Ways to Determine the ROI of Recruitment Technology Investment
Every business needs to be successful and competitive but staffing success can take several forms. Use email automation and chat bot integration, you might save time in the sourcing process, or you might increase job page traffic by upping your demand gen operation. Even the introduction of new software or a new process that makes your recruiters happier and more efficient can also feel like a huge success.
And how do you plan to succeed? In order to help our customers navigate the open ecosystem of solutions offered by Bullhorn, we have developed a resourceful toolkit to help you solve that very problem. Use the toolkit here, or read on three ways to measure ROI.
- How many hours do you save?
Some of the most quantifiable and measurable ways of assessing success with a partner in the industry are to look at the hours you can save. This usually involves automating manual labor, so the staff can spend more time building relationships, prospecting clients, or making placements.
Until you prototype with such a solution, run some timed tests to decide how long it takes for a partner to execute tasks that you can automate. This will allow you to join a prototype with an accurate understanding of how much the solution would affect your company’s unique workflow.
Obviously many other types of marketplace partners will also help you save time. It could mean outsourcing a feature like marketing or it could mean reducing the ramp-up time while onboarding most recruiting professionals say it takes more than a month to get a new recruit to work. Remember how much time you actually spend, and how much time you can save, whatever your target.
- Does it boost the acceptance of your team product?
Stepping up the acceptance of your team’s product is one of the best ways to improve efficiency. Solutions that elevate the onboarding, training, and support of your team will help you to do more with what you have. Brand adoption strategies help you get the most out of your devices by keeping you thoroughly educated in all their functionality and features.
How can you measure the effectiveness of product adoption? Consider combining employee surveys and core performance metrics. Employee surveys help you ensure that the onboarding experience is useful and intuitive and performance metrics help you determine the impact on your bottom line.
- Does organizational success improve team performance?
Do you have an insight into the metrics of the last section mentioned? Data is one of the most valuable tools that you as a staffing company have. Many partners allow you to collect, evaluate, and visualize your data to help you understand your company better and how your teams are doing. We surveyed staffing professionals to find out their most useful measures of efficiency. Below are two of the highlights.
Among American staffing firms, for-hire made, the sweet spot appears to be offering three to four applicants. Forty-nine fall into that pool, compared to 30% who send four to five candidates and the highly productive companies that send only one or two candidates per employ.
Are you having insight into these metrics? Visibility into these metrics and much more will help you to make good business decisions. There’s always more to visibility than analytics. Proper alignment with your software and ATS is crucial to understanding your business success.
Essentially, the value you will get from a marketplace partner will depend heavily on the particular circumstances of your company. If you now have a good understanding of your market, you’ll be well placed to make the right decision for your company.
