Recruitment process outsourcing (RPO) is a fairly new and upcoming practice in the global BPO market. The idea of an external party taking charge of a company’s recruitment process partially or fully is expanding globally and is expected to peak in the coming years. According to a report released last year, the global RPO market was estimated to be over USD 5 billion and was expected to grow with a compound annual growth rate of 14.4% till 2025. In fact, due to strong industrial activity, RPO is expected to grow nearly four times by 2020 in the Asia-Pacific region.
As more companies are getting on board with this upcoming idea, experts have predicted that the following will be the top five trends in the outsourcing business this year.
Focus on regions with skill shortage
RPO specialists are going to focus on regions/countries that are facing a shortage of talent supply. This attention will specifically stay in Asia in particular. Studies have pointed out that hiring for entry-level jobs remains significantly difficult in APAC which has more than half (55%) of the world’s graduates. Emerging economies with strong industrial growth will also be in the radar of RPO experts.
Integration of technology with the recruitment process
RPO professionals will seek help from big data and AI designs to create a better experience for the candidates and clients alike. All the steps in the process like sourcing talents, assessments, schedule, generating accurate compensation models and follow ups for future opportunities will be streamlined into one window. Other than ease of operation, this engagement will ensure that candidates are meeting the right employers every time.
Demand for soft skills will increase
More companies will expert hiring partners to build a talent pool with greater number of people with recognisable soft skills. More value will be placed on skills such as communication, leadership and team spirit for project success. Recruiters will be looking for much more than just technical expertise on a candidate’s CV even for entry-level roles in IT outsourcing companies.
Greater emphasis on remote hiring
As RPO becomes more prominent, the talent pool will extend beyond geographical boundaries. Be it lack of talent availability or willingness of the desired candidate to relocate, remote workers will be sought after by top companies for various roles. Thanks to the internet and various communication technologies, it is easy to manage virtual teams across the globe. With the definition of recruitment changing, there will also be a change in the way companies define their workspace. Many top companies like Amazon, Dell, Convergys and Hilton Worldwide are already hiring remote workers.
Millenials and their demands have changed the employer-employee relationship dynamics significantly. With social platforms allowing employees to review anonymously the work culture, prospects and quality of management in their company, recruiters are working hard to make sure that their company is perceived well among prospective employees. This marketing will not just focus on potential employers but also on rewarding internal talent. There is expected to be greater emphasis, rewards and value for employee referrals in 2018.
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