values to attract the right candidates.
Once a person applies, you want to ensure you provide a great candidate experience from the moment they see your job listing until their last interaction with your company. This is critical to building a good reputation for your company and helping ensure candidates want to work for you.
RPOs optimize applications, streamline technology, and foster meaningful recruiter relationships to create candidate experiences that stand out from the competition.
“69 percent of job prospects will reject a job offer from a company with a bad reputation, even if unemployed.” -Corporate Responsibility Magazine Survey
We Can Help
Proactively planning for your talent acquisition needs is critical to your success in 2023. If you're interested in learning more about how Hueman RPO can add value to your organization, contact us today for a no-cost, no-commitment talent acquisition consultation.