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Amidst the looming talent shortage in the global market, organizations have proclaimed an apparent talent war. Global research predicts an estimated talent shortage of 85 million workers around the world by 2030.

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While in-house recruitment is caught in the crossfire of this war, recruitment partners seem well-equipped. With the best recruitment marketing tools, a robust candidate pool, and talent analytics, recruitment partners have a lot to say.

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Hiring talent remained the primary concern of CEOs in the 2019 Conference Board Annual Survey. So, undoubtedly, the labor market is tight. However, recruitment partners believe that the right candidates are just waiting to be found.

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Award-winning recruitment firms such as WOLVES Solutions are building the future of recruitment by "finding just the perfect one," which is crucial to a business's success. While the right employee can boost productivity and morale, the wrong can cost you time and organizational energy.

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Business leaders have grappled with such hiring challenges since the beginning. According to Kerry Consulting's Joy Seow, "Many companies are trying their best to adapt to the new hiring landscape and the demands of the candidates. It is a fine balance to ensure that the business thrives while maintaining a high quality of candidate acquisition experience."

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What solutions do recruitment partners offer?

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If you've made the right choice, a recruitment partner with an extensive network can swiftly navigate untapped markets. They possess market credibility and hiring speed, which, frankly, makes or breaks it in modern recruitment.

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The benefits of such a partnership include:

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High Reliability

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Since you can opt for the recruitment partner to act as the principal employer, they assume the legal responsibility of the onboarded candidates. Recruitment partners can enable organizations to spend more time on conversations with their candidates than administrative work. They cover the pre-requisite costs, scheduling, background verification, and analytics. This exempts businesses from non-value-added hiring activities and integrates easy payroll solutions.

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Additionally, recruitment agencies have access to a growing database of jobseekers and can enhance access to talent with Managed Service Programming (MSP). They can manage vendor relationships through MSP and provide market & technology expertise while you focus on growing your business.

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Speedy Hiring

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"Companies need to do away with inefficient and tedious recruitment processes, or they risk losing good candidates to companies that work quicker, smarter, and are more attuned to market trends," says Victor Leong, Talent Acquisition Specialist, Currencycloud.

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Handling business-as-usual and project work while managing the additional responsibilities of talent acquisition can result in:

a) Consumption of excessive time

b) Slowing down the process

c) Causing compliance errors.

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These scenarios can put a high cost on your finances and team morale. Bringing in recruitment partners can help skip sourcing, screening, scheduling, and document verification and introduce you directly to those who are a good fit. For instance, you can save an average of 13 hours per week by partnering with WOLVES Solutions.

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Cost-Effectiveness

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“If you think it’s expensive to hire a professional, wait until you hire an amateur.”

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The decision to hire a hiring firm has immense value. The opportunity cost of selecting the wrong candidate surpasses the initial discomfort in relearning talent acquisition strategies.

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Recruitment partners save you the money needed to keep a position open for long and the time spent fighting a talent war without the best weapons. Hiring a developer from Wolves Talent is almost three times cheaper than in-house hiring for the same role.

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High Flexibility

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Most companies are constantly scaling up or down due to market fluctuations. Using Recruitment Process Outsourcing (RPO) allows for flexibility by building the agility to onboard and offboard employees per your needs.

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A fluid workforce can comprise tailor-made and flexible work arrangements — part-time workers, full-time employees, freelancers, or independent contractors. Companies can experience around-the-clock access to hiring experts — from hassle-free employee engagement to reduced sunk costs, recruitment partners can take care of it all.

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Inclusion of Passive Candidates

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If recruitment were limited to only active candidates, one might assume that people are always on the lookout. However, they might not be the right people for your organization. Successful firms, such as Rayner Personnel, acknowledge that passive candidates are a rich and latent market and can be unearthed with focused interactions and relationship building.

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Since their database for passive candidates is extensive, recruitment partners can fill open positions with a compact and qualified applicant pool and increase the hiring yield. They understand the dynamics of hiring a passive candidate compared to an active candidate, who only forms 25 percent of the talent

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The Way Forward

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“Businesses have never done as much hiring as they do today. They’ve never spent as much money doing it. And they’ve never done a worse job of it.” -Peter Cappelli, Harvard Business Review

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Modern businesses must understand whether they face huge talent gaps due to internal problems or a new project ramp-up. Regardless of their size, they must reevaluate their perspective on attracting and retaining niche talent. Once they have a hiring vision, recruitment partners can figure out the details. Building a solid partnership with your recruitment partner will require clear communication, continuous feedback, and mutual respect. But it will make your work easier, faster, and more fulfilling.

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