Finding and hiring top IT talent can be difficult. In fact, according to an annual survey conducted by The Conference Board, "regardless of a company's location or size, attracting and retaining top talent acquisition ranks as the number-one internal stressor for CEOs and other C-Suite executives globally in 2020".
Additionally, it can be difficult for talent acquisition teams to evaluate their hiring efforts. It affects their ability to build a solid business case and get the needed resources.
In this article, we'll outline several ways for WordPress, and IT teams to measure their recruiting success.
What is ROI in Recruitment?
Return On Investment (ROI) is a performance metric used in recruitment that measures an employee's productivity and profitability. Recruitment ROI compares the cost to the recruiter of hiring and keeping a particular person to the worth of that employee to the company.
4 Ways to Measure The ROI of your Recruitment Process
Now that you have learned what ROI in recruitment software means let's look at 4 KPIs that help measure your recruitment ROI.
Time to hire
On average, Recruiters spend about two-thirds of their total hiring time on the interviewing process. Moreover, every day that a position is open costs money, whether it's running job ads or losing productivity by not having enough team members.
Knowing your average time to hire will allow you to compare it to your sector and company size averages. It can help you identify potential problems affecting your recruitment costs or show whether your recruiting software is generating ROI.
Diversity metrics
It can be tracked through your progress in recruiting, such as ensuring a percentage of your pipeline is filled with people of color (POC) or making sure specific roles where minorities are underrepresented are filled with diverse hires.
Setting diversity goals is simple, but it can be challenging to determine whether or not you are succeeding without measuring them. By monitoring these indicators, you can assess how well your recruiting software sources a variety of prospects and make any necessary adjustments to your hiring procedure.
If current recruitment software isn't assisting you in considering the diversity of your personnel, you might want to add some new technology.
Candidate satisfaction
Since 60% of job applicants say they had a bad candidate experience, applicant satisfaction is a crucial indicator to track. It may have a detrimental domino effect and discourage potential candidates (and their networks) from applying to future available opportunities.
Additionally, it immediately affects the quality of your hires, which is a data point you may develop in collaboration with HR. Measuring how applicants feel about their experience with you is the best way to ensure that everyone interacting with your brand has a positive opinion.
Cost per hire
It is the typical amount of money spent to fill a position. This statistic is helpful to monitor because it influences your budget for hiring new employees and lets you assess your spending patterns over time. Your cost per hire also accounts for the money you save by not utilizing search firms or outside recruiters, thanks to your recruiting software.
Conclusion
Business leaders around the world are constantly thinking about how to attract and keep outstanding personnel. In this booklet, we've shown you a few techniques that may be used to demonstrate the business value of your team and, as a result, earn you the funding you need to succeed moving forward. It's your time now.
Utilize your ROI to assess the effectiveness of various sources and vendors, manage your money efficiently, and change the mindset of your team from one that views itself as a cost center to one that views itself as a revenue engine. Calculate your winnings now!
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