Controlling costs is essential for any successful business. It can be difficult to calculate the return on investment (ROI) of each aspect of your company.
Recruiting is one area that can have an unclear ROI. How much time and money are you putting into recruiting, and are your efforts worthwhile?
Read on to learn how recruiting software from Top Echelon can help you maximize your recruiting ROI.
Determine Current ROI
The first step in learning this is to determine the ROI of your current recruiting efforts. Nurturing a job candidate through the hiring process can include the following cost factors:
- Fees for promoting the position on job boards
- Searching for candidates
- Interviewing candidates
- Finalizing the onboarding process
This ROI can be calculated in terms of how many hours are spent on these tasks, as well as how many days it takes to fill the position.
Applicant Tracking Can Reduce Costs
Using an Applicant Tracking System (ATS) can reduce your company’s costs and increase its ROI for the recruiting process. Just having all of the candidates organized and located in one place will save countless hours of work.
An ATS can also make communications more efficient through the use of email templates. Your overall production can increase when an efficient software system does the heavy lifting, allowing you to focus your people skills on finding the ideal job candidate.
When calculating ROI, don’t forget the positive value of hiring a great job candidate. The new hire will make all of your workers more productive by reducing their workloads and performing tasks efficiently.
When people feel like they are doing their own work, rather than working for two or three people, your business becomes a better place to work. This can bring even more quality candidates to your door.
If your company has been spending thousands of dollars annually to hire using an outside recruiting firm, an ATS could begin paying for itself immediately. By the same token, your business will not suffer the negative ROI of making a bad hire or no hire at all.
Making quality hires will reduce turnover and the need to spend money on continually recruiting new employees.
Use Applicant Tracking Data
Once you have implemented your ATS, it will produce data that you can use to become even more efficient. Simply knowing how long it takes to place a candidate can be helpful in finding ways of becoming more efficient.
Another important piece of data is knowing the most plentiful sources of quality candidates. By concentrating on these sources and reducing efforts toward those that have seen little success, you can get better results at a lower cost.
Top Echelon Recruiting Software
Top Echelon has an industry-leading Applicant Tracking System that has everything you need to secure a better recruiting ROI. You will find it easy to incorporate the new software and use its intuitive features.
Contact Top Echelon to put the power of ATS to work for you.