TalentWoo, a leading recruiting process outsourcing (RPO) service provider, and the nation’s only real-estate focused RPO, has partnered with a publicly traded real estate investment trust (REIT) for four consecutive years to make hires in the last three quarters of 2013, and in fiscal years 2014, 2015, and 2016. In 2016 the REIT hired 353 employees, and the recruiting cost ratio (RCR) for internal RPO hires for the entire fiscal year 2016 was 7.46%, compared to the industry standard spend of 12% and an external agency RCR spend of 20%. The results were remarkable, which is why the company’s executive team continues to partner with TalentWoo year after year to help their company scale from coast to coast.
Using TalentWoo’s innovative RPO business model, the HR department saved $546,943 in recruiting costs in 2016, compared to the national average for similar volumes of hiring. Moreover, in 2016, the internal RPO solidified and enforced a Recruitment Agency Vendor Program, forged strong hiring manager relationships, and shifted overall perceptions toward the internal recruiting RPO.
The overall RCR for accounting/finance and corporate roles was 7.4% for the first 8 months of the year, and external agency spend has been almost completely removed. Additionally, the On-Site Program in Las Vegas hired a dedicated resource to manage the demanding, high-volume recruiting challenges of the three contact centers. The key stakeholders have expressed satisfaction, and the RCR for the Call Centers has fallen from 8.8% in Q1 to 5.8% in the last two months.
In February, the REIT began restructuring its Leasing roles and called upon the Internal RPO to help manage the transition by hiring new Leasing Coordinator roles and backfilling expected Leasing Agent attrition to keep the company’s operations flowing smoothly. In March, with the acquisition of American Residential Properties, the Internal RPO was tasked by the executive team to fill all remaining personnel gaps across the combined organization within 30 days. The internal RPO responded by filling all jobs within 28 days.
In 2015, the recruiting department began to build out the beginnings of the REIT’s Services division, hiring in 9 key markets to prove out an in-house maintenance business model. Full-scale rollout of the REIT’s Services began in Q2 2016, and the Internal RPO has successfully hired 49 HVAC/Maintenance Technicians in areas with large concentrations of REIT homes, to help the Company reduce its highest maintenance cost (HVAC repair). Other 2016 milestones include partnering with the Acquisitions team in Q3 to begin the build out of an entirely new Home Construction division, hiring east coast land acquisition talent within the first month. TalentWoo has also developed and rolled out Hiring Manager interview guides.
HIRE SOURCES
323 of 353 hires were recorded in the SilkRoad platform during the period of 1/1/2015 – 12/31/2015.
| Source Category | Applied | Hired | % Hired (By Source) | % Hired (Total) |
| Internal RPO Direct | 109 | 9 | 8.3% | 2% |
| Internal RPO eMarketing Campaign | 24179 | 183 | 0.8% | 34% |
| Other Source | 523 | 29 | 5.5% | 4.6% |
| Referral | 544 | 61 | 11.2% | 11% |
| Career Portal | 640 | 12 | 1.9% | 3.9% |
| Recruiting Agency | 22 | 10 | 45.5% | 2.4% |
| Local Candidate | 311 | 237 | 76.2% | 43% |
| Current Employee | 19 | 2 | 10.5% | 0.6% |
| TOTAL | 12,465 | 309 | 2.5% | 100% |
TalentWoo’s partnership with the REIT is an example of what REITs in other verticals can expect when partnering with a high-performing outsourced recruiting team. For more information on our services, please contact TalentWoo today!