Finding top-notch talent is crucial to success in hyper competitive markets. According to research, 1 in 3 HR heads feel that quality of hire is the most valuable metric for tracking the performance of recruiting teams. Yet, finding the right people can be hard. The biggest roadblock: the growing gap between budgets, changing skills and time to hire.
The need of the hour for support functions is to align with business. For HR, this means focusing on business critical items such as employee engagement and crafting strategies for business cycles. However, according to our research, 1 in 3 HR heads feel that excessive focus on transactional activities hinder the HR team’s ability to align with the organisation’s goals. Here are 4 tell a tale signs that you should outsource your recruitment:
1. Your cost per hire has been on the rise for some time
According to reports, the average cost-per-hire for a middle management is $4,129 and it takes an average 42 days to fill a position. There are several costs associated with the overall hiring process, including the cost of advertising the position, screening and running background checks, and interviewing potential candidates. Investing in recruitment staff and technology also adds to the list of expenses. In addition, factors like high turnover rates and the cost of keeping the position open for too long impact the bottom line.
Partnering with a manpower solutions provider is a cost effective way to not only cherry-pick the best candidates but also make sure you get them on time and within budget.
2. Your team is swamped with hiring requests
HR staff entrusted with recruitment responsibilities may find it hard to focus on strategic tasks, especially, when hiring volumes increase. Coupled with the competitive job market and skills shortage, recruitment tasks such as sourcing resumes and identifying the right candidates can place immense pressure on HR personnel. What can you do when hiring requests start to back-up? How do you make sure only qualified candidates make it to your desk?
Global providers of HR services have specific skill sets and the training to handle such situations. With access to large, global talent pools comprising skilled professionals, they can help organisations quickly fill open positions with the right candidates. In addition, their size and scale makes it far easier to reach out to more candidates, access and engage passive candidates, and optimise the use of recruiting resources.
3. High employee turnover is impacting the organisational performance
One of the best ways to reduce employee turnover is to hire the right people from the start. Dedicated recruitment organisations leverage sophisticated recruiting tools and processes, and highly experienced and dedicated recruiters. Result – better quality and right-fit hires.
4. Handling rapid growth and seasonality related spikes is difficult
Working with a recruitment firm can help optimise the staffing plan and make it more cost-effective during seasonal spikes. Recruitment specialists have access to a network of professionals who may be seeking only temporary employment, enabling companies to hire extra resources during business cycles.
Rapid growth also places immense pressure on the in-house recruiting staff who may find it difficult to keep up with the sudden surge in hiring volume. If a company expands into a new market, industry, or geography, a recruitment firm with the right expertise and experience can help acquire the best talent in these areas.
Winning the talent war with the right recruiting partner
Outsourcing talent acquisition can do more for an organisation than just provide cost and time savings. It can help companies benefit from more streamlined and mature processes. Large staffing solutions providers deploy industry best practices to eliminate inconsistencies and optimise the talent acquisition strategy. As the talent war heats up, recruitment partners leverage networks, sophisticated recruiting technology, and social platforms to drive better business results.