Recruitment Process Outsourcing
Introduction to Recruitment Process Outsourcing in Malta
Malta’s financial services industry has grown significantly in recent years and represented some 12 per cent total contribution to the GDP in 2015. The workforce in this industry is over 12,000 full-time employees, but according to a skills survey carried out by the MFSA in 2015 around 70% of the respondents struggle to fill their vacancies, with the strongest pressure points being in finance, compliance and IT, leading to recruitment process outsourcing.
HR Managers have a huge challenge in developing a recruitment strategy with a focus on measurable and sustainable results in a competitive market in Malta. In some cases, they turn to more than one recruitment agency and somehow manage to fill vacancies, not necessarily on time and in line with the business needs.
Some agencies, mostly abroad, besides assisting HR Managers in their recruitment drive, offer Recruitment Process Outsourcing (RPO), a flexible and scalable method that will secure talent according to business needs. Particularly if this is well planned in advance, such an approach will broaden the options for finding and managing talent, forecasting workforce needs, balancing headcount to meet business demand, as well as accelerate competitive advantage and business growth.
What makes talent right in today’s competitive business world is the ability to be agile in dynamic market environments, to realize growth ambitions both locally and internationally, fill the gaps within the business to bring new products and services to the market faster than the competitors. The objective of the RPO approach is to deliver to business ambitions and realize both current and future strategic vision. The whole process is usually led by specialists who are knowledgeable in the subject matter as well as connected to relevant talent and who focus on delivering solutions and expertise to keep businesses moving forward.
RPO programs are not just about outsourcing HR tasks and activities to an agency. The bigger the outreach and the faster talent is engaged through RPOs the more successful the whole recruitment process would be. Having data and insights through RPOs programs to manage current recruiting demands and predict future talent needs, businesses will reach deeper into the market to discover talent that the competitors simply cannot reach. The end result is the realization of process efficiencies and workforce productivity gains that deliver real and quantifiable return on investment.
Benefits to Outsourcing
So, what are some of the benefits to businesses when the whole recruitment process is outsourced to an agency?
- Broadening options for finding and managing talent, forecasting needs, and balancing headcount, by creating a holistic strategy covering all phases of the talent relationship, and then work line managers to apply knowledge and insights to realise businesses’ visions.
- Recruitment specialists in both the fields of strategic sourcing and recruiting, recognizing the unique skills required for each, who have the expertise and tools businesses need to find, cultivate, and engage exactly the talent needed to achieve business goals.
- Best assessment practices and processes designed to help businesses make the best choices for current and future talent needs, and a combination of quantitative analysis and human insight are utilized to identify potential top talent.
- Creating and building an employer brand that attracts and engages the talent business needs, and helping in the assessment of the reputation in the market, understanding your target talent, and aligning the brand to work for your business.
For more information, visit our Recruitment Services page.