Situation:
In the competitive world of payments solutions, attracting and retaining top talent is crucial for success. Companies often rely on traditional recruitment agencies to find and hire the best candidates, which can be both costly and time-consuming. However, the subject company, a leading payments solutions provider, found a game-changing solution with Realtime Recruitment’s Talent as a Service (TaaS) product. This case study explores the remarkable success story of this undisclosed company that reduced its recruitment agency spend from over $500,000 per year for 12 hires to just $180,000 per year for the same number of hires while benefiting from Realtime Recruitment’s innovative TaaS offering.
The Challenge: Reducing Recruitment Costs without Sacrificing Quality
The subject company was facing the challenge of maintaining its high hiring standards while controlling the spiralling costs associated with traditional contingent recruitment. Prior to adopting Realtime Recruitment’s TaaS model, they were spending well over half a million dollars each year to hire 12 professionals, which put a significant strain on their budget. The CFO intervened and asked the TA team to get the agency spend down.
The Solution: Talent as a Service (TaaS)
Realtime Recruitment’s TaaS product presented an enticing alternative to the traditional contingent model. The pricing structure included 12 hiring credits per year for $15,000 per month across a 12-month contract. In addition to cost savings, the TaaS offering provided a wide range of value-added services, such as free video screening, a customized talent dashboard, a fully funded digital marketing campaign, free advertising on all major job boards, a dedicated account manager, and access to Learning and Development services to upskill their team. Shifting to a TaaS solution results in hiring the right people, who will stay with your business for years and add value!
The Results: A Realtime Winning Proposition
The subject company’s transition to Realtime Recruitment’s TaaS product was an unmitigated success. Here are the key benefits they are continuing to enjoy:
- Significant Cost Savings: By shifting to the TaaS model, the company has reduced its annual recruitment agency spend from over $500,000 to just $180,000 while still maintaining the same number of hires. This translated to a remarkable 64% cost reduction, allowing the company to allocate more resources to other critical business areas at a time when budget pressures have never been greater!
- Streamlined Hiring Process: The TaaS model’s integrated features and customized talent dashboard streamlined the hiring process. Video screening and Learning and Development services provided a more comprehensive understanding of potential candidates, ensuring that only the most suitable individuals progressed to the interview stage.
- Enhanced Recruitment Services: With a dedicated account manager, the subject company benefited from a personalized recruitment experience. The account manager understood the company’s unique requirements, offering tailored solutions that aligned with their specific hiring needs while still delivering the highest standards of customer service.
- Improved Candidate Quality: By leveraging a fully funded digital marketing campaign, the undisclosed company reached a broader pool of top-tier candidates. The result was a higher calibre of applicants, leading to improved hiring outcomes and employee retention.
- Upskilling Opportunities: Access to Learning and Development services via Realtime’s on staff L&D personnel enabled the subject company to continually enhance the skills and expertise of their existing team, promoting long-term growth and innovation within the organization. TaaS has provided the company with a holistic approach to hiring, empowering the company to attract, retain and upskill team members.
Conclusion
The success of the subject company’s experience with Realtime Recruitment’s Talent as a Service (TaaS) product underscores the transformative impact of this innovative recruitment solution. By shifting from the traditional contingent model to TaaS, the subject company not only achieved significant cost savings but also gained access to a range of high-value services that improved the quality of their hires and the overall recruitment process.
In today’s competitive talent market, businesses can no longer afford to rely solely on traditional recruitment agencies. Realtime Recruitment’s TaaS offering offers a compelling alternative that combines cost-efficiency, enhanced recruitment services, and continuous upskilling opportunities for existing teams. The undisclosed company’s success story is a testament to the value of TaaS in redefining the recruitment landscape, making it accessible and cost-effective without compromising on quality. Realtime Recruitment’s TaaS is not just a recruitment service; it’s a strategic partnership that empowers businesses to achieve their hiring goals while maintaining a competitive edge in their industry.
Get in Touch
To learn more about this product offering, simply email [email protected] or call (781) 583-3625 to speak with a member of the team!
