15 Facts Businesses Need to Know About Recruitment Process Outsourcing
Looking for expert support throughout your recruitment and hiring process? Look no further than recruitment process outsourcing. By transferring some—or all—recruitment initiatives to a third-party provider through an RPO solution, businesses can outsource their burdensome tasks and responsibilities.
Here are 15 facts you need to know about recruitment process outsourcing:
- RPO can alleviate the burdens of recruiting high-quality candidates for a complex workforce.
- Recruitment process outsourcing is classified into two categories: Enterprise RPO and Segmented RPO.
- Enterprise RPO is a full-service solution where an RPO partner takes on all the recruitment responsibilities for an organization.
- Segmented RPO is a service that splits the recruitment process between the organization and the RPO partner.
- Organizations often lack the level of expertise to make the right recruitment decisions, as it can be difficult for the average HR professional to match the best candidate to an open position.
- The hiring process goes beyond exploring local geographies, which means recruiters need to understand the talent market scenarios and industry trends of other countries. However, most HR professionals lack this understanding, which makes recruitment process outsourcing a valuable service.
- RPO fills in the gaps that often go uncovered by your everyday HR department; RPO services prepare companies with the intel they need to expertly navigate the job market and discover top talent.
- Recruitment process outsourcing makes up one of the fastest-growing markets in the world. According to Grandview Research, the global RPO market was valued at $5.48B USD in 2019 and is expected to grow at a compound annual growth rate of 18.5% from 2020 to 2027.
- Two primary areas of RPO growth are the need for an effective recruiting process and the reduction in overhead costs.
- RPO is traditionally used to scale talent requirements and reduce the risks and costs involved with the hiring process. However, technological advancements are creating new opportunities for recruiters to connect with larger candidate pools.
- A sudden shift in the job seekers’ market is making it difficult for HR pros to forecast future hiring requirements. Fortunately, advanced RPO providers leverage advanced labor market analytics tools and are in the know on the latest industry trends to mitigate new hire attrition.
- In India, industries such as BFSI, pharmaceuticals and healthcare, IT, semiconductor, and automotive have all turned to proven RPO providers to help them discover first-rate talent.
- RPO providers can help organizations align their future strategy for workforce planning by offering accessibility to popular industries, as well as insights from trends and analytics.
- RPO providers can help organizations make critical analyses, such as how to choose between permanent and temporary staff and how much lead time is needed to fill a position.
- When business leaders deploy an RPO solution, they can access real-time recruiting dashboards, view snapshots of the talent market, and articulate the problems related to the supply and demand of the market.
Are you looking for an extra edge in your recruitment department? Contact Acara to learn more about our recruitment process outsourcing solution.