What happens when business grows, and a company has to increase its talent pool exponentially? Every growing business faces a challenge with recruiting. The management either hires a recruitment agency or builds a recruitment team. Both have their own advantages and disadvantages. A new approach, Recruitment as a Service (RaaS), can provide you the best of both worlds without any hassles. Let’s look at how it works.
Source: psychometrics.com
Human resource management in any company is a laborious and skilled activity. Onboarding, training, performance appraisals all require specialized skills. Add it to it recruitment and it gets overwhelming, especially for companies that are growing. Recruitment is a challenge that companies across the globe face. And that explains the need for the Recruitment as a Service (RaaS) model.
When growth kicks in a company and the work increases, the company normally decides to either recruit through its in-house team or hire an agency. Recruiting in-house means relying on your HR team. Depending on whether you have specialized recruiters in your company, you may have to hire a recruiter. This can be expensive and time consuming. On the other hand, hiring an agency can be a quick solution and can give you access to a specialist recruiter, but the fees are generally on the higher side and it takes time for the agency to understand your company culture and needs to pick the right talent for you.
There is a third approach called Recruitment as a Service. Here, you’re hiring an outside recruiter, but he/she will work as a dedicated resource fully embedded with your company. You will be charged for the number of hours spent rather than on the traditional percentage fee. Staffing agencies don’t get paid unless a candidate is hired whereas in the RaaS model you pay for time spent on recruitment activities.
How Does RaaS Work?
RaaS model gives you the flexibility to decide how much time per week you want to avail the services of a recruiter. RaaS service providers offer a block of hours per week or month. Once you decide on the number of hours for which you want to avail of the services then the company will allocate a dedicated recruiter who will work on your project. The recruiter will then understand your hiring requirements, job descriptions, culture and budget etc., and accordingly, search for profiles. He/she will also schedule interviews by coordinating with your staff and will be part of the entire process. Every month, the agency will bill you based on the number of hours the recruiter spent on your project. So, in simple words, the RaaS model works like a pay-as-you-go model and works as per your needs.
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Is RaaS Suitable for Your Company?
RaaS like any other model works well in certain situations. It works well for companies that have big hiring plans or companies that have high attrition rates and are on constant hiring mode. It also works well for companies that provide outsourcing services and need to hire depending on the project demands.
Tips to Implement RaaS in Your Company
- Understand Your Hiring Needs: RaaS works best when you have an ongoing need for new hiring. Make an estimate of the number of new hires in the next year.
- Find an Experienced RaaS Provider: Work with a company that understands the RaaS model and has experience working on it. Don’t go for companies that offer all recruitment models as RaaS needs a different mindset.
- Know Your Resource: Interview the resource you will be working with and check if the skills match your needs. Look for someone with your industry experience. Once selected, work with her to build the recruitment process. Train them on your company and culture.
- Make Them a Part of Your Team: Set goals and KPIs for their performance. Conduct review meetings to assess progress and give feedback. Make them a part of your hiring strategy and planning. The more they are involved in your company, the better they would understand your needs and cater to them.
RaaS recruitment model can solve your hiring problems and help you hire better talent at lesser costs. It also offers a higher return on investment.
