When your company is working on its recruitment, it’s crucial to keep an eye on your Return On Investment (ROI) during the hiring process. You want to make sure that you are maximizing your recruitment efforts and can easily point to the impact of your team's work. Here are a few things you can do to improve your recruitment ROI and increase efficiency.
1. Determine Clear Candidate Requirements
Start by setting clear requirements for the position. Take a look at what your company needs. Do you want someone with ample experience, or would you rather have someone that is more new to the field with fresh ideas? When you have a clear outline you have a better chance of finding the candidate who fits your needs and ensuring they have a great candidate experience.
2. Find the Best Advertising Channels
When you have an idea of the type of candidate you need, you can take a look at how to advertise your job opening. This is a chance to increase your candidate pipeline and find niche job boards. You don’t want to waste your time and money on advertising to people that would not have an interest in your field. Think of your job opportunity as a product that has to be sold to the right demographic. You wouldn’t attempt to sell a brand new car to a high school student, but you would target ads to upper-middle-class suburban parents. Finding the right audience is essential.
It’s common to find applicants on social media. Many social media sites let you purchase ads and can target certain demographics, or you can spread the word organically. Social media marketing is the primary way to recruit Generation Z, as 48% of Generation Z is influenced by a brand's social media presence.
3. Use a Data-Driven Approach
Analyze your data to see which gaps you need to fill, and prioritize the right Key Performance Indicators (KPIs) for your company. Start with the conversion rate on your job posting to see how many visitors translate to applicants.
Determine which KPI’s will benefit your recruitment process, such as improving an applicant’s experience on a mobile device, or updating the application to encourage people to complete it. This can be one way to ensure you are providing a great candidate experience. These may seem like small changes, but they can make a huge difference if they bring the right candidates to you.
4. Reduce Bias
Everyone has their own predetermined biases that creep into visual interviews. Though inevitable, these biases can hinder the recruitment process if there aren’t plans and tools in place to mitigate them. Reduce bias by conducting structured phone or written interviews first and providing a consistent experience for each candidate to level the playing field.
5. Decrease Cost Per Hire
Hiring can take a toll on your company's resources. Gathering resumes and negotiating offers can be a lot for your team to manage, taking away vital time and money that could be used elsewhere. One way to save money with each hire is to outsource the recruiting process. Recruiters have an efficient process of hiring and have resources specifically made for finding the ideal candidate. This can save you money and improve your ROI in the long term.
6. Use Automation
Automating your processes improves your candidate experience by limiting the time they’re waiting around anxiously for a response. Qualifi’s platform conducts the fastest interviews and can invite hundreds of candidates to an interview in minutes, easing candidate’s nerves with a faster response and flexibility to take the phone interview at a time that is convenient for them. A single recruiter can move hundreds or even thousands of candidates through a phone interview, and on top of that, get responses back in the same day. Find a way to automate your hiring process by taking away the repetition of asking the same interview questions and scheduling phone interviews that clog up your schedule.
7. Adopt Technologies to Boost Efficiency
Technology is evolving to make recruiting that much easier! Research tools that work with your ATS to save you headaches. While the thought of changing or adding a tool may be nerve-wrecking, we're confident you won't regret it!