When surveyed about COVID-19, many of the top CFOs in the U.S. and Mexico expressed concern about their 2020 revenues and profitability. Most recognized the coming months would require them to streamline their supply chain, solutions, workforce, and operations to remain in the black. Yet there was an additional risk: if they cut too aggressively or halted too many investments, they might interfere with (or even prevent) their eventual recovery.
How do you scale back hiring costs and continue to hire exceptional professionals during and after the peak of the COVID-19 precautions? That’s the conundrum businesses need to address with their recruiting strategy today. Costs related to traditional recruiting methods might exceed your budget, but a recruitment process outsourcing model promises to provide cost-effective alternatives without cutting quality.
Here’s why recruitment process outsourcing solutions might be the perfect fit for the current moment – and how one of our clients is already using it to save money on top talent.
Why RPO Solutions Fit Today’s World
It’s already clear that COVID-19 is changing our world in ways temporary and permanent. Whether talent acquisition practices will be altered forever is yet to be seen, but it’s clear that there are some major changes happening in the meantime.
Retail and healthcare staffing solutions are in high demand now, but the urgency to hire high volumes of people may subside as new cases of COVID-19 plateau and social distancing relaxes. On the flip side, organizations reducing their workforce or talent acquisition now will need to be prepared to ramp up without hesitation once this storm has passed. Though the impact is different, there’s a consistent lesson to be learned: more than ever, recruiting solutions need to scale and pivot along with unpredictable conditions.
Traditional recruiting models were designed for a very different world. Large enterprises could justify a full-time, ten-to-twenty person recruiting team when hiring volumes, revenues, and growth were stable. Those conditions are no longer guaranteed. Though traditional recruiters are far from irrelevant, businesses need to remain receptive to change, using the right recruiting model for the moment. And the flexibility of RPO solutions are ideal for numerous situations.
The offshore sourcers made available through RPO solutions are perfect for this moment. They offer the ability to find a high volume of candidates that fit your criteria – and for a fraction of the cost. What our model adds is a dedicated recruiter on our team for your account, one who understands the complexity of your needs and your culture. That way, the candidates you are presented not only adhere to a technical criteria, but they also demonstrate the work ethic, traits, and vision they’ll need to thrive within your organization.
RPO Solutions in Action
Let’s look at a real-world situation. Recently, a financial services technology company was readying themselves to deliver a new service line to their customers. In order to meet their goals and deliverables, decision makers knew they would need to ramp up their workforce and hire 120 top technical professionals. Early estimates suggested that a traditional recruitment model would cost $1.2 million to hire the necessary highly skilled and compatible people.
The KORE1 team offered them a more cost effective alternative: our RPO solutions. Our offshore team would work tirelessly to source active and passive candidates who aligned with each position’s core technical requirements. Then, one of our onshore recruiters would use the information we’d gathered about the client’s values, culture, and top people to screen for corresponding talent.
In two months, we’ve hired ten skilled technical professionals for the project who have integrated seamlessly into their workforce. By using recruitment process outsourcing, we anticipate saving them $600,000 on their overall hiring cost.
When the demand decreases, they won’t need to go through the complications of laying off or downsizing their recruitment team. Our RPO solutions will scale along with their current situation – no matter how unpredictable it might be.
Have you adapted your recruiting strategy to thrive over the next 12 months? We can help to right size your current recruiting capacity to match your current recruiting demand.