In preparation for 2010, many of today’s leading solution providers are not only enhancing their talent management technology but also investing heavily in the services they offer customers. Why? Customers want more and with hundreds of providers to choose from, they no longer have to sacrifice one for the other.
Regeneron is an example of a company that is adopting both technology solutions and services from one provider, Kenexa, in order to lower recruitment costs, identify quality candidates and strengthen employer branding. As a result, they have noticed significant results including reducing cost per hire by 30-40%, higher quality candidates, and increase employee engagement and morale.
Although widely recognized as a leading talent management technology provider, Kenexa’s strong commitment to services such as Recruitment Process Outsourcing often goes ignored. They are not alone. RPO is one of the most misunderstood areas of talent acquisition today. Without any industry standards around pricing or practices, many organizations are hesitant to invest in end-to-end RPO and equally confused about what RPO actually includes. For this reason alone, establishing a trusted partnership with a solution provider is paramount.
Regeneron found this partnership and cultural understanding in Kenexa. They have even asked the provider to create the art work in their offices and help them define their five key attributes (“Five things to know before you say ‘yes’”):
1. Science drives our business and passion drives our science;
2. We are a select team;
3. You will be challenged everyday;
4. “That’s the way we have always done it,” is the wrong answer;
5. We won’t let bureaucracy block good ideas
What are some of the Lessons Learned and Best Practices that might help your organization?
• Scalability-as a fast-growing biotechnology firm, Regeneron has experienced sporadic hiring over the past few years. Although they plan to hire 50% more employees in 2010, they need a provider that will work with them through both strong and weak hiring cycles.
• Employer Branding– One challenge for any growing firm, is maintaining a clear internal and external message about branding. As Regeneron began to embrace change, they were able to leverage Kenexa’s help for creating a recruitment strategy, recruitment ads, and a corporate career site. Kenexa’s employer branding archetypes also resonated with the company and helped them create transparency around the company culture and their entrepreneurial spirit.
• Cultural Fit– Although it may sound superfluous, establishing the right cultural fit with your solution provider is one of the most critical components of a trusted partnership. Regeneron identified with Kenexa’s customer-focused and relationship-driven culture.
In today’s competitive market, solution providers need to take it one step further by building a relationship with their customers; not simply selling a product or service. We will be covering this topic in-depth in our upcoming RPO report.