Let’s start with the good news: you now have more tools and channels than ever before to hire top talent. And, certainly, using digital recruiting to locate, attract, and hire staff is a terrific idea. It’s quantifiable, immediate, and scalable. The question is, how can you get the most bang for your buck with your recruitment budget?
Knowing the ROI for the same strategies you employ can help you manage your resources and allocate time and money to the most effective recruitment initiatives. It gives you the information you need to make better investing decisions. When done correctly, ROI allows you to accomplish more with less.
There are numerous metrics to look after, Let’s talk about Cost and Time.
Calculating how much you spend on each hiring is the simplest approach to evaluate return on investment for your tech recruiting. What are the costs associated with the overall talent acquisition process? Is it possible to transition to a new tool that is less resource-intensive without sacrificing performance? What percentage of your budget do you spend on recruiting marketing?
Tracking the cost per hire allows you to see where you’re spending more money than you should, how to cut costs, and where you can put that money to better use.
The time to fill metric includes everything from posting a new job opening to employing a candidate for that position. From sourcing to recruiting marketing to screening to interviewing, the process takes time. Every recruiter’s goal is to decrease the time it takes to fill a position as much as possible, but this is becoming increasingly challenging when it comes to technical expertise.
You’ll need to do skills evaluations in addition to the standard sourcing and interviewing procedures, which will simply add to the time it takes to hire. It’s time to streamline your hiring methods if this area needs to be improved. Reduce the number of interview phases by using a skills assessment instead of a phone interview to evaluate your prospect.
This recruitment statistic is critical for determining whether a newly hired applicant is a good fit or not. Improving the quality of the source from which you’re hiring immediately affects the candidate quality.
Majority of job seekers reject a job offer because of a bad candidate experience.
a new hire will take at least a year to settle in and start delivering their best work. First-year attrition is caused by unclear expectations and inadequate performance.
The percentage of candidates who have received a formal job offer letter from your company is known as the offer acceptance rate (OAR). This metric should be heavily relied upon as a sign of a recruiter’s competence.
The amount of people who complete your application form is another key measure to keep track of. According to a CareerBuilder poll, low application completion rates suggest that people abandon applications halfway through because they are too long, tedious, or confusing.
The tech business already has a high attrition rate, and the costs of incompetent hires have skyrocketed. It can’t afford any more delays caused by hiring blunders.
Curious to know how much time and money you spend on recruiting?
Our ROI tool calculates the potential cost and time you spend for your remote hiring and recruitment automation needs.
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