TalentWoo, a prominent RPO provider, is thrilled to announce its collaboration with a large publicly traded real estate investment trust (REIT) (name undisclosed due to confidentiality) to recruit new employees in the final three quarters of 2013. This partnership has brought about significant cost savings and process enhancements to the REIT’s hiring process.
After adopting TalentWoo’s RPO Staffing Solution between April 15 and December 31, 2013, the REIT launched a total of 311 approved requisitions on the Internal RPO platform. Out of these, 46 were terminated, two were on hold, 240 were filled and closed, and 23 were still active. The platform reported 365 hires during that period, with 232 recruited by Internal RPO and 133 by the internal HR department.
The RPO approach has given the REIT numerous advantages, including a substantial cost reduction. For Internal RPO hires on the platform in the fourth quarter, the recruiting cost ratio (RCR) was 7.6%, compared to the previous agency RCR expenditure of 20-30%, and an industry standard spend of 12.9%. This has led to a cost reduction of $303,825 in quarterly expenses compared to the REIT’s previous payout to recruiting firms.
The RPO system has also resulted in many other improvements to the hiring process. All hiring is now EEO-compliant, and includes standardized online interviews, telephone screens, skills testing, background investigations, and reference checks for every hire. The RPO model has also reduced the average cost per hire to $3,300 compared to the REIT’s prior recruitment agency expenditure of $7,676 per hire. Additionally, the RPO model has almost eradicated Temp-to-Hire conversion fees, which were previously as high as 212%.
The RPO system has also shortened the time required to advertise approved requisitions, screen, test, interview, complete onboard processing, and have candidates start employment with the REIT. It now takes only 32 days, less than half the industry standard time of 77 days. Job applicants at the REIT rate their satisfaction with Internal RPO Consultants at 9.2 out of 10, but recommend process evaluations in 2014.
Looking ahead, TalentWoo and the REIT have planned various initiatives for 2014 to continue improving their hiring process. All hires must be documented in the Internal RPO platform for precise quarterly reporting, and monthly and annual hiring forecasts from each REIT department are necessary to help Internal RPO staff proactively. Hiring managers must also be motivated to complete surveys after jobs are closed, and training for hiring manager interviews will commence at the REIT University.
This partnership’s success demonstrates TalentWoo’s commitment to delivering top-quality RPO services that provide significant cost savings, process improvements, and overall benefits to its clients. TalentWoo is proud to collaborate with the REIT and looks forward to continuing to provide exceptional results in the future.