by admin | Aug 29, 2022 | Ace the Interview, RPO
RPO could be a functional model where an organization delegates the management of the recruitment operations (in whole or partially) to a third party expert to drive cost, quality, efficiency, service, and scalability benefits.
An RPO provider acts as an in-house recruiter for a business, providing efficiency and suppleness within the recruitment process. It relieves HR professionals and employers of administrative burdens and delivers a consistent, involving personal attention experience for job candidates. Here are a few frequently asked questions about RPO companies.
How does RPO work?
Strategic workforce Planning
RPO companies use talent analytics to determine the talent supply and demand in the same way as market compensation by department, role, and geography. RPO companies collaborate with your organization to develop a workforce plan and strategy to foresee future manpower or workforce trends, if required.
Sourcing
Deep sourcing expertise becomes an important component of your recruitment strategy since most of the recent jobs are found through networking. RPO providers develop targeted sourcing strategies to handle the needs of specific industries or functions, including recruitment marketing, talent pooling, screening/assessment, predictive analytics, and talent advisory solutions like employer branding, talent analytics, and recruitment messaging.
Screening
Thorough screening, including skill assessments, behavioral and personality evaluations, and interviews, creates a pool of candidates that may be an honest fit both for the position and for your company. Screening for cultural fit is additionally a very important part of this process, ensuring that clients receive only candidates who will fit well within the company’s culture.
Recruiting & Offer Management
RPO firms have expertise in recruiting both passive and active candidates to seek out the most effective person for the task. The provider acts as your brand ambassador, promoting a uniform brand message, scheduling interviews, handling salary negotiations, and maintaining tight internal control.
Reporting
The company remains responsible to the client and provides regular analysis of recruiting metrics like cost per hire, time to fill, retention rates, productivity, recruiting process conversion rates, and more.
Is RPO suitable for both seasonal and temporary recruiting assistance?
Yes, RPO provides help with seasonal or temporary recruitment requirements. This situation is more frequently faced by organizations, and RPOs have an approach that centralizes all the hiring, whether it’s for permanent or temporary employees.
RPO provides the flexibility of no headcount commitments and it is one of the many benefits they offer.
RPOs allow companies and businesses of all categories and sizes to have the benefit of expertise and recruitment process outsourcing (RPO) without the limitations on distinct time or resources, which is suitable for short term requirements and helps you to achieve your recruitment goals comfortably.
Is RPO suitable for small companies?
Yes, recruiting process outsourcing is suitable for small and Medium Business. The major hiring challenge for smaller businesses is often their employment brand’s ability to draw in good candidates.
Bigger organizations generally have a marketing potential that advances and markets their consumer and employment brand. Smaller businesses have the drawback of not being acknowledged within the marketplace or “not being distinguished as an employer of choice.” Their brand will be clear internally, but they may have trouble communicating it externally.
A RPO partner can help them identify what their brand is and communicate that brand within the job marketplace. Let’s admit the fact that recruiting today could be a selling function.
Furthermore, unlike staffing agencies, RPOs market through the brands of their customers to build awareness, increase employment, and increase market presence. Small businesses are also inclined to have less process diligence and consistency in recruiting.
A good RPO partner will bring the diversified employment brand strategy that smaller businesses generally don’t have.
Is RPO cost effective and time saving?
Since RPO providers concentrate on HR, they’re constantly up to date with the changes in strategies, policies, and technologies that help in boosting the HR departments of various industries. This specialization makes outsourcing a cost-efficient strategy.
Another contributing factor to why you need to opt to outsource your recruitment process is the amount of money you’ll save on salaries. Partnering with an RPO to handle your HR paperwork and administrative duties. gets the duty done even as well for fewer than half the value the companies usually spend on their recruitment.
Recruitment, training, and advertising costs are also a number of the expenses involved when hiring. These require those that are visiting to perform specific functions, and their salaries need to be paid. But unnecessary expenses like employing excess staff within the HR team may be avoided by partnering with an RPO provider.
The cost of software will be high, and administrative duties like paying benefits and distributing payrolls are time-consuming. But by outsourcing these functions and responsibilities, you save an abundant amount of time and money.
The longer an organization may suffer a loss, the longer a job position remains vacant. The company’s performance is put in danger. According to Glassdoor Economic Research, on an average, the hiring process within the USA takes 23 days. Some organizations tend to have extended processes and take longer time. It was reported that 54% of companies have not acquired a certified candidate because their hiring process took too long.
Time saved may be accustomed to improving the standard of products and services your company provides, which successively can cause greater customer satisfaction. It can cause an issue and end in higher revenue.
What are the benefits of outsourcing your recruitment?
Streamlined Recruitment Efforts
An RPO provider allows organizations to reduce their recruitment efforts and makes the process easier. RPO firms provide a regular methodology for recruiting. a feature that’s applied uniformly across the organization, a feature that’s especially important for businesses with multiple locations or entities.
A streamlined approach to recruiting also eliminates confusion by keeping candidates, hiring managers, and executives well informed throughout the whole hiring process.
A Broader & more practical Talent Search
An RPO provider has access to a vast network of applicants and recruiters across multiple industries and regions. What’s more, they even have the tools to research candidates beyond just their resumes and analyze and assess personalities, skill sets, and other qualities. When narrowing down the pool of applicants, RPO solutions provide hiring managers with a more complete candidate profile.
Companies can change or expand their recruitment services at any time when outsourcing recruitment efforts. This could be largely important for businesses that require them to outstretch or build up their recruitment efforts during a certain time of season or year (like during the winter break or over the summer season). Recruitment process outsourcing provides the type of flexibility these employers have to scale their recruiting efforts to keep pace with their demand.
Reduced Recruiting Costs
Outsourcing recruitment also has the obvious benefit of reducing costs, just like outsourcing other business processes. Executing an RPO solution significantly lowers a business’s cost-per-hire. The time and money that companies want to spend on recruiting (conducting background checks and other pre-employment screenings, including attending job fairs, advertising open positions, and other recruiting trends) can alternatively be redirected to other revenue-generating activities.
For over a decade, Pragna has been an industry leader in RPO while engaging its stakeholders, customers, and employees with paramount integrity, efficiency, and passion about offering compliant and elite talent solutions. We have been pioneers in offering best in class solutions to businesses across the world.
Pragna offers recruiting and prospecting from small, medium, and large firms serving many of the world’s leading companies. Discover advanced, innovative talent strategies and processes that allow you to stay focused on your core business.
We are competitively agile and highly adaptive to fulfill our consumer demands. Our professional team is innovative, goal-centric, and steadfast in carving a distinct segment within the sales and marketing management services.
by admin | Aug 18, 2022 | Ace the Interview
An organization’s hiring process involves identifying, selecting, and hiring new employees.
Since the method requires strategic and sensible thinking while remaining compassionate, there are certain steps to follow to make it successful.
The time it takes for a company to recruit for an open position will be anywhere from one week to many months. The sort of role, sourcing strategy, and company deadlines can determine the length of the hiring process.
Some jobs may only require one to two interviews, while others could require more than four, all depending on the nature of the job. Candidates can communicate during the interview process to get an estimated timeline for hiring.
Difference between Conventional and modern hiring methods
Conventional hiring methods are still being utilized by employers across the world. Using these methods is very simple and familiar, like job postings, which are paper based, internal hiring; hiring through referrals; and word of mouth, which are the reasons they are popular options amongst an abundance of recruiters today.
Although these techniques in recruitment are just not adequate in this immensely technological period, a more updated and modern approach means hiring teams can make the hiring decisions efficiently and simply with the help of technology.
This reduces the dependency on manpower and human input to make better hiring decisions and recruit better. Here are five trending technologies that can make the hiring process better
1) Virtual reality to communicate with the candidates
Virtual reality communications are another emerging recruitment technology that hiring managers can use to help them create immersive interview experiences.
Virtual reality headsets simulate another reality by providing an immersive, interactive experience. Wearing a VR headset can put you in an exceedingly virtual world, a shared experience with others wearing a VR headset.
Companies are exploring ways to use VR in their day to day operations. Here are some samples of how computer games are employed by companies during recruitment.
Virtual reality can be used to give candidates an insight into the role.
Use VR computer games to give candidates an insight into the role. Another railway company in Germany is employing the utilization of video games in recruitment.
Because they typically receive little to no interest from younger generations when hiring for positions like train conductors, the company decided to use computer games to grant This would give the younger group a more full understanding of the role and what their responsibilities would entail.
The result was an enormous increase in applicants with improved skills sets and ones that were genuinely excited about being considered for the role.
Virtual Reality can be used to show the workplace environment to candidates.
A few American companies use VR technology in their recruiting process to make it interesting, fun, and more skills based.
Companies are utilizing computer games in recruitment by giving potential candidates a chance to witness the company’s culture, office space, and even get a taste of the business’s celebrations.
This offers candidates an insight into the potential workplace they will be working at before deciding if the environment suits them or not.
2) Applicant tracking systems (ATS)
Applicant tracking systems (ATS) are programs used by recruiters to manage their hiring processes. Conventionally, these systems help them:
Recruiters can simplify their hiring processes by being able to sort through candidate credentials and data. Depending on your needs, you might research different applicant tracking system technologies and their features.
Tracking and managing documents for candidates is centralized.
ATS can be very effective in storing the whole history of the candidates, like their contact details, job application history in the company, reporting chain, etc., all together in a single place.
Even the documents for legal, company policy, and onboarding details can be centralized on a safe platform.
Therefore, the time that is exhausted in searching for basic information makes the onboarding and hiring process much easier, reducing the effort of unnecessary paperwork and increasing security too.
It makes it easier to find the right candidates and removes those that aren’t right for the role.
The number of applications for an open role is always more than the HR team can handle. There should be a thorough screening yet quick so that you don’t lose the candidates to your competitors. During the hiring process, a good ATS can be very productive.
A good applicant tracking system enables you to set custom criteria that automatically reject resumes—this will be the placement of the candidate, age, visa requirements, years of experience, etc.
Resumes and CVs that don’t match the standards are automatically rejected for the role and are added to the talent pool so the HR team gets the correct resumes.
3) Artificial intelligence systems
You may consider artificial intelligence (AI) systems for your recruitment processes because they will enable you to assess candidates and identify potential adjustments to your job descriptions.
Like applicant tracking systems, AI can assist you in filtering the duty applications you receive. However, unlike applicant tracking systems, AI also eases the scanning of your job descriptions and posts to help make sure you optimize your language.
Reduce the human bias and improve the effectiveness of the candidate during recruiting
The AI recruiting tools help to eliminate any chance that an appropriate and qualified candidate will be neglected thanks to their age, gender, or age. This may be a step towards equality that has been awaited within the recruitment industry for an extended time.
Once you have rid yourself of the shackles of human bias, you’ll begin to boost your candidate assessment process. Using AI, you will be able to identify aspects of a resume that put you off and aspects that you simply don’t like.
The patterns can be identified for more personal results.
If AI recruitment tools are providing you with profiles that, while good, don’t quite fit the bill of what you’re trying to search out, then simply click to obviate them and so the AI technology will learn what you’re not like.
Equally, after you choose profiles that you simply just do like, the machine will learn and provide you with profiles that are more closely aligned to previously selected profiles.
With AI, you can spice up your talent acquisition process and accurately measure the results and effectiveness of any changes you make along the way.
4) Social media will impact the recruiting
Millennials and GenZ are able to use social media to apply for brand new jobs. It is easier for brands to hire employees when they have a good online presence.
Additionally, social media helps spread the word about job openings and provides a glimpse into the company culture. Employer branding is a must in today’s market.
The fact is that candidates nowadays are looking beyond salary, and a strong brand will be able to attract good candidates. Research companies with a foul reputation need to pay a minimum of 10 you additional to draw in talent. Social media pages now are the face of the corporate world.
Workonic’s job search stats reveal that 73% of job seekers say the method of trying to find employment was one of the most stressful events in their lives. The utilization of technology is the best way to cut back on this pain, both for candidates and HR.
As the hiring process is a first impression, technology will increase the probabilities of job acceptance. A candidate will be able to see things other than salary if he/she gets to know that the candidate’s experience is good in the company.
5) Chatbots will reduce the hiring time
Recruiters lose 14 hours per week on manual tasks. Answering the essential queries of candidates is one such task.
On top of that, half the candidates hand over if they do not hear back from the respective company within the period of applying.
Recruiters’ hands are nearly always full, and conversational AI chatbots are helpful in this case. Chatbots, with machine learning (ML) and natural language processing (NLP), save the time of both HR and candidates by addressing all the essential questions like humans.
It also enhances the candidate experience by reducing turnaround. According to a report published by Salesforce, 23% of companies are already using chatbots, and therefore the count will only increase in 2022.
Conclusion
Your entire business benefits from a well-resourced HR department. From recruitment to retention efforts, the proper technology can significantly lighten the workload of this critical department.
In order to implement positive changes, we should encourage positive technological developments. Pragna has been leading the technology evolution into the hiring process and it has become mandatory with the onset of the pandemic. If the new technology is used by Pragna’s team successfully, it will redefine candidates’ staffing experiences and improve organizational productivity.
No matter what industry your business is in, there’s a way you’ll be able to use new technologies to boost and streamline your hiring processes.
by admin | Aug 8, 2022 | Industry Trends
Introduction
Global recession is pretty much inevitable, according to US economists – it’s more a case of “when” than “if” at this point.
Staffing and recruitment agencies face a challenge during times of economic uncertainty, when employers typically reduce their headcount.
When recruiters are ready to react and switch on, however, the situation can work to their advantage. Let’s learn the meaning of recession to begin with.
Economic crisis that will affect the world grow of inflation and fuel price. Bankruptcy and declining stocks
What is a recession?
A recession is a period of economic decline. It may be defined as a number of consecutive or recurrent recessions lasting a period of time.
In some countries, this usually refers to a period of declining economic activity and overall growth rates, with unemployment rates continually rising.
The National Bureau of Economic Research (NBER) monitors the business cycles and has the authority to declare recessions officially when a nation experiences a deterioration in the gross domestic product (GDP) using three major criteria – diffusion, depth, and duration.
In addition to the significant dip in gross domestic product (GDP) ,the other factors used to determine when the recession has started include increased levels of unemployment, reduced wholesale retail sales and personal consumption expenditures, and a drop in industrial production.
According to the NBER, there have been around 17 recessions in the U.S. over the last century.The average recession in the U.S. lasted nearly 17 months.
In U.S. history, the shortest recession lasted just two months (Pre COVID-19 pandemic) and the longest recession lasted more than five years (1873-1879).
The recession is here. Why do I say that? What does it mean for us all? In the past, we may have predicted a recession when interest rates rose or when the price of oil fell.
We can all say we’ve seen the end of the Great Recession, but exactly when it will end,and who will suffer the most in the process is anyone’s guess.
The history of recession
In terms of the staffing industry, US staffing revenue declined 28% in 2009, and more than a third of staffing employees lost their jobs.
The industry bounced back relatively quickly compared to other ones, reaching pre-recession highs in 2011 and 2012.
A study conducted by the National Society of Professional Engineers (NSPE) found that 64 percent of engineering companies with at least 100 employees are engaged in foreign workforce acquisition, which totaled $25 billion in 2009.
This is a growing industry as more and more countries need engineers to support their economic development efforts. Mechanical, civil, and electrical engineers are among the most sought-after professionals for work abroad because they often possess specialized knowledge not found in many other fields. The rest of the economy did not recover fully until 2014.
Staffing revenue has jumped ever since as a tightening labor market and skill gaps made such services even more in demand, and as of recently, we have nearly increased revenue since the dip in 2009.
During the Great Recession of 2008, most companies made a halt on permanent hiring, with some of the hardest hit also being forced to lay off staff.
Even though there was an improvement, the employers were prudent. Therefore, they were inclined towards temporary and short term contracts to increase the required staff.
Will the recession of 2022 affect the staffing agency?
During the economic uncertainties, it’s more challenging for the staffing agencies since employers consider cutting down the roster and headcount in general.
Nevertheless, they can use the situation to their advantage if they are well prepared and ready to respond. Normally, the recruitment industry is a good indicator of imminent economic instability.
Let’s look back at the historical reports, in the year 2009 the staffing industry’s revenue in the U.S. was reduced by 28%, which hence resulted in a rise in unemployment of 30%.
At some point in time, recession is inevitable as it is part of the business cycle. The staffing agencies are benefitted if they realize the effects of a forthcoming recession and formulate how to operate and hold up.
Here are a few strategic adaptations to get through recession in 2022.
Start Contingency Planning Now.
The golden rule for contingency planning is to have a plan in place ahead of time. By defining action steps now, your business will be less vulnerable to uncertainty and fear, which could lead to poor decision-making during the stress of a recession—a key reason why many businesses that experience a major disaster without a recovery plan in place never reopen for business.
View Your Business From a New Angle
A recession can be a nerve-racking and demanding time, but it can also be a reviving one. It is a natural process for apprehension to clean out excess processes, habits, and expenses from better economies.
Dynamic business leaders re-evaluate their workflow, considering this an opportunity to create an augmented recruiting and hiring process – or even the business itself.
Identify the changes in the job market.
At the moment, the job market is very candidate-driven, but this could change dramatically if a recession hits. In the event of job insecurity, candidates tend to stay in their current jobs due to uncertain and obscure opportunities.
In the course of a recession, downsizing of the budget is always crucial. It’s essential to use an approach that will improve the long term employee satisfaction and retention in order to keep things in equilibrium.
Establishing an anti-recessionary (recession proof) plan of action by having a clear understanding of your hiring needs and how to balance shrinking budgets with staffing demands is the first step towards developing your recruiting strategy.
Create a recession-proof strategy.
Intending to prevent the probable staff deprivation, drafting a plan for a recession is exhaustive. But the absence of a recession proof strategy can cause more problems.
You can overcome the catastrophe and accomplish a steady going or profitable business by taking invulnerable decisions and steps to safeguard your company and employee morale.
Conclusion
Keeping a laser-like focus on your business is the best course of action when a recession appears to be just around the corner. Focus on what you do best: assisting in the placement of talent with organizations that require it, rather than trying to time the market.
While there isn’t much you can do to prepare for a recession, it can be wise to think about how your company would handle different revenue situations, such as a 20–30% decline in sales in the event of a downturn.
You should also think about whether your staffing company has adequate cash on hand to get through a crisis. One choice is to get a bank line of credit. To optimize your cash flow, it is worthwhile to investigate specialized lending options like invoice factoring. Pragna has been around since the last recession and also during the peak of the pandemic and has a fair idea how to handle business and help our customers and community
If you are currently using different solutions to address recruitment needs, consider opting for customized recruiting solutions that can help you do more with your existing budget. Then, figure out a timeline for implementing your new strategy to ensure that you’re able to stay ahead of the curve if and when a recession hits.
