“Success today requires the agility and drive to constantly rethink, reinvigorate, react, and reinvent.” – Bill Gates.
The COVID-19 pandemic is forcing businesses to adjust their brand and its day to day operations. Even in the best of times businesses both large and small are faced with the daunting task of recruiting high-quality talent to drive success. Now that the pandemic is replacing traditional recruitment methods with virtual ones, the ability to find top-tier talent has become even more intimidating. If you haven’t done so already, it is time to hand off your recruitment operation to a Recruitment Process Outsourcing (RPO) provider.
Here are the top three reasons why an RPO should be handling your recruitment needs during the worst and best of times.
RPO Solutions Are Proven to Reduce Cost-To-Hire
Now more than ever is a time to tighten the cash belt, as an alarming number of financial experts are expecting a devastating hit to the economy. According to a March CFO Pulse Survey, 84% of financial leaders fear an imminent global recession, and 64% fear a significant drop in liquidity and capital resources within the coming months if a vaccine to the virus is not found soon.
According to the Society for Human Resource Management’s (SHRM’s) Human Capital Benchmarking 2019 Report, the average cost-per-hire in the United States is $4,129. That is a lot of dough to spend on one candidate that can be used for other important needs.
An RPO provider works hand in hand with the company to cover sourcing, screening, interviewing and all other major aspects in the recruiting process in a cost-effective manner.
Data from the Aberdeen Group shows companies that use an RPO for their hiring functions reduce their overall cost-per-hire by 20%, while other more generous estimates say 50% can be saved if managed correctly.
Now, who wouldn’t like to get a discount like that?
RPO Solutions Are Proven to Reduce Time-To-Hire
It is hard to find the right candidate even at the best of times, and every day a position remains unfilled costs the company a good penny. According to LinkedIn, 70% of businesses take anywhere between 1 – 4 months to complete a hire.
RPO benefits companies in an invaluable way for their time-to-hire needs. According to the Recruitment Process Outsourcing Association, well-qualified RPO providers can shrink time-to-hire by as much as 55%. To do so, RPO providers utilize all acquisition technology at their disposal and employ entire teams of recruiting professionals to rapidly speed up the hiring process.
Also, an RPO cuts the time-to-hire during times of disruption by creating a powerful brand message on behalf of their client. Randstad reports that 75% of job seekers research a company’s reputation and employer before applying for a job. If your brand is strong and hiring processes are quick, it is a sure bet top talent will be attracted to what you have to offer.
RPO Solutions Can Be Scaled up Or Down in Tandem with Hiring Needs
During the COVID-19 pandemic, recruitment needs have been shifting rapidly. For example, many sharing economy industries have been forced to drastically cut down its workforce, while other corporations such as Amazon Internet Providers and Zoom Video Communications Inc. are taking the opportunity to hire more employees to meet the rising demand by many consumers who are stuck at home under COVID-19 lockdown.
There is no doubt that RPO providers benefit companies any time HR becomes overwhelmed with staffing needs, but they are particularly beneficial during times of disruption when hiring needs are in constant flux. The best RPO providers can even handle rapid recruitment swings from week to week.
Now more than ever is the time to rethink, reinvigorate, react, and reinvent. Hiring an RPO that can take care of your shifting recruitment needs fast and cost-effectively, even in the most uncertain of times, will keep your business running successfully both in the short term as well as the long term.