How RPO solutions can have a transformational impact on the 2021 hiring market
The job market today is starkly different from what it was a year ago. With the advent of the COVID-19 pandemic came unemployment and furloughs. However, with its uncertainties, the scenario prompted discussions around social protection, wage support, health benefits, and safety assurance for employees. With remote working taking precedence in 2020, businesses have shifted yet again to another workforce structure in 2021, namely flexi or hybrid working. With such rapid advancements and shifts in the job space, employers have redesigned their recruitment strategies to hire the best talent for the right job, keeping in mind organizational and workplace goals. Recruitment Process Outsourcing is one such solution that can have a transformational impact on businesses, and in turn, the larger hiring market.
Talent acquisition through RPO providers is an asset in today’s complex recruiting environment. Employers must consider several factors in their recruitment strategies such as the changing labour market, emerging technologies, and also have the ability to nurture top talent and manage candidates for the right job roles. Businesses have reorganised their teams and reconstructed organizational goals, consequently leading to a shift in the demand for job roles across sectors. With several organisations undergoing rampant layoffs and swift hires, it is crucial that employers are timely and cost efficient in their recruitment processes. RPO, whose core competency is talent acquisition, are essentially subject matter experts in recruitment field. They leverage the latest technologies using the right resources and can seamlessly meet hiring demands in the constantly evolving recruitment landscape.
Digital Hiring - The Future of Recruitment
Digital hiring witnessed notable application during the pandemic with ‘work-from-home’, and continues to pave the way for the Indian recruitment market today. With more and more companies investing in emerging digital technologies, there is considerable effort and investment being made in hiring the right talent for the right jobs. Needless to say, recruitment and hiring patterns have witnessed a shift to a more digitally adept on-boarding system leveraging the latest technology via online platforms. However, investing in HR technology to keep pace with newer engagement models is not necessarily the most efficient method for every organization. In such scenarios, it is prudent to outsource the HR function to an RPO expert, who would already have access to the relevant technologies. Partnering with an RPO provider also brings financial and operational efficiency to an organization's people function.
An RPO provider, using digital-first state-of-the-art technology, stores profile data on the cloud, assesses and verifies candidates to ensure they have the core skills, competencies, and motivators to get the job done, and further uses technology to integrate employees into the organization.
Social Media is now de rigueur in the recruitment process as firms use this channel frequently to attract and source talent, by launching engagement campaigns to cast a wider target net. The implementation of automation and Artificial Intelligence powered tools facilitate bot-based screening and interviewing to ensure compliances are met, hiring is quick and efficient and there are minimal human errors. Hackathons are another popular platform to handpick talent, as it showcases the candidates’ technical ability and resilience. Nevertheless, either way, recruiting generates copious amount of candidate data, which is now being stored on the cloud to enable easier storage, retrieval and management through a cost-effective and safe model. In the recruiting process, gamification has also witnessed a spike in the post-joining formalities, with firms harnessing a customized gamification platform to help new joiners understand the organization, company culture, history, achievements and policies. With fast-paced technology and innovation, newer HR Tech will allow a more holistic and harmonious approach towards recruitment.
RPO: Convenient, Cost-Effective, and Value Addition
Apart from being a cost-effective and convenient recruitment solution for businesses, RPO providers also add value to the organization through a strategic partnership aimed at contributing to larger business success. The benefits that Recruitment Process Outsourcing solutions provide extend well beyond budget optimization and ease of recruitment, as they add value to overall organizational goals and functions.
Strategic manpower budgeting: RPO providers work together with the internal talent acquisition team of an organization, to develop a thorough understanding of the organizational goals and the skills required to fill in specific job roles. They are involved in the initial stages of business planning and assist in manpower budgeting, forecasting staffing needs, and provide flexible on-demand solutions based on extensive research on the recruitment market. RPO players are also a boon to the organization in times of crisis and layoffs, as they can correctly strategize and evaluate the needs of the organization and make informed decisions.
A number of sourcing platforms: As RPO providers are specialists in the recruitment field, they have the ability to capitalize on their large reach and built networks, which include a large number of sourcing platforms. Here, they are able to adequately market client jobs through job boards, websites, social media channels, employee referrals, training centers, campus recruitment, and the like, to attract a wide number of candidates and obtain talent for the job roles in demand.
Increased brand recall: In the process of recruiting talents for jobs, RPO provides a market and builds a positive image of the client among potential candidates, building brand recall and recognition. Additionally, they are able to build a pipeline of talent through networking which further aid the organizational hiring function.
Digital-first screening: With the use of latest technologies and a hands-on digital approach, RPO providers are able to store candidate data using cloud, and assess, verify, and compare the skills, competencies, and talents with that of the organizational need. Here, technology enables objective assessment of candidates, at the same time enabling a cost-effective and efficient recruitment system to the organization.
Candidate management: An RPO provider has an in-depth understanding of the organization, its goals, and processes and ultimately, represent the employer they hire for. They enhance a candidate's recruitment journey from screening up until the onboarding process, and facilitate a seamless transition from candidates to employees.
Increasing demand for technical talent across sectors
It is no surprise that the demand for talent in the IT industry continues to grow, with trends such as skill-based hiring taking over the industry. Technology remains the forefront of growth across sectors, and businesses have successfully adapted to changing environments with emerging technologies and an inkling for change and development. While AI, blockchain, robotics, machine learning, and other emerging tech continue to largely impact the Indian IT industry, it is notable that trends such as IoT, Edge Computing, and the much awaited 5G technology will further transform the technological landscape of the country.
As companies pursue talent equipped in specific digital skills, it is notable that employees who are adept in soft skills such as communication, agility, and creativity, in addition to tech-literacy, have witnessed a considerable uptick in demand. Data from Quess reveals that there has been an increase in demand for job roles in IT Security, Full Stack, Android Developers, Data Analytics, and Angular JS. Furthermore, the top digital skills in demand were reported to be Full Stack; React JS; Cloud Infra Technologies; Angular JS, and Android Developers. In addition to the IT industry, there has been a positive outlook for hiring in sectors such as BFSI, Technology Services & Consulting, and Auto & Engineering.
With COVID-19 catalyzing changes in recruitment models, workforce size, and candidate expectations, RPO is an exceptional solution that aids organizations in staying agile, relevant and drives efficiency across the recruiting process. RPOs elevate a firm’s competitive advantage in the job market, thus attracting and onboarding top talent into the workforce.