5 ways an RPO/MSP solution reduces corporate recruitment costs and improves access to talent
Client Services Director, Ian Hobbs breaks down 5 ways for companies to reduce the cost of scalable hiring and gain a competitive edge, post pandemic.
There’s no doubt that the global COVID-19 pandemic has ushered in harsh economic challenges that have upended organizations in nearly every vertical and size. Cost efficiencies, risk mitigation and agility have skyrocketed to the top of hiring managers, business leaders and their organizations’ agenda, all while the US is facing a talent shortage.
As companies look to solutions and revisit their recruitment strategies, many are realizing now is the time to consider outsourced recruitment. By managing recruitment processes and the associated costs of scalable hiring, recruitment process outsourcing (RPO) and managed service provider (MSP) solutions can add business value, keep recruitment costs down and ROI up while improving access to talent – here’s how:
#1 – We Speed it Up
The adage, Time is Money, has never felt truer than today. Every step of the recruitment process generates costs – and if it’s a slog – it adds up. From resume sourcing and selection down to conducting interviews, negotiating offers and contract generation – the particulars are varied, complex, and require a nimble but dedicated expert hand. Hiring and onboarding new staff requires time and effort demanded from your internal managers and HR or TA teams, and every day your organization operates without a particular resource, it loses out on the benefit brought by their respective contribution.
When you partner with an RPO or MSP provider, like Resource Solutions, we can reduce time to hire by driving efficiencies across every touchpoint of the recruitment process. We help speed up the process by enhanced sourcing, streamlined processes, dedicated teams and real time reporting, ensuring vacancies are quickly and efficiently filled with quality talent.
#2 – We Keep it Simple, and Standardized
Within the recruitment lifecycle, the major pain points organizations confront include the lack of process – from hiring decision to developing training and pre-employment screening, or on-boarding procedures. Within a company, different departments, divisions and regions handle their processes in a decentralized way – leading to a disjointed candidate experience and higher operational costs. In today’s talent environment, no organization can afford either.
RPO (for direct hire) and MSP (for contingent labor) providers innately understand the complexities and nuances in redeveloping recruitment processes, and have data and insights to ensure best practices. We can identify the excessive costs and inefficient processes entangled within your recruitment workflow and alleviate the issues. Resource Solutions provides clients with agreed upon service levels and applies them against stringent performance metrics to improve quality of hire, time to fill, onboarding time and satisfaction levels (both candidate and hiring manager).
#3 – We Balance Costs and Risks
When an RPO or MSP provider is engaged, they should be able to objectively assess your organization and its staffing needs, and design a custom solution accordingly. In the case of reductions – like a global pandemic – or hiring surges, expansions, or new skills requirements, Resource Solutions can offer agile solutions to help manage requirements. The solution may be supporting a discrete, rapid hiring project, enhancing a portion of your recruitment process, or an end-to-end outsourced solution.
In any scenario, Resource Solutions takes on the full responsibility for adjusting recruitment team levels to meet organizational needs when hiring demands fluctuate. Organizations don’t have to bear the burden of being overstaffed or under-resourced within their recruitment functions, minimizing both cost and risk.
#3 – We Help you Bank RPO or MSP Savings in Year One
Employing an external RPO or MSP provider to transform your hiring practices and take on various recruitment responsibilities will provide your organization with savings. Fixed costs, like infrastructure, salary, benefit, or tools like a resume database, ATS or VMS, are all line items that an outsourcing partner will provide.
Resource Solutions has a track record of providing its clients increased recruitment productivity by giving companies a higher degree of control over their recruitment processes. By improving performance metrics, regular reporting and insights, the implementation of our leading-edge technology, and dedicated staffing, we offer hard and soft cost savings in the fiscal year we are onboarded.
#5 – We Keep our Eye on ROI
ROI is important metric organizations employ to measure recruitment process, strategy and its teams. At Resource Solutions, we calculate existing costs from your hiring history, build efficient recruitment processes, and create a measurable ROI on your recruitment spend through bespoke commercial models.
By choosing to work with an outsourcing partner, like Resource Solutions, companies can gain plenty of opportunities to reduce costs all while increasing access to top talent. A consistent, improved employer value proposition, differentiated sourcing strategies, access to diverse sourcing partnerships, reduced hiring time, and an improved quality of candidate are some of the benefits that impact the overall organizational ROI.
We’ve learned over the course of the last year that it requires a deft hand to navigate through the difficult times by altering your approach to staffing, while keeping costs low and gaining that competitive edge by moving faster than your competitors and onboarding the best talent.