Implementing Effective Recruitment Process Outsourcing for Long-Term Partner Showed Significant Cost Savings and Lower Attrition
The Client
The client is a research-based company that has become widely known for its early success with the fourth most profitable product launch in industry history.
The Challenge
The company started out focusing on developing concepts that were later marketed by larger companies. However, after the commercial success of two of its products, the company decided to self-market its portfolio. The company sought out PrincetonOne’s Recruitment Process Outsourcing (RPO) services to help it make the growth adjustment. This was the start of what has become a long-term partnership between the client and PrincetonOne.
The Solution
Since 1998, PrincetonOne has managed the client’s ongoing attrition and has worked on a number of RPO projects that has grown the company from 50 individuals to just fewer than 2,000. PrincetonOne has accomplished this by working closely with the company’s executives and management to determine exactly the types of candidates needed in order to meet the company’s strategic goals.
PrincetonOne developed a talent acquisition plan that served as a solution for staffing challenges that was imperative to take the company’s profits and visibility to the next level.
Throughout the partnership, PrincetonOne has placed candidates in a variety of positions and continues to consistently track those candidates that eventually became top performing employees. This helped build a cultural and competency profile that future candidates were measured against, to ensure that only the best candidates received interviews. PrincetonOne also developed, implemented and managed a customized communications strategy that kept candidates interested during a time when there was an unanticipated delay.
Measurable Results
As with any major project, PrincetonOne faced some initial challenges. During one program, the client needed to fill 309 positions within nine weeks, with a goal to have offers ready for 85 percent of the positions by the end of the allotted time. The project started two weeks late and 200 location changes occurred within the first two weeks. Despite these circumstances, PrincetonOne was still able to fill 99 percent of the acquisitions, compared to an industry average of 80 percent, and the project also finished two weeks earlier than planned. Finding superior candidates who would stay with the company long-term was extremely important to the client, especially since experts estimate that the average cost of replacing an employee is one and a half times the worker’s salary. If the right candidates were not placed, it could have resulted in higher turnover rates and a multi-million dollar loss.
The interview to offer ratio has been consistently low for all projects, compared to an industry average of 7 to 1. When PrincetonOne worked with the client on one project, over half of the positions had two or more offers that went out to candidates, which demonstrates the quality of talent that was provided to the client.
The graphs below highlight two of the many RPO projects PrincetonOne has successfully completed for the client.
Expansion 1 – 808 Positions
| • | Candidates screened: 71,512 |
| • | Candidates assessed: 15,900 |
| • | Fill rate at launch: 99% |
| • | Interview to offer ratio: 2 to 1 |
Expansion 2 – 60 Positions
| • | Candidates screened: 10,817 |
| • | Candidates assessed: 1,320 |
| • | Fill rate at launch: 103% |
| • | Interview to offer ratio: 4 to 1 |
A Long-Term Solution
PrincetonOne has helped decrease the client’s recruiting costs by 49 percent since 2002 and has continued to provide dedicated new hires. In addition to providing significant cost reductions, PrincetonOne has served as a liaison between the company’s human resources and internal departments to ensure balance between all of the areas, and has also acted as a third party consultant to impart outside expertise on a variety of issues.
For further information, please contact:
Ryan Hoffman
Director of Business Development, PrincetonOne HirePursuit
(317) 352-3111
Ryan.Hoffman@PrincetonOne.com
Executive Search | Recruitment Process Outsourcing | Contract Staffing | College Recruiting | Site Map
This site is optimized for 1024x768 resolution and Internet Explorer.
Copyright © 2010 PrincetonOne