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Beyond Cost Savings: How RPO Empowers Payments Companies to Win the Talent War

Following our recent announcement that Boku has selected PaymentGenes Recruitment to deliver their Recruitment Process Outsourcing (RPO) services, we've received several inquiries about the true value of RPO beyond cost savings. While cost reduction is certainly a potential benefit, the real power of RPO lies in its ability to transform a company's entire recruitment strategy, especially within the dynamic and talent-hungry world of Payments.

As mobile wallets, digital payments, and financial inclusion initiatives gain traction globally, Payments companies are scrambling to attract and retain the top talent needed to fuel their success. However, securing the right talent pool in this competitive landscape presents a unique set of challenges.

The Payments Talent Conundrum

Payments companies require a blend of specialised skill sets that can be difficult to find. They need individuals with expertise in areas like cybersecurity, blockchain technology, mobile development, and financial regulations. Additionally, the industry is known for its fast-paced environment, demanding a workforce that is adaptable, innovative, and constantly learning.

In this competitive talent market, traditional recruitment methods often fall short. Internal HR teams may lack the bandwidth, expertise or reach to source top talent from a global pool. Additionally, employer branding efforts might struggle to resonate with a highly sought-after candidate pool.

Enter RPO: A Transformative Solution

Recruitment Process Outsourcing (RPO) offers a powerful solution for Payments companies seeking to overcome these talent acquisition hurdles. While cost reduction is often cited as a benefit of RPO, its true value lies in its ability to transform a company's entire recruitment strategy.

Here's how RPO goes beyond cost savings to empower Payments companies:

  • Enhanced Candidate Experience: RPO providers specialise in developing a seamless and positive candidate journey, from initial outreach to onboarding. This not only improves the employer brand but also attracts and retains top talent throughout the process, reducing the risk of preferred candidates dropping out for other opportunities.
  • Global Reach and Expertise: RPO partners have established networks of experienced sourcing professionals and recruiters across the globe, allowing them to tap into a wider pool of qualified candidates, regardless of location. This includes passive candidates, a crucial talent pool for finding individuals with niche skill sets in the Payments space.
  • Employer Branding Strategy: RPO providers can help Payments companies develop a compelling employer brand narrative that resonates with their target talent pool. This includes developing targeted outreach strategies and engaging content that showcases the company's unique culture and career opportunities.
  • Industry-Specific Recruitment Strategies: RPO partners with deep industry knowledge can tailor recruitment strategies to the specific needs of the Payments sector. This includes understanding the latest talent trends, utilising relevant recruitment channels, and implementing effective interview processes.
  • Reducing Employee Attrition: One of the less obvious but highly impactful benefits of RPO is its role in reducing employee attrition. RPO providers embed themselves into your company so they have a much deeper understanding of your job requirements, cultural fit and skills required - resulting in better matches. 

Far from replacing a company's HR team, a successful RPO partnership thrives on seamless integration. RPO providers act as an extension of your HR department, collaborating on strategy, candidate evaluation, and the overall recruitment experience. This frees up valuable internal HR resources to focus on core functions like employee relations and talent development. 

Additionally, the RPO team brings specialised expertise in recruitment best practices, sourcing techniques and candidate evaluation and onboarding, providing valuable insights that enhance the overall recruitment strategy. This collaborative approach helps reduce the cost of hire, time to hire and delivers a unified employer brand experience, all while reducing the burden on your internal HR team.

Moreover, RPO’s comprehensive onboarding processes ensure that new hires are well-integrated into the company culture and operations from day one, enhancing employee engagement and retention.

The Future of RPO in Payments

As the Payments industry continues to evolve, so too will the role of RPO. Providers are already leveraging advanced technologies like AI, automation, and data analytics to further streamline and enhance the recruitment process, identifying the best possible talent fit. Continual innovation is now the norm, with a strong focus on enhancing the candidate experience through personalised and timely communications. 

Additionally, RPO partners will likely play a more strategic role in employer branding, talent management, and diversity, equity, and inclusion (DEI) initiatives. They will help Payments companies not only attract top talent but also develop and retain them for the long term, adapting to remote and hybrid work models and ensuring compliance with evolving regulations. The integration of RPO solutions with broader HR technology ecosystems will further improve efficiency and collaboration, making RPO providers essential strategic partners in the dynamic recruitment landscape.

As you can see, by embracing RPO as a strategic partner, Payments companies can unlock the transformative power of a world-class talent acquisition strategy. This will be instrumental in securing the skilled workforce needed to navigate the competitive landscape, drive innovation, and achieve sustained growth in the years to come.

If you would like to learn more about RPO services, please get in contact with our team.

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