By Stephanie Sparks, Content Marketing Manager
Talent acquisition professionals and recruiting experts continue to face significant hiring challenges within the current labor market. Despite the uncertainty of recession and hiring slowdowns, employers continue to experience record-level turnover and job openings.
The tight labor market has led to increased competition for talent, high recruiting costs, and a significant candidate gap for employers. U.S. employers added 315,000 jobs in August. And the unemployment rate stands at just 3.7%, returning to pre-pandemic levels from February 2020.
To help recruiting organizations better understand the current labor market, the Employ Quarterly Insights Report provides unique insights and in-depth analysis on hiring trends compiled from employer and job seeker activity across Employ’s 18,000 customers.
The report offers a detailed look at the current state of recruiting and examines how companies should optimize recruiting efforts during one of the most difficult and demanding hiring environments in history. Let’s take a look at some of the insights featured in the Employ Report alongside existing labor market data.
Investing in Sourcing and RPO to Tackle the Hiring Market
According to Employ data, 47% of companies plan to invest in additional sourcing, including recruitment process outsourcing (RPO), to help them address the current challenges they face in the hiring market. In addition, 30% of recruiters feel less stress when they have more recruiters or recruiting resources, including a strategic RPO provider or automated sourcing technology.
With RPO, organizations can speed time-to-hire and reduce hiring costs, scaling more quickly as the business demands. Employ data reveals that companies using recruitment process outsourcing have seen a 50% increase in quality of hire. And with NXTThing RPO, deployment time can begin in just 24 hours to reduce the time it takes to fill critical roles.
By providing a dedicated, scalable team of highly skilled recruiters and talent acquisition practitioners, RPO providers can offer expert recruiting practices, support, and guidance to companies.
Furthermore, an RPO can empower teams that find it challenging to keep up with the constantly changing market conditions by offering insight into candidate expectations, key recruiting metrics, and process improvements. Here are four key benefits of enlisting Recruitment Process Outsourcing to reach your hiring goals.
More on this topic: 5 Ways to Make Sure You Choose The Right RPO For Your Organization
Examining Four Key Benefits of Recruitment Process Outsourcing (RPO)
#1: Speed of process: Hiring right now is all about speed. With 85% of companies hiring in four weeks or less, organizations should prepare to fill open roles in under one month to stay competitive.
Working with a recruitment process outsourcing provider, like NXTThing RPO, enables faster sourcing and screening and helps move candidates and hiring managers through the process more quickly and efficiently.
#2: Stronger sourcing: 52% of recruiters say their organization is retaining employees even if they’re not performing to standard or are not a culture fit. This results from the recognition that there is simply insufficient talent to go around.
RPO providers offer extensive expertise on how to maximize candidate sourcing efforts. This includes optimizing sourcing on LinkedIn and Indeed and recruiting candidates directly. Working with an RPO provider gives employers access to more tools, is more cost-effective, and leads to more impactful results.
#3: Dedicated focus on the recruitment process: Employ benchmark data indicates that regardless of how fast the hiring process is, one-third of the time spent hiring is sourcing. With 53% of companies spending three to four weeks to fill an open role, according to Employ survey data, approximately 7 to 10 days are spent sourcing talent for the position.
Internal talent acquisition teams can easily be interrupted or distracted by other initiatives. RPO providers offer a laser-focused, dedicated team of recruiters, sourcers, and hiring professionals that recruit on behalf of your organization and solve significant challenges in your hiring process.
#4: Strategic market research and competitive intelligence: 30% of recruiters feel less stress when they have more recruiters or recruiting resources, including a strategic RPO provider or automated sourcing technology.
RPO providers offer a wealth of recruiting data and intelligence that can help organizations determine where they can improve their hiring process. With access to innovative recruitment tools and technology, recruitment process outsourcing can help employers deliver more predictable hiring and better recruiting results.
Further Reading: What Industries Make the Most Sense for RPO?
Exploring RPO Services
Leading RPO providers, like NXTThing RPO, offer expertise in finding talent across multiple roles and job families in various industries to help companies better meet their hiring objectives. This includes end-to-end recruitment, project recruitment, front-end recruitment, and recruiter augmentation solutions.
If you’re eager to improve your hiring outcomes during an unprecedented hiring environment, NXTThing has a customizable solution to adapt to your unique needs. Learn more about our recruitment process outsourcing by speaking with our experts today.
To explore market trends and industry solutions more in-depth, download the Employ Quarterly Insights Report.