Farming out for better yield
Farming out is a practice used in many countries. In some cases the landowner would choose to farm out his land to others so that they can cultivate the land for him and pay him the rent of the land. Today this term has become a legal term to indicate outsourcing. There are several reasons why a firm might choose to outsource their talent acquisition. There was time when outsourcing was merely done to cut costs. But now there is more than one reason and there are sure benefits to outsourcing.
1. Professionals find professionals
There are several areas in our life where we would want professional to handle our things, because we want quality. The same is true with finding the right candidates. Talent acquisition is not simply getting the post filled. Planning, searching and sourcing are some of the aspects of talent acquisition. Your in-house team must be good in many aspects, yet outsourcing the talent acquisition to professionals will ensure that you do not end up with a bunch of amateurs, but find those true professionals that would eventually increase your yield.
2. Let your partner maintain your farm while you build your house
Obviously there are many important things your staff needs to do other than expending all their efforts in time-consuming paper work. This is true especially if your staff is small. Outsourcing talent acquisitions will give you the needed time to build your strengths and skills that will contribute to the growth of your business. Whether your business is new or advanced, you can surely make use of the extra time for the betterment of your company. And so you can get things done quicker than you have planned. This ensures that your staff is unburdened. This also improves working relationships between your staff members. This in turn contributes to the growth of your company.
3. When you share the work you share the risk
People might gamble with money. But hiring a wrong candidate is not less a risk than gambling. With outsourcing talent acquisition, you get to share some part of that risk. You could ask them for a temporary hire and see for yourself if the candidate’s performance and ethics match your company’s requirements. If not, you could get them to look for someone more appropriate for the job at hand. This way you benefit from their planning. This surely will reduce your anxiety about a bad hire.
4. Provides you flexibility and quality
There are several reasons why you might need a variety of staff, not just full-time or part-time. There might be some on long vacations or maternity leave, or suffering from sickness or you might just need some candidates on a contract basis. Outsourcing talent acquisition ensures that you get exactly what you need. You don’t have to be stuck with many full-time or part-time workers when you need just someone on a contract basis. At the same time, the outsourced company ensures that the quality is not compromised. This way you find the flexibility you need with the desired quality of hire.
5. Save on package deal
Talent acquisition is not just one step. It is a package of several steps. Each step costs quite an bit. But when outsourced to the talent acquisition team, all those costs are put into a package deal. Therefore the cost comes down drastically. Since it relives your staff from talent acquisition your company again saves more on the hiring process.
Yes farming out the talent acquisition process has proved that it always yields better results.
I am an Entrepreneur and Angel Investor. Board Member of TiE SoCal Angels Fund, and CEO @ Optizm Global, the executive search firm. We are a Right Fit Recruitment & Placement Agency.
I’m the Co-Founder of “StartupSteroid” the platform to connect founders with investors.
I am also the President of TiE SoCal, a non-profit, global community welcoming entrepreneurs from all over the world. We believe in the power of ideas to change the face of entrepreneurship and growing business through our five pillars: Mentoring, networking, Education, Incubating, and Funding. Our presence is in 14 countries with 62 chapters, 15K members, and 3K Investors & Mentors
As an Angel Investor I look for Business Plan, Cashflow, Core Team, Board of Advisors, Secure IP, Quality Investors, Monetization Models, USP, Scalability, Strong Returns, Growth Market, and Board Role.