We know trends come as quickly as they go – they are not tangible and leave no real result. There is no guarantee that the trends making the headlines today will still be as effective when the winds blow, or the tides turn.
But strategies are foundational.
Strategies hold structures. They allow us to build and leave room for us to dismantle and restructure as we go. And that’s why companies with an improved hiring strategy enjoy better recruitment ROI and are at the forefront of the industry bandwagon.
Determining your company’s recruitment ROI involves working with a practical – tried & tested – hiring strategy. But improving your company’s recruitment ROI requires the technical know-how to integrate hiring trends in line with shifting tides; or better still, the assistance of a top recruitment agency in India.
So, before you start posting your job ads all over the place trying to spare your company the $500 expense it incurs each day it leaves a position vacant, you might want to take a step back and reimagine the time-cost tradeoff optimization of making a wrong hire.
In the meantime, let’s look at the defining values behind an effective hiring strategy.
Job ads ROI
Steve Jobs once said, ‘if you define the problem correctly, you almost have the solution.’ And today, Apple is valued at $2.08 Trillion.
Let’s go with a slight rephrase ‘if you define the position correctly, you almost have the right candidate.’
The way you define your recruitment ads says a lot about your potential return on investment. Whether a specific candidate will benefit your bottom line or negatively impact it is primarily influenced by how your ad defines the position and the time/cost of screening thousands of irrelevant CVs.
Firms skilled at recruiting top talents, know how to put out ads that do the heavy lifting. These recruitment ads are direct, employee-centric, culturally sound and somehow, are intuitively found by candidates with the required expertise.
But surprisingly, very few firms dare to include job ad ROI in their recruitment metrics, mainly because it’s pretty hard to translate into monetary figures. That’s no excuse! You get a bang for your bucks by calculating the expense of creating a well-defined job ad and including the cost in your overall recruitment ROI.
What are the metrics saying?
You can use a well-defined job ad to keep experienced candidates knocking. But you need active and well-optimized recruitment metrics to know who is worth opening the door to.
Recruitment metrics comprise; the time to hire, cost per hire, quality of hire, and candidate experience. What a fully optimized recruitment metric does is quantify your ROI. That means;
- It helps you incorporate estimable data,
- Calculate the anticipated cost and benefit for each position,
- Gives you a profound assessment of where your business is at; and
- Help you make effective use of your recruitment budget.
However, while your recruitment metrics are vital to determining recruitment ROI, these metrics in themselves do not make a recruitment strategy. But tactical use of the data supports a deluge of intelligent decisions.
Recruiters or hiring managers with the correct data at their disposal don’t need to base their hiring decision on intuition or unfiltered ideas because they’ve got a toolbox to work with.
Onboarding
You might have all the data ready in hand, weigh as many elements as possible, and tell yourself in confidence that you’ve finally nailed it – I will hire a great employee.
But if you’ve heard this famous Les Brown quote, ”you don’t have to be great to get started, but you have to get started to be great’‘, then you will know that hiring is one part of the divide; onboarding is another.
There is an expensive time gap between hiring an employee and getting them up to speed. Factors that will influence your hiring strategy and overall recruitment ROI when onboarding new employees include;
- Cost and time for training,
- Assistance from existing staff,
- Time to become a cultural fit; and
- effect on overall productivity.
Calculating direct onboarding cost {training} is manageable and measurable. But getting an estimable grip of factors like assistance from existing staff and effect on overall productivity is key to creating a hiring strategy that tickles your pickle and doubles your recruitment ROI.
Now that you know the defining values you need to determine recruitment ROI and improve hiring strategy, let’s look at a few steps to improve your recruitment ROI.
Get everyone invested in hiring
Gone are the days when hiring decisions were solely made by board members or hiring managers. And that’s because, nowadays, company culture and brand identity are everything.
Hiring managers play very subtle roles in the everyday affairs of your enterprise – they’ve little idea of what it’s like to keep the company afloat daily. So, getting everyone invested in hiring is a sure-fire way to improve recruitment ROI.
But wait! How do we get everyone invested in hiring? Do we make every employee sit at the hiring table and ask them to air their decision about every candidate taking an interview? Nope, not that!
48% of businesses say their top-quality hires come from employee referrals.
When we say hiring is something every employee needs to be actively invested in, we mean you should learn to leverage employee referrals and recommendations.
Automate manual tasks and embrace data-driven procedures
Back in the days – before COVID – hiring managers celebrated mundane manual tasks like screening resumes and scheduling interviews – enjoying exuberant fees and selecting candidates based on intuition and personal preference. Not anymore!
With the rise of remote hiring and the introduction of artificial intelligence and automation to the hiring process, HR’s job description now revolves around building meaningful relationships and integrating candidate-friendly hiring procedures – leaving the repetitive tasks for the machines.
Automating manual processes and embracing data-driven procedures allows you to define and describe your company culture clearly, track, measure, and evaluate candidate’s data, and supports periodical review & update of hiring strategies.
In essence, when you think of the hiring process as a means of building bridges and establishing meaningful relationships, you easily make unbiased, well-informed decisions, thereby improving your recruitment ROI.
Work with a top recruitment agency in India.
Working with a recruitment agency is not a hiring strategy most firms, especially small enterprises, will want to embrace with both arms mainly because recruitment agencies are expensive and might leave little room for an in-house employee to partake in the recruitment process.
However, COVID 19 changed almost everything about the workplace. Working from home is now the new normal. And with this new normal, candidates and interviewer relationships are booming in their own right.
Candidates no longer need to travel thousands of miles to attend job interviews – a clear webcam, nice internet, and a warm background can win them the job. And for employees, a job change doesn’t mean they’ve to resign or take a day off from their current job – virtual interviews have taken over.
This is a fast-paced change very few companies possess the HR tools or knowledgeable hiring managers to implement.
In other words, it would benefit your bottom line to drop any biased notion you have against recruitment firms and instead, find a top recruitment agency in India;
- Skilled in keeping candidates engaged and interested,
- Equipped with the strategic insight needed to increase your recruitment ROI; and
- Customer-centric enough to offer recruitment services in line with your budget.
The pandemic experience made us rethink everything. COVID changed how employees dress, redefined how we work, dictated how we communicate, and, in some ways, helped companies value the things that truly matter. There are many futuristic working trends post covid.
Recruitment is not a backdoor company activity you take up alone at no extra cost. It’s one of the few investments that genuinely matters.
So, if you want to improve your hiring strategy and enjoy an accurately measured recruitment ROI, we recommend you work with a top recruitment agency in India.
