What are the latest technology trends in RPO?

Recruitment Process Outsourcing (RPO) has flourished across the globe in recent years.

In the US, the approach has become increasingly popular and, as turnover increases at many companies and managers turn to temporary staff, it is likely to be adopted by even more firms in the future. 

With the introduction of big data and other digital innovations in recent years, the market should prepare for more advanced technologies to be used in the near future. 

In the past, RPO specialists were focused on finding ways to incorporate technological trends into their recruitment processes, but now there are so many options available that organizations are spoilt for choice. 

New metrics for RPO specialists 

Metrics are arguably the most important technology feature for organizations in the RPO industry. 

Without them, it is impossible for staff to make tangible improvements to their service but, with them, businesses are able to constantly develop their processes and reach new targets. 

There are a number of important metrics that need to be factored in when assessing the effectiveness of RPO. Arguably the most important of these is time. If you can provide organizations with successful staff in a relatively fast time, then you are going to be more appealing to other companies in the market. Metrics that can be assessed include time-to-fill and the time it takes to reach full productivity.

On the other hand, RPO should not be rushed. If it takes time to find the right talent, do not worry. Even if you take your time to develop a great service, your brand will establish a reputation as an efficient service provider.

How can technology help to assess time?

There are a number of applications available that allow project managers to record the amount of time they spend on a certain task.  

Both online and offline software allow employees to identify the amount of time it takes to complete a hire. If it seems that the process has taken longer than expected, you can pinpoint what caused the issue, note it down and make sure it is addressed in your next project. 

Additionally, technology allows much easier planning and collaboration with clients. Rather than sending applications back and forth, two parties can edit a document in collaboration and reach deadlines more quickly and effectively. 

The introduction of video conferencing programs such as Skype and Google Hangouts also make it easier for companies to interview candidates in-person and gain a solid understanding of their personality and aspirations. 

This can save a significant amount of time, effort and money that would otherwise be spent on travel. It can also allow RPOs to interview a higher number of people and improve their chances of hiring the right individual. 

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The Hidden Cost of a Bad Hiring Decision

As in any Profession, hurrying through a process with little planning ahead can cost Organizations dearly. Nothing can be truer than this in talent recruitment. The first casualty is the quality of hire.

As in any profession, hurrying through a process with little planning ahead can cost organizations dearly. Nothing can be truer than this in talent recruitment. When an organization hurries through the recruitment process, throwing caution to the winds, mistakes are more likely to happen. The first casualty is the quality of hire.

Here are some undeniable facts and figures:

1. Businesses that don’t have a standard interviewing practice are the most likely to hire a wrong individual – believe, the chances are 500% or even higher
2. Business that lay much emphasis on candidate experience stand 70% or higher chance of deciding on a top quality hire
3. Business that have built a strong employer branding is likely to attract high quality Hires and retain them over a longer period – odds are three times higher as against a non-existent brand image

Businesses are unanimously aware of the costs involved in hiring. Expenses include: Advertisement costs, Recruitment process Outsourcing cost (RPO),Recruitment staff fee, Interviewing cost and technology related expenses.

The cost of recruitment goes up as the importance of a position moves higher. Typically, Executives are the most expensive to hire (hovers around $4,000) and progressively comes down in this order – Mid- level Managers, emerging/promising individuals, undefined contributors and finally entry-level workers who cost the least to recruit at $750.

Though Employers know that hiring has become an expensive affair, at least a third is unable to determine the real cost arising out of a bad decision after on boarding the hire. This is because most metrics for evaluating this are abstract, like: poor performance, cultural impact and morale.

The consequences of a Bad Hiring Decision include:

1. Unrealized productivity objectives – results in project delays and cost overruns.
2. Higher attrition rates – a bad hire is one who is likely to leave the Organization necessitating another round of recruitment and hiring.
3. Insurmountable delays in the entire Business cycle – this because bad hires tend to be poor team players
4. Negative impact on culture – is more likely to spread discontent, demoralize others, cause a brand image to take a beating

Collectively bad hiring decisions can bring down production, make productive employees leave their positions, bring in more bad hires and finally cause employer’s brand image to plummet. The best way to contain bad hiring decisions is in redefining the entire hiring process. Bad hiring decisions are the result of poorly structured hierarchy. To reverse this, Managements should consider revamping the internal working of recruiters or better still leave the task to RPOs. Remember, a good hire is a product of an experienced recruiter and your own decision making process.

Content Source : http://blog.atkku.com/the-hidden-cost-of-a-bad-hiring-decision/