When it comes to partnering with an RPO, cost savings are often the most widely discussed and valued benefit. Working with an RPO partner significantly decreases the average cost-per-hire, often by more than 50 per cent. But what exactly are the ways in which HR teams can save costs by partnering with an RPO? Our expert, Alexandra Delaney, delves deeper into some of the common ways our clients save costs with an RPO partnership.
The cost of a bad hire can be astronomical, and hiring teams are often under pressure to find the best talent quickly. RPOs have a deep understanding of local job markets, specific industries, and hiring best practices. But most importantly, the long-term nature of RPO partnerships provides them with a true understanding of your unique organization and talent requirements. This results in higher quality hires, reduced turnover rates, and reduced costs associated with lengthy or recurring vacancy periods.
Recruiting can be a lengthy process that involves multiple steps and stakeholders. This can lead to inefficiencies and delays, which ultimately increase costs. RPOs have established processes and technologies in place to streamline the recruitment process, reducing time-to-hire and improving overall efficiency.
RPO solutions are designed to flex according to your hiring needs. This means that during slow periods, you can scale down the resources allocated to recruitment without having to make redundancies. This not only helps reduce costs but also ensures that your team is not overwhelmed during peak hiring periods by seamlessly accessing additional headcount when required.
One of the benefits of partnering with an RPO for HR teams is the ability to achieve faster time-to-hire. By streamlining recruitment processes, leveraging technology and automation, and addressing any inefficiencies, organizations can experience increased efficiency in the recruitment life cycle. This ultimately leads to improved hiring outcomes and a reduced time-to-hire for your organization.
However, there are many ways cost savings can be achieved with an RPO partnership, and the benefits of such a partnership extend far beyond cost savings alone. To find out more about how RPO partnerships can benefit your talent strategy, get in touch with our experts today.