From a small successful startup to a globally renowned multinational giant, the thriving and successful business owners have one distinct quality that makes them stand apart from the competition – the ability to decipher the patterns and connections between the blossoming trends that are creating a strong impact in the market. The industry experts have a keen eye on the factors that are leading to fluctuations in the business.
If expressed in the words of Steve Jobs, they have the creative acumen required to connect the dots and create a presentable design. These dots are the trends that affect the output of a business. Just like any other industry, Recruitment Process Outsourcing has also been following various trends that have been making or breaking businesses.
One of the most prevailing trends today is the analysis of the ongoing recruitment process. With the access to latest software, you can analyze the current process to make further amendments in the company’s hiring process. This also assists you in measuring the length of the process and taking the right decisions. Not only this, this practice also provides full transparency in detecting problems occurring during the process, providing you an opportunity to rectify them later.
Another frequent and innovative trend that is being observed in the process of RPO is usage of Big Data in the hiring process. Data Analytics has proven to be a boon for the RPO industry as it helps in maintaining a track over the progress made in the recruitment process, this, in turn, gives a company a strong boost to attain full productivity. Further, data collection done in this process helps in understanding the metrics and improving the hiring process.
Real Time Reporting is a flourishing trend in the RPO industry. This service helps in upgrading the accountability of the system as it reaps multiple benefits such as determination of ROI and keeping a tab on the status of new hires. Real Time Reporting also provides efficiency in application processing and interview scheduling, which makes life easier for the recruiters.
Many business owners often look for long-term partnerships with outsourcing agencies and always lay priority on building trustworthy relationships. They adopt this strategy to allow full transparency between the processes. It is an understandable fact that if RPO providers are familiar with work-ethics and culture of the company, the process of recruitment would be carried out in much more sorted fashion, than before. Further, RPO providers would also be able to advice clients in efficiently improving their managerial process. Major decisions such as improving the quality of hiring process, upskilling the work force and increasing the number of hires can also be taken in collaboration, due to the mutual trust formed by long-term partnership.
It has been observed in the past that recruitment process outsourcing can become extremely monochromatic, giving rise to stagnancy for everyone, existing employees, trainees and job seekers as well. Therefore, RPO providers are coming up with innovative and effective ideas to improve the growth of business institutions through effective mass communication. These ideas include mining the wisdom of crowds by the latest processes that is making waves in the corporate world, named as crowdsourcing. This process has proven to be successful in the past in various sectors, such as scientific research, journalism, company initiatives and charity works, to name a few. Due to this, the recruiting agencies are reaching out to the crowd by creating online communities which support exchange of ideas for improving the client’s procedure. The selected ideas for implementation get rewarded as per the policy of the company.
Another aspect of this trending business strategy is organizing online competitions for feasible and innovative business models, which can be used for implementation of the RPO processes. The winners of these competitions are generally awarded with lucrative monetary rewards along with other incentives. This is surely a win-win situation for the participants from the crowd and the company.
A prosperous example of this trend is Amazon Mechanical Turk. It is a crowdsourcing Internet marketplace which enables individuals and businesses to coordinate the sue of human intelligence for executing the tasks that computers are currently unable to do. The Mechanical Turk service gives business access to a scalable and on-demand workforce and distributes multiple tasks among the workers along with a deadline to complete the task.
But, the most thriving factor that is affecting the process of outsourcing is the Employee Referral System. From all of the trends surfacing on the market, Employee Referral Program has proven to be the most cost-effective, resourceful and beneficial method to augment the profit for all sides. An employee referral program (ERP), is a process in which the existing employees of the company recommend their friends, relatives or colleagues, who are well qualified for the offered job profile. The employee who acts as a source of referral gets monetary rewards and other perks if the recommendation gets converted into a successful hire. Thus, both the parties involved in the process will be profited by the process along with the company. It also allows the company to make a shift in its focus towards other resources and objectives.
Here are listed various advantages of employee referral system-
- If you have high-quality employees, you are much more likely to get referrals of people who are having the same work ethics and caliber;
- Saving of valuable time and money due to reduction in dependency on many recruitment sources;
- Improved efficiency in the process of screening candidates as you will directly join hands with the best and deserving ones;
- A highly reliable process due to the mutual trust between employees and the company;
- Building of good team spirit, reduction in conflicts and office politics, due to hiring people who are already compatible with each other;
- Employees will bring top talent in the company in pursuit of lucrative rewards and monetary benefits;
- It helps in fostering a healthy and genuine relationship between the employees, staff and the company
So, if you are looking for best recruitment process outsourcing service provider which implements the latest trends, looking further than Profit by RPO is not an option. #1 RPO Company in India, Profit by RPO serves thousands of organizations with top quality RPO services that helps them upscale their growth and revenue, like never before.