The recruitment industry has changed fundamentally over the last few years, and the need for talent is currently ahead of the supply. There’s no doubt we’re in the middle of a hiring crisis, with more vacancies than jobseekers for the first time, highlights Neil Purcell.
In fact, new statistics have demonstrated that the number of unfulfilled positions in the UK rose to 2.7 percent (or 33,700). The tools needed to make recruitment fast and effective have never been more important.
This is why having an effective research engine is beneficial. Think about it this way: essentially, researching and understanding the market in recruitment is as important as CRM is to marketing.
Customer Relationship Management (CRM) uses data to improve, manage and ultimately build stronger relationships with customers.
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For marketers, the knowledge held on their customers is an extremely valuable asset for stimulating business growth. The better the quality of data, the higher chances of a strong customer retention and the business will be better at anticipating customer’s needs and therefore meeting them. The same can be said for RPOs, the data acquired can significantly help advance business development.
Recruitment Process Outsourcing (RPO) companies are dedicated to building this type of end-to-end research engine, and it’s changing the way they spend time sourcing, screening and onboarding candidates. Their expertise in this area means businesses can find the right talent often faster than stretched in-house teams – and the talent that will stay. RPO offers a specialised solution that can be scaled up or down easily, without coming at the expense of time or resources.
Helping to acquire the best talent in an extremely competitive market
The competition for tech talent has never been so fierce, and finding the right talent is harder than ever. Although this may not last forever, the market is unpredictable, and organisations need to prepare for everything – especially with a looming recession. Businesses need to find ways to stand out from the crowd, so that they are equipped with teams that can support them through tough times.
With an effective RPO provider, organisations can have access to a team of recruitment specialists on top of their in-house resources. RPO providers can tap ready-made talent pools, with pre-built data pools on where to find the best talent quickly and easily.
As well as helping to locate potential candidates, dedicated RPO providers can help companies to build a better view of what skills are required for new opportunities and what type of people will fit into an organisation’s culture. Having the ability to research candidates – and fully understand how their addition will impact your business – is a valuable asset that can ensure time and resources are not wasted focusing on the wrong candidates.
Help hire at speed, without compromising quality
In competitive markets, speed has never been more crucial. With more job openings, and those seeking them, taking the time with a drawn out process to ensure a candidate is the perfect fit for your business is now a luxury that few employers can afford. But speed without compromise, how do you get that right?
Long and vigorous candidate experiences will only increase the number of applicants who decide that they no longer want to be involved in the process, or those who receive an offer before you can get to it. With speed and agility a crucial element of the recruitment process, it is important for organisations to be able to hire at speed, without compromising on quality.
RPOs often create ‘talent pools’ that allow them to have ‘ready-made’ candidates for certain vacancies too. This also brings huge benefits to other parts of the business. By allowing a trusted service to manage the recruitment process, organisations can save time, allowing them to focus on other business objectives, such as employee engagement and retention.
Attracting the right candidates with better employer branding
Another key element to hiring at speed is ensuring that your Employer Branding and Employee Value Proposition (EVP) are strong, and RPO providers can help businesses develop these. Just as marketing professionals promote products and services, recruiters can focus on their organisation’s unique selling points and strengths to convince candidates to take the role over another.
When positions have no significant differences when it comes to salary, progression opportunities or the role itself, it is the Employer Branding that will make an organisation be distinct. Potential employees want to have a clear image of the company they may try to join. Simply saying ‘it had a great culture’ or ‘the employees are very social’ isn’t going to give prospective candidates enough justification to pursue an opportunity.
Organisations need to be transparent about their culture to ensure candidates get a true sense of the company’s values from the offset. This is crucial in standing out, and making sure the best talent chooses you quickly. Allowing an RPO service to focus on developing this aspect of your business will give you a unique differentiator when competing in this crowded market, and also ensure that the people who are joining you do so based on tangible aspects about your company.
Competing in the war for talent
Competition for talent is hot right now, but none of us know what is coming further down the line. A looming recession and tech layoffs does not necessarily mean that competition will become significantly less, but businesses need to be prepared for anything.
As competitiveness fluctuates, it is integral that organisations find the best solutions to avoid missing out on top candidates. An effective research engine is one way to do this. Just as CRM has grown to be indispensable in marketing, knowing and engaging with your candidate market, long term, is vital to recruitment.
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Neil Purcell is CEO and Founder of Talent Works.
