Getting started with the recruiting process can be difficult, especially when you need to find a large number of employees to fill positions in a short amount of time. The task can be daunting for HR departments that don’t know where to start or how to go about approaching the process. Outsourcing to an RPO provider who offers the service of Pure Sourcing can take the stress away from the initial step of searching through resumes and job boards for qualified candidates which can be very time consuming. An RPO provider who offers this service is able to take on the responsibility and use the latest technology, resources and expertise to deliver a list that includes more choices for your hiring manager to be able to select the candidates who are best fit for the company.
With the Pure Sourcing service a multi-channel sourcing strategy is implemented. This consists of an in-depth search conducted using a proprietary tool to search job boards and find resumes of the most qualified candidates. A list is generated that consists of those candidates whose skills and education requirements match each specific position.
Pure Sourcing is a strategy that Hire Velocity has been successful in using to find qualified candidates to fill positions in a number of companies. Utilizing the latest technology, social media websites and access to over 200 job boards, we are able to find top candidates who fit the positions you want to fill. This service simply finds and generates a list of those candidates that would be most qualified and does so without having to make any contact with them. This saves HR managers from having to weed through candidate resumes who are unqualified and allows them to focus on those with the skills and education required, saving the organization time, money and energy.
When starting the recruitment process determining how much exactly your cost per hire will be is an important factor but so is your quality of hire. The wrong hiring decisions will wind up costing your company even more. With the current state of economy it is important that you are able to take the time and effort to hire top talent that will add value to your company while doing so at an affordable cost. Calculating this cost will vary depending on the way you choose to approach it.
Some companies choose to have their in house HR department in total control of recruiting. They are in charge of taking care of every task in the process and in addition the company is faced with a number of costs associated with recruitment. Some of the important factors to take into consideration when calculating cost per hire with this approach are:
- · Job fairs, college recruitment, advertising, and job board posting and access costs.
- · Hardware that needs to be added in for candidate screening, from computers, to resume
search programs and phones
- · The costs associated with marketing open positions
- · All training, on boarding and turnover expenses
- · Travel costs
- · Recruiters and managers salaries
HR departments are often faced with a heavy work load and the recruitment process demands a lot of invested time in order to find the best candidates for each position. In order to allow them to focus on their core responsibilities that will continue to keep the business moving forward, a company often chooses to outsource their recruiting. They do so through either a contingency or recruitment process outsourcing (RPO) agency. With a contingency recruiter they charge nothing until the position is filled but many find that this approach can be expensive for their company, costing anywhere from 15-30 percent of those hired salaries.
The companies who chose to partner with an RPO agency have found that they are able to get ahead of the competition using the specialists with the experience and the tools to find the best candidates to fill their positions. A 2009 study conducted by the Aberdeen Group found that 62 percent of the organizations that they surveyed who had used this outsourcing approach were able to significantly reduce their cost per hire while hiring valuable candidates for their company. RPO providers, such as Hire Velocity, have the ability to drive down recruiting costs for companies by as much as 50 percent. As an RPO agency Hire Velocity offers to do as much or as little of the recruitment process companies they partner with need. The Aberdeen Group study of roughly 200 companies also revealed that 77 percent of those who were using RPO were happy with the results and would recommend it to others. Outsourcing with an RPO agency provides results of hiring quality candidates that will add value to your company as well as have results that will significantly reduce cost per hire.
For any company, finding high quality candidates to fill positions is crucial to the business. Candidates must have the right skills and abilities for the job in order for the company to succeed. Emerging from a hard economic time, a lot of reorganization decisions are seen being made throughout many companies. They are looking to revamp their approaches to hiring and increase their talent pool in order to get ahead of competitors. This can be found to be a difficult and stressful task in the constantly changing recruiting environment where most HR recruiters are having trouble trying to keep up. Recruitment Process Outsourcing (RPO) is now being utilized by leading companies for their hiring needs; they are using the expertise of these providers to find high quality talent for their organization.
The size of many companies’ HR recruiting teams has decreased due to cost-cutting, providing many challenges in hiring. Most HR departments don’t have the time or resources to be updated with the latest recruiting technology tools and online social media channels. This is why many companies are turning to RPO as a solution. They have found that RPO providers have the ability to deliver to their organization results that their HR recruiters cant. RPO’s have the ability to hire top talent, fast, while achieving a more cost effect cost per hire. It also takes the added stress and pressure off of HR and allows them to focus in on other tasks within the company. RPO’s can handle a few of the recruiting tasks or they can handle the entire life cycle. For instance, an RPO can handle all out the sourcing and screening allowing recruiters to focus on the qualified and interested candidates instead of taking the time going through piles of unqualified candidates.
RPO’s have the ability to provide a company with valuable results. Due to the current economy, most companies are working with smaller budgets and decreasing the amount of hires allowed; therefore it’s important to keep a focus on quality rather than quantity of candidates. Leading organizations who have experience with RPO’s have recorded high cost reductions and/or greater efficiencies in the hiring process. Many have seen reductions as high as 85% in search firm fees and 87% in offline advertising expenses. RPO’s continue to show results that include an expanded candidate pipeline, shortened cycle times, and reduced cost-per-hire. For hiring quickly, efficiently, and at a cost effective amount, RPO’s have specialists utilizing the latest technology and tools to fill crucial positions.
(2011, July). Workforce Management, 90(7),
A recent survey has found that companies are having a tough time finding employees that have the right qualifications to hire for their most critical positions. Lack of experience and technical skills, were highlighted as the major reasons why roughly 52 percent of U.S companies have found themselves in a difficult position when it comes hiring.
As the economy continues to improve and the market is getting more competitive, not only are employers increasing their hiring, but the role of finding the most qualified candidate for the position has become more crucial then ever. Recruitment Process Outsourcing (RPO) is something that should be considered in ramping up hiring efforts. RPO is able to give companies that step up above the competition. Through the use of various tools and strategies an RPO provider can find the most qualified candidates fast and effectively for critical jobs such as skilled trades, engineers and IT staff that have been found as the hardest to fill. In a previous blog “An RPO SWOT Analysis”we discussed the importance of choosing the right RPO provider. It’s important that when making this decision a company takes into consideration the different aspects mentioned in this analysis. Choosing a provider that is able to meet a company’s needs will present them with qualified candidates to hire for these hard to fill job positions
Cogliano, J. (2011, May 20). Employers struggle to fill critical jobs. Austin Business Journal, Retrieved from http://www.bizjournals.com/austin/news/2011/05/20/employers-struggle-to-fill-critical-jobs.html?ana=e_vert
Is it becoming harder to find employees who are engaged and loyal to your company? If you answered yes, you are not alone. 80% of employers say that it is difficult to attract talent. Businesses want employees with the skills and experience to do the job correctly, but 57% of employers say that those employees are the hardest to attract. Compromising on the quality of new hires comes at a high cost; 51% of employers experienced a loss of business due to the lack of the right people.
The UNIVERSUM Employment Branding Insights 2011 survey shows that 64% of the 632 companies included in the survey say that their key employees leave to pursue new professional opportunities. The top performers are looking for greater challenges and opportunities or more money. The high turnover rate requires companies to spend more time and resources looking for qualified potential employees then ever before. Many companies are turning to outside firms, like Hire Velocity, to help with the recruiting cycle. These resource process outsourcing (RPO) firms are able to find qualified, available, and interested candidates fast using the trained recruiters and specialized tools.
This has not always been the case. Past generations have typically had the mindset that they will stay at the same company for their entire career, moving up the ladder to better positions. Generation Y has a different mindset and companies can no longer rely on people to stay with an employer for their whole career. It is difficult for employers to keep their most talented employees while other opportunities open up for them. Generation Y is slowly dominating the workforce with 74% of employers looking to hire talent who have recently graduated from college or have 8 or less years of experience. This is making it difficult for senior professionals, people with more than 8 years of experience, to find work as only 18% of the employers surveyed are looking to hire them.
The future is not hopeless; employers agree that a long-term employer branding strategy leads to better recruiting results. Creating and implementing a long-term employer branding strategy will improve the company’s ability to attract and retain the right talent. The positive sign of this survey is that 82% of employers are now investing in talent attraction which excludes direct recruitment, but includes employer branding and communicators. Many of these employers believe that developing brand awareness and esteem are the solution to this growing problem.
In our last blog post we discussed about the importance of making sure your organization and the RPO firm you choose are compatible with each other. We also commented on the importance of choosing an RPO with the experience to back what is promised in the Service Level Agreement. At Hire Velocity, we are confident that you will be impressed with our experienced team and will enjoy the long-lasting partnership created when you make the move to outsource your some or all of recruiting tasks.
We would like to virtually introduce you to the Hire Velocity top management team. While we focus on the top management in this post, but we can assure you that our entire team is experienced in the recruiting industry. Hire Velocity understands the importance of having qualified and caring employees. For that reason, we have high standards when choosing to add new members to our team.
Valeri is the Chief Executive Officer at Hire Velocity. She has been CEO or President for the past 10 years of private or public companies. The entire team was excited when she joined the team in July 2009. Since her addition to the team, Hire Velocity has been named on the Inc 5000 list of fastest growing private companies.
Valeri has over 28 years of service industry experience. Her experience spans raising funds, selling companies, integrating acquisitions, and an IPO. Valeri has an MBA, with distinction, from the University of Michigan.
Hire Velocity considers itself very lucky to have Byron West as our President. As a seasoned recruiting entrepreneur, Byron provides the vision and leadership at Hire Velocity. With over 20 years as top management in recruiting companies, Byron is excellent at understanding critical personnel needs without organizations and their importance to success.
Before his move into the entrepreneur world, Byron was a member of the Navy’s Submarine Division. He uses his military skills to assemble efficient and effective teams. He is directly involved in the hiring and training of our team members, ensuring that each one is qualified to be working within the company. As an advocate for efficiency and innovation, Byron demonstrates his intense desire to overcome obstacles and win for his customers.
Byron graduated from Penn State University with a degree in Civil Engineering.
Matt Dawson is Hire Velocity’s Chief Financial Officer and Chief Operating Officer. Hire Velocity is happy to have such an experienced individual to oversee finance, accounting, human resources, and all administrative/back office functions. Matt is also responsible for developing relationships with strategic partners and reviews competitive analysis.
Matt has over 12 years of experience in the Fortune 500, private equity, and smaller entrepreneurial companies across the business services and healthcare sectors. His expertise encompasses all facets of finance and business strategy, including capital-raising activities, business valuation, turnarounds, due diligence and financial modeling.
Matt is a graduate of University of Louisville with a Bachelor of Science in Accounting. Matt also holds an MBA from University of Tampa.
Jennifer Maher joined the Hire Velocity team in September as the Senior Director of Client Services. Jennifer joins the team with over 12 years of experience in RPO, staffing, and outsourcing organizations across the retail, telecommunications, consumer electronics, and manufacturing verticals. Her experience includes restructuring and building high performing, high volume service delivery organizations, consultative selling, selecting and implementing new technology solutions, and advanced sourcing strategy design.
As Senior Director of Client Services, Jennifer is responsible for the service delivery across all clients. She has led multiple teams to successfully hire 5000+ people per year across the United States and Canada, while reducing time to hire, increasing overall quality of hire, and reducing turnover.
Jennifer is a graduate of the University of Miami with a Bachelors Degree in Business Administration in Accounting.
Now that you know our team, we invite you to contact us to set up a time to talk. It is hard to judge the quality of our team from a blog post and we are confident you will be impressed with us after talking with the team. You can contact us here.