As much as we feel proud about the rise of RPO industry in recent times, we are also aware of some glaring misconceptions that are perpetuated in the market. So here are the most common misconceptions about RPO Industry and the real truth, of course:
Misconception – RPO Services are only for Big Companies.
Truth – On the contrary, small and medium sized companies are the ones who usually get to enjoy the fruits of good sourcing and recruitment practices. As we have had our fair share of working experience with some small yet cool companies, we can vouch for the fact that they are in a dire need of qualified talent and it is very difficult for them to attract the right talent making a professional recruiter their go to guy.
Misconception – RPO Services is costly.
Truth – A Professional RPO can always work under a budget constraint. As we have said above, small and medium sized companies who work under a budget constraint can easily avail professional services at a cost that can be compared to their usual recruitment costs. Moreover the process of outsourcing is more inclined to the long term benefits of a company which can be boon to the small and medium sized companies who strive for long term growth.
Misconception – You loose control over your recruitments activities.
Truth – This is one of the most common myth RPO Services had to suffer. There is no point of loosing your control really. In fact you gain control. You can either outsource your entire recruitment activities or use the recruiter for only some special tasks in general. You are given a complete control over the final say and a RPO service provider is completely accountable for everything in his hand over which can be easily verified using quantifiable metrics.
An Executive Search is recruitment service that is specialized in sourcing and recruiting candidates for senior level and executive positions. A ‘good hire’ at a senior level who can make a great impact on the performance of the company and its employs is what organizations generally look for. These talented ‘A’ listers are not as visible as others and hence you require a good headhunter (as they are called in recruiting business), who can get you the perfect blend of the best in business and the right fit.
It takes a lot of work from the recruiter’s side to get in touch and attract the prospective hire which is why the Executive Search is one tough job in the recruitment market. This work is performed by Professional Executive Search firms or sovereign departments in recruitment agencies with highly experienced head-hunters who are well versed in this line of work. These firms are hired by organizations that are looking to fill the senior positions to help them in sourcing and making right decisions in the recruitment process. An Executive Search Consultants (folks at these firms) work begins with identifying the best candidates for the job; personally meet them to evaluating their strengths and weaknesses and present and the detailed report to their client. As soon as the approval is given by the client they persuade the candidates and also tactically guide the negotiations.
As simple as it seems; it is easy said than done. The most important task for an executive search consultant is building a strong network and contacts, which happens to be also the toughest. Important because their job gradually becomes easy and tough because building a strong network is a continuous and a never ending process. An experienced firm is mostly preferred because of their strongly built network and contacts in the recruitment industry. But experience must not be the only queue in selecting an Executive Search firm; one must also consider the practices and operation of the firm to make the right decision.
The whole process of recruitment is about two processes: Sourcing the right candidates and selecting the best fit. Sourcing is the first and most important methods in the recruitment process, that is kick started as soon as the “Go ahead“is given to fill the vacant position.
What is Sourcing?
Simply put, Sourcing is nothing but searching for talented candidates for the vacant position. The basic purpose of sourcing is to create a talent pool of qualified individuals by using various methods available. Sourcing begins with defining our criteria and locking-in our requirements and then choosing the best method that can give us a better ROI. Traditional sourcing has always been about communicating the job details to the qualified candidates; more the number, better the results.
Over the time sourcing has been through Advertising in newspapers, specialist and organizational publications and Job centers. While they are the major go-to methods during those early years; there have been methods that are duly adopted that made the process of sourcing an effective one. Recruitment Consultants and Recruitment agencies have made it easy for the employers by developing standard procedures coupled with their strong technical and professional skills. In this era, the word sourcing is synonymously used with the term “CV Sourcing” for the fact that most of major sourcing methods are centered on CV Sourcing.
Consider this: There are almost an 80 million C.Vs online and 40,000 C.V locations which can effectively targeted by using present day technology to find the list of qualified and talented candidates for the job. These locations may include job boards, niche resume databases, search engines, professional groups, social media sites and networks. C.V Sourcing, being a most important aspect in Recruitment, RPO Service agency is equipped with an entire department with all the technical resources whose major work is to search this wealthy mine of CVs to find the best active candidates and screen them based on their clients requirements and present the fresh list of the creamy layer.
Find more on C.V Sourcing here
An age old way of sourcing candidates for the job starts with giving the call: “Vacancy advertisements” in newspapers, it has soon evolved in to job posting on specialized editions and later into online relevant job location portals. The system follows a familiar way: Invite applications, schedule interviews and select the best fit in the lot. This method has served its purpose for decades now and is almost on the verge of becoming obsolete. Of course there is no harm in employing this method but you certainly will not reach your recruitment goals of sourcing good candidates, if this is the only method you had to use for sourcing the right candidates.
It has been found that there are not more than 30% of applicants who are in an active pursuit of job; the remaining 70% of the club is the combination of folks who are not in an active pursuit i.e. employed people who are not in search of jobs and also the folks looking for better positions. So basically by resorting to this age old practice of job posting you are only targeting those 30% of active job seekers and are most probably missing out on the majority. It was also found that more than 45 % of the applicants who respond and apply to your job posting do tailor their resume to suit your needs i.e. they are under skilled.
Statistically speaking, 45% of 30% is not good by any means, isn’t it? The fact that everything we said above is under the assumption that your job posting is visible (which is usually not) to all of this 14% of active applicants must worry you too. You do not get hold of the best candidates here. Not only that your exposure is very low, there is not much in your hands except for waiting. Yes, there was a time when job posting was effective but that was when it was the only go to option for sourcing. Isn’t it wonderful if you can get access to all the best candidates where entire control lies in your hands regarding the qualifications you need?
Yes, you bet it is. The process is C.V Sourcing and you can find more about it here.
The whole process of recruiting comprises of two areas in general: Sourcing and Selection. Sourcing is a process of extracting the information of suitable candidates and making it possible for them to attend the selection process.
Let us first get a hang of the recruitment process to get an idea about the evolution of CV Sourcing and gauge its importance. The process of recruiting dates back to the early days, Julius Caesar himself is said to have implemented a referral scheme; gifting each of the soldiers for one fellow soldier they bring into the army and that is how sourcing suitable candidature is taken care of.
For the most part of the successive years, this referral system has been pretty handy in filling the vacant positions. The pre-50’s, where industries are often in the demand of workforce in large numbers gave rise to wanted boards that hung in front. This period is followed by the coveted 60’s where advertising the jobs in local newspapers for sourcing candidates is practiced. The following 20 years paved the way for the recruitment consultants, who day in and day out had to squeeze their work hours on the telephone, sourcing candidates using then methods of specialized magazines and job boards. These methods were okay for those times, but as the job market grew in 90’s, online job boards made it easy for the employers to reach job seekers. The considerable increase in the internet users helped this process too. Fast forward 10 years, sourcing candidates using online job portals with an able support from platforms like LinkedIn became a norm now. But as the job market today grew by leaps and bounds and cut throat competition associated with it, these methods of operation prove to be ineffective. Yes, they are not good as they seem, period. Puzzled? Check out our next post in the series to find out the reason.
Click here for our next post: The Importance of CV Sourcing.