Last year was a bit rough for people when it comes to business. Vacant positions were at a 17 year high and the unemployment rate was at a low 3.9%. Across all industries, companies large or small, hiring teams are scrambling to find and attract the right people to fill up their vacant positions.
Talent acquisition is an ongoing strategy for finding as well as hiring managers, leaders as well as specialists. It focuses on planning for challenging job markets such as the one that we are currently in. A great talent acquisition approach will help companies benefit from a deep talent network as well as will help rigorous vetting that cuts down on your time to hire, lowers your turnover rate as well as streamlines the whole hiring process.
If you are looking to thrive in a competitive job market, you should outsource your talent acquisition function to save money, reach more candidates as well as diversify your workforce. We are going to give you some good reasons as to why you should outsource your talent acquisition.
Improve the quality of your hires
Professional recruiters know where to look for candidates, what qualities make an individual most qualified, and how to approach even passive candidates. Put your recruitment in the hands of specialists. That way you can ensure that you will find the best person for your company that is going to help your company grow in a positive direction.
Save money on recruiting costs
“Besides labour costs, the costs related to recruiting activities include advertising on job boards, background screening, applicant tracking systems, and recruiting technology. These costs are all rolled into one when companies outsource recruiting. And it’s usually less than trying to conduct an effective recruiting campaign in-house,” writes one recruitment expert.
Keep resources dedicated to core business activities
It is s know fact that Hiring and Recruitment are two areas that can become expensive and resource-heavy.
When it comes to smaller companies that may not have the resources to support these 2 functions, outsourcing could be your best option. Your resources that were dedicated to hiring and recruitment can now be moved to help you focus more on your core business activities. This will help you with your business growth, innovation as well as serving the business’s customers as well as stakeholders.
Reduce Employee turnover rate
There is evidence to show that outsourcing your talent acquisition and recruiting leads to better hire. This will result in lowering the overall employee turnover rate. According to one study, 80% of employee turnover is due to bad hiring decisions.
Access talent from all over the worldwide
Best part about outsourcing is that you can get access to applicants from all over the world. Companies are starting to hire around the world, seeking diverse talent as they expand their footprint. By outsourcing acquisition, you will open up your business to a whole new world and a bigger talent pool. Some candidates might be open to working from home and others might be open to the idea of relocating.