How to build a talent acquisition strategy through BPO
Key takeaways:
Business Process Outsourcing (BPO) is the missing link in many emerging enterprises’ hiring processes.
Hiring locally isn’t working for many companies.
BPO helps small and medium businesses compete with larger corporations because it levels the playing field.
The U.S. has over 10 million unfilled jobs despite COVID-related unemployment.
Businesses have started embracing the idea of using BPO for their talent acquisition strategies. For many years, the hiring equation remained an obstacle to success for small companies. The reason is that larger enterprises had the resources to hire some of the best local and global talent.
Now, all types of businesses are having trouble hiring in the U.S. This is happening despite the loss of jobs that occurred due to COVID-19. In fact, the U.S. Bureau of Labor Statistics (BLS) reports that there are currently greater than 10 million vacancies.
What do these figures tell us? That there is a talent acquisition problem. Thus, emerging enterprises urgently need to rethink and adjust their talent acquisition strategies. This assessment will help them discover the missing link.
The missing link here is BPO, which obtains qualified talent globally at a lower expense. How do small and medium businesses make the big shift? By partnering with a BPO company like Doxa7 that wields global talent connections. Want to learn more about how a BPO firm can boost your talent acquisition strategy to make it relevant to market dynamics? Keep reading.
What is talent acquisition strategy?
Let’s start with a definition of talent acquisition strategy. Simply stated, it is a long-term hiring strategy in which a business seeks qualified candidates, nurtures relationships, and wins over those talents to give it their skills and expertise. This strategy pools together people that address an enterprise’s needs and identify possible areas that may need improvement It differs from the traditional recruitment process in a few ways.
Talent acquisition is long-term and very specific to meeting an organization’s business objectives and goals. Inversely, recruitment is short-term and tactical in approach. It focuses on filling vacancies to meet immediate needs.
Talent acquisition and recruitment are both significant in hiring processes. However, they differ regarding their timeframes, objectives, and designs.
Which businesses Does BPO for talent acquisition benefit?
Which specific businesses do BPO services like talent acquisition benefit? This hiring approach can benefit any business but is quite suitable for Generation Z and Millennial-dominated businesses. These two generations are our future workers and business leaders. A few beneficiaries include:
High-competition sectors
It’s ideal for highly competitive companies that attract top talent. Therefore, it’s critical to employ talent acquisition here for long-term benefits.
Executive duties
This strategy is beneficial when planning for executive succession. It enables emerging businesses to tap into leadership suitable for navigating complex industries, markets, and products.
Specialized markets
Markets differ in their specialty and complexity. Hence, niche sectors such as legal, financial, medical, and tech professions require a long-term strategy to attract appropriate skillsets.
Fast-growth enterprises
Is your company experiencing faster growth than its industry peers? Then traditional recruitment won’t benefit you in the long term. You definitely need a talent acquisition strategy.
How BPO bolster talent acquisition strategy
We have recently seen that the current recruitment models aren’t working. Small and large businesses are struggling to fill local vacancies. This is where BPO comes in handy. It’s time to make it a pillar in your talent acquisition plan. Here’s how BPO will accelerate your talent acquisition and facilitate higher levels of success.
Reduced hiring expenses
Estimates reveal that the cost of hiring a new employee could spiral to over $40,000 per employee. This is a very high cost, especially if the worker doesn’t end up efficiently fulfilling the job requirements.
Typical hiring expenses include:
Job postings
Background screenings
Recruiting technology costs
Training
Applicant tracking systems
Using BPO for hiring changes the equation with proprietary talent matching. That means candidates will be profiled, filtered, and endorsed to ensure quality.
Better talent
A BPO provider has many local and international connections with highly qualified talents. A typical firm has thousands of applicants in its files.
Increased quantity and diversity
Remote working was gaining traction even before COVID-19. As early as 2018, over 60% of U.S. businesses had remote workers. A BPO firm has an immense database of remote worker resumes. Such a company ensures that your strategy enjoys a balance between talent quality and quantity because of global diversity.
Reduced turnover
Poor hiring decisions cause up to 80% of employee turnover among U.S. companies.
Working with a BPO company ensures that you don’t work under pressure to fill vacancies that happen unexpectedly. A BPO has a list of candidates waiting and a strategy for your business.
Easy scalability
A talent acquisition strategy should incorporate scalability objectives. You don’t need to wear an internal recruitment staff thin when your needs change. Eventually, this scalable nature ensures that your hiring processes align with your overall business growth goals.
Let DOXA bolster your talent acquisition strategy today
Hiring the right talent still challenges businesses across the world. The good news is that BPO levels the playing field and boosts enterprises’ hiring processes.
Do you want to supercharge your talent acquisition strategy and get it right the first time? DOXA helps small to medium-sized businesses build high-performing, scalable, global teams. Don’t hesitate to contact us today for a free strategizing session.
