The economy is changing rapidly, and with uncertainty on the horizon, savvy executives in the real estate industry are looking for ways to economize and streamline efficiencies in their organizations. 2023 holds many questions with very few concrete answers, but one thing is certain; change is a constant. The consistency of change is a helpful reminder of the need to craft a proactive talent acquisition plan to brace for market changes and contingencies.
It’s not only a smart move, but an imperative to consider solutions that will save time and money while increasing satisfaction ratings and lowering attrition. As we look to 2023, remember to include RPO in your talent acquisition plans.
HERE ARE FIVE REASONS TO CONSIDER RPO IN PLANNING YOUR STRATEGY FOR SUCCESS.
- RPO MAY SAVE YOU TIME AND MONEY
Every minute is quantifiable by a dollar value. When you consider the benefits of working with an RPO, a recruitment process outsourcing solution for your talent acquisition plan effectively uses resources to:
- Lower cost-to-fill and overall recruitment costs
- Provide higher retention rates (lower turnover)
- Receive the advantage of access to affordable external expertise
- Develop efficient, repeatable strategies
- Appreciate the predictability in hiring costs and processes
From CFOs to hiring managers to HR Departments, every seasoned real estate professional knows the exorbitant costs of finding and keeping good talent. While a budget will highlight those tangible spends, the not-so-easy-to-identify opportunity costs, such as in-house inconsistencies, morale, and hiring manager satisfaction, are harder to quantify on a balance sheet. Including these costs in the conversation provides a more accurate assessment of the variables affecting your bottom line profitability.
Cost savings RPO solution case study | Fulfilled need to aggressively hire real estate accounting and finance experts without continued exorbitant external search firm fees.
- A DEDICATED REAL ESTATE RPO GIVES YOU A COMPETITIVE EDGE TO SOURCE HARD-TO-FILL POSITIONS AND ATTRACT TOP TALENT.
The talent war is on! You’re not alone if you experience high turnover rates or struggle to attract top talent for those difficult-to-fill positions. The hiring challenge continues within the nuanced real estate industry and market segmentation because it’s difficult to source, attract, and hire generalized and specialized real estate talent unless you’re familiar with the job requirements, position, and industry. For example, technical or specialized roles, like a quality facilities maintenance manager, may take longer to fill from in-house efforts as they might not have the time or resources to tap into that specialized talent pool.
Although your competitors are circling the waters looking for opportunities to snatch up top real estate talent, you can get the upper hand by working with a dedicated RPO provider whose sole function is to be in those waters on your behalf.
From the CRE sectors (such as industrial and retail) to residential multifamily and single-family homes, not only does the talent need to have the required skill set, qualifications, and appropriate industry knowledge, but also be able to fit within your culture. Sourcing and wooing those unique applicants left in the hands of a specialized real estate recruitment partner produce faster and better results because:
- An outsourced recruitment partner can cast a wider net for both generalized and specialized talent.
- A real estate niche RPO understands the industry inside and out and has a pulse on market trends and those key players.
- RPO specialists can source from multiple resources to find the perfect candidate for your company’s culture.
- Outsourced recruitment processes are equipped for retained search tactics to quickly locate and attract senior-level or executive-level real estate positions.
- RECRUITMENT PROCESS OUTSOURCING CAN HELP YOU IMPROVE YOUR TALENT ACQUISITION PERFORMANCE.
You’re a busy hiring manager or human resource department in the trenches, doing the good work of building and supporting the entire organization’s business goals. Still, you may be stretched thin because of budget and time constraints, especially for large ramp-ups, special projects, or filling specialized positions. Because of this, it can take months to find suitable applicants and woo those candidates through the entire talent acquisition process from identifying and pursuing candidates through the interview, offer and onboarding. One way to improve hiring speed and quality (and increase hiring manager satisfaction and company morale) is to have a dedicated RPO solution available to act on behalf of the company.
A significant time-to-hire reduction occurs when a recruitment outsourcing team augments a company’s hiring practice. An RPO’s streamlined processes, candidate sourcing efficiencies, and workload balancing has been demonstrated to improve the number of days to fill an open position (from the first available open date to when an offer is accepted) by up to 30%.
By reducing time-to-fill, you’ll be reducing your cost per hire, internal frustrations, and the burden and workload caused by the vacancy. You’ll also be increasing productivity and morale.
- A DEDICATED REAL ESTATE RPO CAN SUPPORT GROWTH INITIATIVES (AND PIVOT IN TIMES OF CHANGE).
Coming into 2023, most real estate segments anticipate continued growth in at least some areas of their business. Investors and builders are taking advantage of the high demand for multifamily housing and strategic industrial warehousing and distribution. These new acquisitions and developments can produce a need to hire dozens to hundreds of candidates in a condensed amount of time. With that, you may face large hiring rounds requiring quick ramp-ups to meet project deadlines. Without increasing your internal recruitment staffing, a dedicated Real Estate RPO can be the bridge needed to support expansion and business growth, followed by a quick and gentle scale down of recruiting talent.
Downsizing, reorganization, and acquisitions can often produce waves of vacancies that need filling. On the other hand, in this changing economy, the call may come to streamline processes throughout an organization which can translate into consolidating and eliminating redundant resources. For instance, transfers of one or more persons to another location or consolidating multiple locations or departments can create vacancy gaps. Augmenting your in-house hiring team with a scalable solution to meet you amid the storm will be a smooth addition to help you navigate those waters.
Consider adding a recruitment process outsourcing solution to your talent acquisition planning during times of change because they are:
- Scalable to meet high-volume or specialized hiring needs, whether one or hundreds of recruits are needed.
- Flexible to provide individualized solutions to scale down as needed and provide a customized solution, and
- Fast to meet any timeline or demand.
- YOUR RPO TEAM SERVES AS AN EXTENSION OF YOU AND YOUR COMPANY BRAND.
Suppose you’ve never worked with a recruitment process outsourcing partner. In that case, you’re likely not aware that they can offer strategic support in talent acquisition planning and executing your goals while seamlessly integrating into your culture, taking on your company persona to bolster your brand. If you choose to use a dedicated Real Estate RPO partner, you will benefit from the side-by-side support and the bolstering of your brand, giving you a competitive edge.
“RPO is not an exclusive recruitment model. The decision is not an “us or them” proposition. It’s wise to consider RPO as not only an operating model for your recruitment strategy but also as an augmentation strategy for scenarios where you may face aggressive growth initiatives, special projects, or team overload.”
Buck Rogers, Vice President, TalentWoo
You’ve got your plate overflowing with various HR related duties such as labor relations, training & development, talent management, performance, career planning, personnel administration, and payroll. Augmenting your recruitment process, either in part or entirely, is a good business decision that allows you to operate at a larger capacity without sacrificing budget or deadlines.
Ghosting isn’t just a dating phenomenon but happens in recruitment and talent acquisition. From nurture to follow-up, if your hiring manager is in a time crunch or the human resources department is understaffed or overburdened, RPO support can develop and nurture those prospects to leave you free to focus on other core competencies. Applicants won’t get lost in the shuffle, assuring qualified candidates get the attention and nurture they need.
WHY SHOULD YOU INCLUDE RPO IN YOUR TALENT ACQUISITION PLANNING?
In addition to the top reasons to include RPO in your talent acquisition plan for 2023, the great resignation may continue to amplify, career nomads are on the rise, and market changes will continue to create vacancy gaps. Meeting those challenges proactively by including a dedicated RPO solution into your talent acquisition plan is a savvy business move. Consider working with TalentWoo, the premier Recruitment Process Outsourcing partner for the real estate industry. With expertise in all facets of real estate, working with TalentWoo is your go-to business strategy, with an excellent opportunity to positively impact your productivity and profitability.