6 Great Reasons Why Business Entrepreneurs Are Now Hacking Recruitment
“Everyone can tell you the risk. An entrepreneur
can see the reward.” – Robert
Kiyosaki
Entrepreneurship is undoubtedly one of the most
difficult, high-risk-high-reward professions in today’s competitive market.
It is not everyone’s cup of tea because it requires
humongous amounts of motivation, perseverance, vision, grit, and hard work to
build a successful entrepreneurial venture.
Also, the rate at which businesses fail each year
has been skyrocketing in recent times, yet it seems that more and more young
people are entering this space without any hesitation.
Part of the credit must go to the social media
platforms for popularizing and romanticizing “the entrepreneur lifestyle”, but
that’s a discussion for another day.
Today, we will take a look at the different risks
associated with managing a successful business and how recruitment process
outsourcing can help slice off a major chunk of the entrepreneurial workload.
- High Scalability: Unlike behemoth companies like Apple and Microsoft, entrepreneurs often enjoy the constant pursuit of reaching new milestones and inculcating “growth” at the core of their business strategies. This gives rise to a newer problem, a good problem: scalability.
Is your business fit to grow at a rate synonymous with the demand for your product/service in the market, if the demand rises beyond what you can supply? Business entrepreneurs almost always neglect to ask themselves this question because they simply don’t expect such explosive growth.
PPE & medical equipment manufacturing companies faced this same problem at the start of the pandemic.
Recruitment process outsourcing solves this problem. By allowing an RPO partner to handle all your hiring and onboarding needs, you free up the internal resources in your business to focus more on growth and expansion.
Recruitment process outsourcing companies can help your company meet hiring deadlines without impacting productivity, as most RPO outputs can easily be scaled up or down whenever necessary and at a fraction of the cost.
Based on the goals of your business you must therefore determine how often, and for which services, you want to hire a recruitment outsourcing company. Whether you want to fill in specific, hard-to-find positions or if you need consistent staff over a set period of time to achieve significant progress or both.
Be it any talent requirement, your recruitment process outsourcing partner should get it done for you.
- World-class Technology: Recruitment outsourcing companies like Exela HR Solutions, which have been around for a long time, have invested a lot of time, money, and resources to build a robust network of readily available talented individuals. Not only that but the technological investments that companies like us make in this space remain unmatched.
Having the ready network along with having the technological prowess gives recruitment process outsourcing companies a distinctive hiring advantage over the regular HR teams that businesses maintain internally. We hire better people, faster.
This is why partnering up with a recruitment outsourcing company gives business entrepreneurs a powerful competitive advantage because it enables them to hire the right person as quickly as possible, instead of trialing and erroring their way through the entire process.
- Instant Support: Most recruitment process outsourcing companies will assign a dedicated rep to address all your needs. If they don’t, you must ask for one.
Having a dedicated rep allows business entrepreneurs to have instant control over hiring matters. They can tweak and test strategies with much more flexibility and in a properly controlled fashion.
For example, you need to fill in 10 tech support analyst positions along with 1 VP and 1 GM in your startup. Your HR lead or you, as an entrepreneur and business owner, can get on a call with the executive at the recruitment process outsourcing firm and strategize by delegating tasks, allowing the RPO to start hunting for the hard-to-find roles like VP and GM while your HR lead can get started with hunting the easy-to-find technical support analysts. This takes the immense pressure off your internal staff to a great degree.
- Reduced Cost: This is one of the very obvious benefits that recruitment process outsourcing offers to business entrepreneurs right from the very start of the partnership.
According to a 2017 research, it was found that businesses with at least 2,500 employees were spending almost $600 per employee per year on their HR function. Surprisingly enough, it was further found that smaller businesses with fewer than 250 employees were spending a whopping $2,375 per employee per year on just their HR function!
Such expensive problems could easily bleed a young company to death within a matter of months, if not realized and addressed on time.
- Expert Innovation: People, in general, seem to have a tendency to underestimate the role of innovation in growth (of any kind). This is why businesses, especially small and medium businesses, often tend to throw innovation (research and development) on the back burner or worse - away from the burner altogether.
This happens mainly because innovation is a long-term investment that requires a lot of patience and testing. Also, it is a never-ending process that is powered by the core principles of “continuous improvement”. And, businesses tend to invest more in short-term plans first instead of long-term ones.
What if you could get the best of both worlds? What if you could focus more on your short-term investments while also simultaneously investing heavily in your long-term plans at no extra cost of time, money, or labor?
This is one of the biggest advantages of partnering up with a recruitment process outsourcing partner. Prominent partners like Exela HR Solutions invest heavily in research and development. They watch the industry like a hawk and as a result, can successfully predict small as well as large trend shifts before anyone else. Consistent investment in innovation also results in constant discovery and supply of high-quality, data-backed talent acquisition strategies that give business owners and entrepreneurs a real edge over their competition by bringing in top talent at the same fixed cost.
- Excellent Compliance Regulations: Labor non-compliance is a big problem and most cases of non-compliance happen to be accidental. According to IRS statistics, $37.3 billion were assessed in non-compliance penalties in FY 2021.
Hefty fines are a great way to go bankrupt and most businesses are one or two fines away from bankruptcy. Add to this the ever-changing nature of the judicial system. Every day new laws are added and old ones are made obsolete. When taking care of compliance internally without expert guidance, there is a high chance of non-compliance due to this ever-changing nature. It is very difficult to keep up with the changing laws.
But when compliance is outsourced to experts like Exela HR Solutions, everything goes through thorough due diligence by multiple experts at a time. This fine-comb method is impossible to achieve in a small or medium-sized business without hiring a ton of expensive lawyers and compliance experts.
RPOs have this team ready that could work on your compliance at a fraction of the cost you would need to hire an entire team in-house.
Most entrepreneurs are known to be unfazed by failure. They have the perseverance to start all over again when a business goes down, we all know that. But on the other hand, entrepreneurs are also excellent at assessing risk. Minimizing risks and maximizing output is the mantra they live by and compliance is just another risky endeavor that most entrepreneurs tend to outsource rather than running the operation themselves simply because it threatens the core existence of the business if done wrong.
Business entrepreneurs understand this which is why we, at Exela HR Solutions, see young startups contact us every day to solve their recruitment problems. The best part of working with us is that we don’t do just RPO. We offer professional end-to-end HR solutions to all our clients, right from hiring and global payroll processing to corporate training and HRBPservices.
Are you also a business entrepreneur? Let’s get on a call and find new ways of optimizing your business processes and reinvigorating growth.
Find us here: https://ehrs.exelatech.com/contact-us
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
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