Let me begin with an answer “YES”, as you read on you will know what yes means.The evaluation of the RPO industry in India is pegged at Rs.400 crore per the recent reports. Thanks to the rapid business growth in the country, the trajectory of Recruitment Process Outsourcing (RPO) is estimated to grow at 40-50% each year. According to WiseGuyReports.com, the analysts forecast the global RPO market to grow at a CAGR of 17.66% during the period 2017-2021.The changing scenario of the workforce composition, talent acquisition, lack of skills is driving companies to look beyond their own companies to hire quality candidates.
In order to meet the challenges of the hiring demands, Indian companies are collaborating with specialized recruitment agencies that use the latest recruiting technology and methodology to help them hire the right talent. Companies benefit by outsourcing the recruitment process to external agencies that have extensive networks in the business community. The companies not only save time and recruitment costs but also enjoy the benefits of finding quality recruits that match their requirements when they outsource the job to service providers who understand the dynamics of the Indian market.
There was a time when RPO was restricted to select few industries. However, RPO has seen a greater traction with non-traditional industries such as travel, hospitality, banking and financial services and pharmaceuticals opting to outsource their hiring requirements. RPOs adoption of applicant tracking system (ATS) to enable digital handling of hiring needs such as resumes, job postings, and interviews. The top ATS in India are PeopleStrong Alt, Resumefox, TalentRecruit, 99ATS, Zoho Recruit, RecruitPro 360, Talent Pool, employ Astar, iHiring and TalentCube.
Some of the top companies that have opted for RPO include Tata Group, Ericsson, Unilever, Goldman Sachs, IBM, Mahindra and Mahindra, Wipro, HDFC, Accenture, Citibank and JP Morgan to name a few. Per report in a business magazine, some companies have recorded a whopping 120 per cent growth year on year.
The top players in the RPO industry include PeopleStrong, Futurestep, Pontoon Solutions, Agile 1, AGS, Randstad, Kelly OCG, HirePro, Elixir RPO, Flexabilitly RPO and Team Lease. Thanks to the growing competition, the service providers are forced to stay on par with the best practices, tools and techniques and also offer value added recruitment services such as talent communities and employer branding to attract the companies.
The benefits of Recruitment Process Outsourcing include:
- Reduction in Talent Acquisition Costs: Recruitment Service Providers help companies hire the best talent by using the latest recruitment tools and streamlining the recruitment process thereby saving time and money. A good RPO provider can help companies save 15-40% of the recruitment cost.
- Dedicated Team: RPO service providers often have specialized teams that cater to the needs of the customers. They also invest in resources that help them find the best talent in the industry.
- Employment Branding: Brand building comes in a as a package when companies collaborate with RPO service providers. The company’s brand value automatically goes up when it recruits top quality candidates and retains them.
- Industry Compliance: RPO service providers are armed with the right tools to screen candidates who are recruitment compliant and thereby maintain transparency and uniformity in the selection process.
Optimize Efficiency and Organizational Performance: It’s obvious that a company’s efficiency and performance will increase when its workforce comprises of quality candidates that deliver.
Companies collaborating with RPOs must leverage the expertise of their resources and specialized teams that cater to their needs. Organizations in India must act smart and take advantage of the cost-effective solutions provided by RPOs and outsource the recruitment process to them so that they can concentrate on the focus areas of their business.