The labor crisis has made it next to impossible to find the right talent to hire. The subsequent 15-year-high talent shortage today is making candidate dropout challenges more acute. With nearly 70% of employers facing difficulty in filling positions, it’s frustrating for recruiters when candidates leave the recruitment funnel midway. In the present competitive job market, applicants have more choices than ever, while recruiters are constantly adjusting to employee demands in order to hire.
2022 is the Year of the Employee
Returning to the office is no longer a priority; 75% of employees claim to be more productive with WFH setups. Remote work has become widely accepted and is now a necessity today, making physical location irrelevant to technical teams. Since 75% of the workforce will constitute Gen Z and millennials by 2025; it is vital to include their narrative into the work equation, which centers around work-from-home set-ups.
Candidates today have more power and options than ever before. They are selective about the company they choose to work with, the benefits it provides, and the culture it represents; if they decide to work for them at all. The focus in 2022 is the employee experience, mental wellness, and a redefined culture, where the employee is in control of where they work.
86% of job seekers research the company when deciding where to apply for a job – Glassdoor
As candidates get more market savvy, they negotiate for more salary, benefits, and compensation for the same roles than before. Even when recruiters adapt, addressing the skills gap leading to a mismatch of candidates to open posts is tricky. Especially when lacking resources domestically, looking to other talent pools may be the answer to your staffing challenges. 70% of staffing professionals view globalization as an opportunity; this opens up doors to hiring talent from anywhere and expanding across geographies to create multiple expertise centers.
A Different Approach to Resolving Recruiting Issues
The typical candidate drop-off rate is 80% (Glassdoor via Avature). Considering the numbers in today’s talent crunch addition to onboarding unsuitable applicants; hiring yourself becomes very expensive. Getting skilled potential candidates to apply and then selecting the right fit is cumbersome enough, without having to face the consequences of a bad hire.
So much effort is put in by recruiters, yet the average cost per hire increases if the candidate backs out last minute. Sourcing as many applicants as possible in a talent shortage requires reaching untapped talent pools; that way you get skill-set diversity among applicants.
A proven solution, utilized by many companies worldwide, is to create an extended workforce with your internal team that helps augment your everyday functions. A Co-sourcing partner can do this for an orgnization while providing insights to enhance processes where applicable, through a customized mutual growth model. While they handle the recruiting for you, they also ensure retention and manage all attrition so that your business is unaffected by it.
Premier BPO offers a personalized co-sourcing partnership as we believe in becoming a seamless extension of our client’s teams to enhance business outcomes. You no longer need to worry about increased drop-off rates or losing good candidates to a slow hiring process. For more information about how we support companies new to outsourcing, visit our First-Time-Outsourcers page.