NEW TRENDS Archives - Page 6 of 6 - Bumsa Talent Solutions

How to Recruit and Retain Flexible Workers

Flexible workers or job seekers make up a significant chunk of the job market these days. So, how do you recruit and retain them? Read more…

Why On-Demand Talent is the Way Forward

On-demand talent is a great resource as it can help your organization grow despite the heavy demand for top-tier candidates.

Employment hiring jobs in canada Jobs in Toronto

How Remote Work Has Brought in a New Approach to Recruitment

“Creativity is thinking up new things. Innovation is doing new thing.” – Theodore Levitt, German-American Economist

As the wise Mandril from the Lion King, Rafiki, told Simba, “Oh yes, the past can hurt. But you can either run from it or learn from it.” These are words of wisdom that perfectly illustrate the point of view that many companies had to adopt since 2019 to deal with the changes they were presented with. Could you imagine telling a hiring manager before 2019 that they would have to suddenly transition to remote work with only a few days of notice?

This was the boon or bane, depending on where you stand, that the pandemic brought our way. Ever since the Covid-19 outbreak in early 2020, many companies have come to realize the potential and possibilities that remote working models could provide. It also showed that they aren’t locked into that traditional 9-to-5 work model. What’s more is that the hybrid and remote working models aren’t the end of the line in terms of innovative, adaptive work models.

There is a third option to consider – an open talent model or flexible work model. In this article, we will highlight some of the trends surrounding the open talent model, why and when to apply it, and give you an outline of a few things worth considering as a hiring manager. In essence, we will see how these factors of the remote and open talent model jive with recruitment as a concept.

What Is an Open Talent Model?

The open talent model is a rather broad term that is prescribed to a wide range of work modes from freelancing to on-site work to globally distributed contractors. However, there is one defining feature to it all, which is project-based or temporary positions. If executed right, this way of working can help organizations access key skill sets while still maintaining a certain degree of flexibility, hence the name.

The pandemic acted as a catalyst in normalizing the remote work model and the open talent work model.

Why You Might Want to Use an Open Talent Model

It is worth noting that just like the remote work model before the onset of the pandemic, companies have been slow or hesitant to adopt it. That’s not to say that there wasn’t a market for this working model before Covid-19, but it was slow-rising at best.

Again, much like the remote work model, there seems to be a normalization of the work model that seems to be taking hold much more aggressively. It’s almost as if the pandemic was a catalyst of sorts. Now, as to the different reasons, it’s worth considering, the three main ones are immediate and on the surface of it. The first one is the flexibility that we mentioned before. It allows organizations to scale recruitment and staffing as needed (up or down), at a moment’s notice.

The second reason is that it allows your company to outsource small tasks, which would be justified if it was full-time hires. Similarly, it is better than traditional temporary staffing where the overhead requirements would stifle the project or face budgetary restrictions. Lastly, an open talent model gives you access to a diverse skill set that goes beyond traditional recruitment pipelines, temporary or permanent.

“If you want something new, you have to stop doing something old.” – Peter F. Drucker

When to Use the Open Talent Model

There are generally four separate instances where you might want to consider deploying the open talent model. The first one is when you have the talent inside your organization, but redeploying them to another role or task will be more capital and time-intensive than necessary.

You might also want to consider this model if hiring outsiders turns out to be less expensive than hiring someone full-time for the internal team or even paying overtime to existing employees. You should consider using it when highly specialized skills are needed but aren’t readily available within the organization. It is also worth doing if you want good returns on your solutions.

Now the first three scenarios are considered as a need for talent that is being addressed by the process of extraordinary recruitment such as this. The last reason, however, goes a little beyond that and shines a light on a certain point. That is to say, in many contexts, outside hires can provide innovative solutions or approaches to issues as opposed to the existing talent within the company. It’s not to say that employees you have are not capable, in fact, quite the opposite. They may be highly capable, but the issue lies in the fact that they might be too close to the problem. Outsiders can offer you innovative solutions due to different perspectives and the fact that they aren’t necessarily bogged down too much by the constraints of the business parameters.

As a manager you need to consider how much firm-specific knowledge is needed for the role before turning to the open talent work model.

What a Manager Should Consider

Before hiring based on this model, as the hiring manager, you need to ask yourself a few things. The first, most obvious thing is the level of firm-specific knowledge that is needed to fulfill that role or project. While freelancers can offer valuable insights they need to have a certain level of insight into company operations to integrate the solution flawlessly.

Then of course there is the question of whether the project or task is recurring in nature. If it is, then it would be more economical to make a permanent hire. Keeping that in mind, you also need to consider the fact that if the repeated task or project requires very little business-specific knowledge, you could perhaps make your hires via an open talent model.

What This Means for Recruitment and the Big Picture

Before we get into the bigger picture, let’s discuss expectations. As a hiring manager who might be used to leveraging an army of temps from staffing agencies, perhaps you would expect to shell out a big premium. On the other hand, if you were one who has outsourced work to low-cost areas may expect cost-saving to be the result.

We would urge hiring managers to keep in mind that the more you move towards open talent work models, the higher the competition from similar firms in the industry. After all, what defines any and every recruitment process is the hunt for the best talent in the market – this means competition is a near certainty. This could mean cost saved or premiums paid, it’s hard to say. For the most part, you can only judge that on a case-by-case or need basis.

So, what does this mean for recruitment? Quite simply – democracy. In this globalized online economy with such a level of competition, we think that open talent will help democratize access to opportunities. This could have the ripple effect of providing recruitment opportunities in local or regional places where they are scarce.

One thing for certain is that the more practice you gain with the remote work model, the better prepared your company will be to take on the open talent model. At the end of the day, whatever work model you choose to stick to, they all can deliver relevant and useful results, but they require laser-focused management.

Recent Posts

external recruitment internal recruitment Remote Work Work From Home

The RPO Marketplace: Insights for Growth and Branding in 2022

The RPO Marketplace: Insights for Branding and Growth in 2022

“The most reliable way to predict your future is to create it.” – Abraham Lincoln, 16th President of the United States

An Overview of the RPO Marketplace

When the RPO marketplace was still in its infancy many companies pursued it as a means of reducing cost. What started out as an unstable, disorganized market rapidly grew into a go-to solution for corporate leaders. This was especially the case amidst the global economic crises of the early 2000s.

Following the dot-com boom, the budget for recruitment tightened and RPO agencies really began taking shape. Companies sought strategic and scalable partnerships with RPO agencies in hope of overcoming costly in-house recruitment solutions. By the time of the 2008 economic recession, RPO providers played a highly centralized role in the market and the adoption of their services gained plenty of popularity.

The Present State of the RPO Marketplace

With more and more companies moving towards the digital space post the pandemic and the availability of better technology, the RPO industry is primed for exponential growth. According to a market research report by Technavio, it was reported that the RPO marketplace would see an incremental growth of USD 3.2 billion from 2017 to 2022. In other words, the global market was expected to grow at an accelerated CAGR of 14% between 2018 and 2022. Interestingly enough, 41% of the overall growth is expected to be a contribution from the APAC (Asia-Pacific) region.

Keep in mind that when the market was still young, the relationship between clients and RPO partners was on thin ice at best. However, nowadays, due to better processes, advanced technology and more methodical approaches, clients are looking for more long-term partnerships within the RPO marketplace.

This bodes well for the growth of the industry and the businesses within. Having said that, let’s go over some trends in the RPO marketplace that you should probably watch out for in 2022 and the years to come.

Data and technology play a big role in the success that the RPO industry has seen in recent years.

1. Data Analytics and Artificial Intelligence (AI)

The use of data analytics and artificial intelligence is one of the rapidly rising trends in the global RPO market. These agencies analyze large quantities of data to fast-track the application procedure and help companies make more fluid recruitment decisions.

Things like analytical tools, people analytics, as well as recruitment analytics, play a crucial role in helping recruiters translate raw data into usable information. This information is used to recruit the best candidates. This is one such capability that is boosting the growth of the RPO marketplace.

2. Cost Reduction and Its Contribution to Growth of the RPO Marketplace

It’s just logical reasoning as to why companies seek out RPO firms and their services. They seek more cost-effective solutions that still retain a certain level of quality. Imbalances in the market can have a huge impact on the company’s financials. RPO agencies can help mitigate this by streamlining the hiring process and reducing these imbalances. This ability to effectively address these imbalances makes an RPO solution a desirable one.

“The future depends on what we do in the present.“ – Mahatma Gandhi, Freedom Fighter

3. The Growth of the APAC Region

As mentioned earlier, the APAC or Asia-Pacific region was touted to be one of the biggest contributors to the overall growth of the RPO industry in the years to come. We mentioned how it contributes a massive 41% to that.

It should also be noted that another report by Technavio stated that the RPO industry in this region is expected to reach a valuation of USD 1.08 billion between 2021 and 2025. This is an exceptional growth at a CAGR of around 14%. Fair to say, the RPO marketplace in the APAC region has a more than positive outlook in 2022.

4. The Fragmented Nature of the RPO Marketplace

The RPO market is a very fragmented one. This also makes it a highly competitive industry, be it global, national or regional. The presence of so many players in the market shows us that there is a high level of demand in the market that needs to be met, as evidenced by the growth projections. However, as good a sign as this is, you should keep a close eye on it and evaluate how to best overcome the growing rates of competition down the line.

5. Merit-based Recruitment Will Take a Front Seat in the Hiring Process

Now we come to the last item on the list of things contributing to the growth and demand of the RPO industry. When we consider RPO agency solutions, there is a clear diversion from traditional hiring processes. Instead of relying on heavily resume-based recruitment, the process focuses on the applicant’s skills, practical assessments and performance.

This eliminates a lot of bias and gives you a more fair assessment. This in turn gives you better outcomes in terms of candidate selection. Since this process is so unique to the RPO marketplace, it would explain why it is a contributing factor to the growth of the industry.

RPO agencies need to strike a balance of satisfying both clients and candidates in order to boost their brand.

How Is RPO Branding Strengthened?

Now, let’s have a look at some strengths that service providers can bank on going forward to boost their RPO brand. As the name suggests, the biggest weapon that the RPO service provider has is, well, their ability to recruit. Given the orientation of the industry demands, and the processes within RPO agencies, recruiters can focus on polishing their skills more and develop more organized approaches. This builds that RPO brand for the company. Quality, not quantity as they say.

Another thing that you have to consider is that this is partly due to the investment in the right recruitment tools and technology. It’s a self-feeding cycle. RPO agencies can invest in specific recruitment technology, training and tools as it will be an investment in their core competency as a service provider.

Keep in mind that even with all the most cutting-edge tech in the field, RPO agencies still need to produce results. This is what shows clients they are worth partnering with. This brings in a strong factor of accountability that clients can rely on. Another reason with which branding is built in the realm of outsourced recruitment is candidate experience. RPO agencies prioritize the candidate’s experience, ensuring that they have a good recruitment process experience. This ultimately reflects well on the client’s employer brand, which in turn boosts the RPO agency’s brand.

Recent Posts

job recruitment agencies Recruitment Process Outsourcing RPO RPO Services

Why Is There a Talent Shortage and What Can You Do?

“Repetition is the mother of skill.” – Tony Robbins, American Author

The talent shortage is a new reality and it is here to stay for a long time. When we say this, we don’t mean just in Canada, but also across the world. The talent shortage is a complex issue and has just as heavy consequences for employers. According to a study – 2021 Q3, ManpowerGroup Talent Shortage and Employment Outlook Survey – 69% of global companies reported skill shortages in the year 2021.

That is a massive hike from the 35% that was estimated in 2013. The future doesn’t indicate that this trend is going to change any time soon. Many surveys and studies, such as the research reports produced by the Everest Group and news reports by Korn Ferry, show that the issue is here to stay.

However, you need not worry! There are a variety of solutions that will allow you to conquer the problem. This blog will not only cover the reasons behind the global talent shortage but also solutions that can be adopted by professionals as well as organizations.

We will also have a look at how an RPO agency fits into the picture and can help you bolster your ranks going forward in this context.

Why Is There a Talent Shortage?

There are a myriad of factors that play into the talent shortage issue. One of the main ones that consistently finds itself at the root of the problem is workforce demographics. We need to understand that employment and market conditions vary greatly from country to country. Changing demographics, work policies, company policies, education rates, wage rates, supply and demand, are all factors that ultimately add up to shape unique scenarios.

Having said that, there is an overall decline in the workforce population. This is one of the root causes for the talent shortage in 2022 and previously. It has been a steadily shifting phenomenon where the overall working population has seen a decrease. Here are a few reasons why this might be happening:

1. The Old Guard is Aging Out

According to a report by the Health Innovation Forum, persons born between 1946 and 1965 make up an estimated one-third of the Canadian population. This translates to roughly 10 million Canadians. By 2031, these baby boomers will reach an average age of 65 to 85-years-old. This puts a large chunk of the working population at the tail-end of their retirement, through to the next decade. This issue has only been worsened by events such as the pandemic where many were pushed into early retirement or loss of work. This left a huge gap in the labour market.

The pandemic played a significant role in the formation of these issues.

2. The Youth Are Not Prepared to Work in This Market

According to a Deloitte report, Millennials make up around 37% of the working population in Canada. However, many still lack the necessary skills to fill the vacant positions or are just starting. The shortage of time, high expectations and steep learning curves makes for a challenging road ahead.

3. Covid-19 and Immigration

The immigration debate concerning the labour market is nothing new. Now immigration may not have a direct effect on the labour market as per some claims. However, others see it as a major factor for economic growth, this is especially true if you consider temp jobs in Canada. Having said that, with the arrival of Covid-19, the Canadian government brought in many changes to their immigration policies – like most countries around the world.

“Making good decisions is a crucial skill at every level.“ – Peter Drucker, Austrian-American Educator

4. Changing Expectations

In terms of expectations, they come from both sides. From the industry’s side, there is an expectation to have a higher, more niche skill set to match growing technologies and needs. On the employees’ side, there is an expectation for better work hours, flexible working conditions, higher wages and so on. Hence, there is an inherent conflict.

You need soft skills and technical skills to overcome the market gap.

What Can Professionals Do?

Whether you are a professional or a newcomer entering the talent market, you need both technical skills and soft skills to better your chances. According to ManpowerGroup, the most in-demand technical skills for the past year 2021 were operations and logistics as well as manufacturing and production. Certain administrative and customer-centric roles also exist.

In terms of soft skills, you need to be resilient, adaptable to high-stress environments, and be able to think critically. Cultivating such skills will help you gain and maintain jobs in high-competition environments that the industry is faced with. You also need to make sure that you are up to date with the latest industry expectations and try to meet them to the best of your ability.

“Strive for continuous improvement, instead of perfection.“ – Kim Collins, Track and Field Athlete

How Can Organizations Combat the Talent Shortage?

Honestly, evolution is your only surefire strategy going forward. Organizations that want to succeed and close in on that talent gap need to change with the times and meet the expectations of the workforce. Younger generations not only expect more from employers but are also willing to take their valuable skills to the competition if the benefits are better.

So, take a moment to consider what you can give them. Things like higher wages, flexible work culture, dynamic learning opportunities and room to grow within the company are all great facets to consider. You should also look into reskilling and upskilling your employees. Investing in the reskilling of current employees is cost-effective in the long-run, while also directly addressing the talent shortage.

The fight to overcome the talent gap can be taken a step further if you re-imagine how you measure productivity. Quality is the name of the game. You might also want to consider switching up the recruiting and hiring strategies of the organization. Hire for transferable skills, work with data-driven recruitment process outsourcing (RPO) agencies or even an employee referral program for the best results.

How Can an RPO Agency Help You During a Talent Shortage?

One of the reasons companies prefer to work with RPO agencies is their ability to support large-scale restructuring and recruitment. It’s something that some companies may lack the ability to execute internally. One such period in time that demonstrates and highlights RPO services is the economic recession of 2008, where many companies turned to RPO agencies.

RPO agencies can help organizations source, recruit, manage accounts, generate leads and everything in between to give you the best possible recruitment initiative possible. Having said that, it is a path well worth considering in this current market.

Recent Posts

job recruitment agencies jobs in canada Jobs in Toronto Recruitment Process Outsourcing

RPO Trends to Keep an Eye on in 2022

RPO Trends to Keep an Eye on in 2022

“The future belongs to those who prepare for it.” – Jim Moran, Former United States Representative

Recruitment process outsourcing (RPO) trends often dictate how the job market is performing and how it might change down the road. There are a multitude of factors to consider at any point in time, both internal and external. However, that is part of what makes an RPO agency so necessary as a concept. As market experts, they are ready for these sudden changes and have the capabilities to combat challenges. In recent years, the pandemic has been one of the biggest influencers of such trends in the job markets around the world.

Businesses were forced to enforce survival plans with the shutdowns affecting nearly every industry across the world. With the arrival of vaccines and the mass movements towards more adaptive work modes, the world is somewhat back on track. This has many economic experts thinking that we are indeed on our way to recovery. Having said all that, let’s have a look at some of these RPO trends that might likely take place as we go further into 2022.

RPO Trends in 2022

It is important to know the RPO trends for both the RPO agency as well as the client. Both sides need to be reasonably aware of the ongoing phenomenon in their respective industry’s job markets to make the most informed decision. This list should help you gain insight into what you might face later on this year and maybe even give you an upper hand thanks to your foresight.

1) The Prominence of Diversity, Equality and Inclusion

(DEI) Recruiters who work under RPO companies know the importance of DEI in the workplace. The pandemic had a unique way of highlighting several underlying issues in business processes and company cultures. It was a time when many employees and employers alike began to realize the importance of a healthy workplace. This may be considered as beyond just an RPO trend and you know what? It is more than that. As we go forward into this year, DEI will play an ever-increasing role in company cultures. More and more companies will need to build their employment policies and workplace standards around these expectations to survive and thrive.

Finding top talent is becoming increasingly difficult due to rising competition in the job markets.

2) Targeted Upskilling is Necessary

It would be a fair assessment to say that the market is getting more competitive in terms of skilled individuals. It is becoming harder to find the right people with the right skills. Even if you do, there is a high level of competition for these individuals. RPO companies should be able to identify the skill gaps that need to be addressed to strengthen a company’s workforce. This trend indicates that companies will have to turn to RPO agencies and their data to develop targeted upskilling strategies going forward.

3) Next-Gen Technology

Another one of the interesting RPO trends that have emerged recently is the prominence of recruitment technologies in the industry. With the arrival of SaaS companies all over the place, RPO companies have been taking advantage of emerging technologies as well as some of the classics. This includes technologies such as applicant tracking systems (ATS), job boards, social media platforms, automated reference checking and so on. Remember the previous point about the targeted upskilling strategies and the race to find the top talent? Well, this is a core factor in companies winning said race.

“It’s better to be prepared than to get ready.“ – Will Smith, American Actor

4) Remote Hiring/Onboarding

Ever since the Covid-19 outbreak in 2019, nothing has been the same. One of the things that changed and remains so is online hiring and onboarding. It has been the norm in many companies for a few years now and doesn’t look like this is about to change any time soon. With many recruiters, RPO or otherwise, jumping on this bandwagon to cater to the demand for more employees ensures the longevity of this trend. Online hiring and onboarding is an RPO trend that is here to stay. Especially with so many companies adapting the hybrid work model for their day-to-day business operations.

5) Remote-Work Candidates Only

If you are a hiring manager or a recruiter with an RPO firm, you might have noticed the large volume of candidates in recent days that have been on the lookout for remote working opportunities. This trend started just as the lockdowns happened. People realized the convenience of working remotely. With so many companies adopting the hybrid work model and remote work models to accommodate these candidates, this is a trend that will stay for a long time.

In the long run having an RPO agency on your side is one of the best things for your business.

6) Candidate Care

Candidate care is one of the more significant RPO trends to have emerged in recent times. Basically what this refers to is how recruiters work with candidates and past hires. While most recruiters, be it in-house hiring managers or RPO recruiters, work very closely with candidates. However, not all do. This is slowly changing given the importance of having a positive employer image in the eyes of the candidate. The more the candidate feels cared for during the recruitment process, the better your employer branding. Ultimately this means your path to securing top talent is that much easier.

7) Global Recruiting Experience

As far as RPO trends go, the RPO agencies that operate on a global scale or handle global recruitment have a growing edge over the domestic recruiters. Operating on such a large scale means that they not only have access to a wide variety of talent and diversity, but they also need to be well-versed in labour laws and hiring practices of different countries. This gives them an edge over local head-hunters. Therefore, companies that hire RPO companies with global recruitment experience will also have that edge on their side.

8) RPO as a Long-Term Recruitment Solution

Regardless of the scale of the business, a good RPO solution is good for almost every company’s growth and hiring needs. Look, technology is showing no signs of slowing down and policies change every day. This makes RPO agencies the ideal solution to lead the charge to help companies remain relevant in the long run.