With businesses often hiring multiple roles, lost revenue can soon add up.
It takes on average 42 days to fill an empty position, more if you’re hiring for a senior role. From the point of candidate acceptance, it is thought that getting a new hire up to optimum productivity will take a further 28 weeks. Some reports even put the cost of training, temporary staff, recruitment and onboarding at a potential £30,000 per role. With businesses often hiring for multiple roles at any one time, it is clear to see how lost revenue can soon begin to add up.
An effective recruiting software solution can on average reduce administration workload by as much as 30%. The increasing number of businesses who are implement recruitment software solutions see a direct saving from reduced external supplier costs. With justifiable ROI, increasingly businesses are turning towards recruitment technology as a digital solution that dramatically decreases hiring time, expenditure and minimises productivity loss.
But what is Recruitment Technology?
At its most basic level, software solutions provide applicant data storage (i.e. capturing basic information). They also track what stage of the process a candidate is in, allowing you to monitor progress and get them through the process as fast as possible.
The technology can offer an automated solution that allows your business to streamline the recruitment process at a time of when candidate experience is crucial.
And what are the strategic benefits of investing in a recruitment software solution?
Businesses put great resource into marketing and brand image, however in many instances fall short when it comes to recognising recruitment and onboarding strategy and its service to the brand. Your recruitment process is the first point of contact prospective employees have with your business. With organisations often chasing small groups of qualified individuals, it can be most appealing factor to distinguish you from your competition.
Prospective hires now look for strong and reliable brands that look after employees as a standard expectation. A 2017 career builder survey found that nearly four in five surveyed candidates view their overall recruitment experience as a key indicator of how a business values its employees.
For businesses where these demands are not met, expect prospective candidates, unsuccessful applicants and even new hires to be vocal about their experiences. Platforms like Glassdoor, Twitter and LinkedIn mean that visibility of business recruitment processes have never been higher and competition is subsequently fiercer than even a decade ago.
Through recruitment software solutions, businesses are able to present their efficiencies from the outset in a crowded marketplace. The subsequent benefits of these are clear in brand reputation and increasing the likelihood of obtaining the strongest candidates.
A 2014 CandE report found that 88% of job seekers are more likely to buy from a company that provided a positive experience, irrespective of success. While half of that percentage would tell their social connections about this good experience.
Similarly 97% of surveyed candidates who were happy with their findings would refer others to the business and 95% of unsuccessful candidates stated they would re-apply if the opportunity arose.
So building a better brand today through candidate experience will pay dividends tomorrow with an expanded candidate pool (especially in areas of specialist talent).
The operational benefits of investing in a recruitment software solution.
One of the most obvious operational benefits of recruitment technology is reporting functionality. Gain insight and metrics on factors like time to hire, cost per hire, applicants per opening and first year attrition rate.
Software allows HR teams to more easily justify ROI, track spending, identify roles with high attrition and identify where delays in processes occur.
Businesses who implement software solutions in recruitment are also able to see clear ROI in terms of savings directly on their bottom line. Reduced HR workload, minimised physical advertising costs (in some cases to 25% of the previous level) and reduced agency costs by displacing external suppliers.
Savings can also be generated through faster hiring time, ultimately by up to 20%. This mitigates productivity loss by getting new hires through your recruitment process faster.
As an automated solution, it can decrease the risk of losing strong candidates with complex and lengthy application procedures. For example, many solutions are now capable of integrating social media. This allows candidates to quickly provide the required information, without losing excitement or interest over the job proposal and ensures your business still gains essential candidate information.
A reliable software solution also maintains productivity, through connected onboarding. From the recruitment platform successful candidates can self-serve, entering necessary details or uploading required documents before their start date. Taking admin away from your team and decreasing the likelihood of incorrect new hire set up. It also helps new hires to invest in and familiarise themselves with your culture and their team, setting them up to make a contribution to success even faster.
In reducing administration, hiring mangers are also able to take more time and make better informed decisions on which candidates to choose. Simplification of the hiring process, means that time gained from reduced admin can be used more efficiently.
For example managers can invest more time in screening of accepted applicants through data backed decisions or focus on other HR matters like employee retention.
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