return on investment corp
TRANSCRIPT
As with all business process improvement projects, a good ROI case needs to be presented. For most organizations, the ROI from the adoption of a good recruitment system isoverwhelming. It often provides quantifiable payback within 3 months.
When compiling the ROI, a common problem is the lack of hard information on the current hiring performance and costs, which of course is partially due to the fact that there is no system in place. For many CEOs/CFOs having the ability to measure performance is a key part of the justification for the adoption of a solution.
The majority of ROI cases contain two elements:
Quantifiable Benefits Unquantifiable Opportunity Costs
Usually the quantifiable benefits alone are enough to prove the value of the project. The others are a bonus. Each case only differs depending on how companies recruited their staff prior to the modern system, and the size of the organization
Quantifiable Benefits
Unquantifiable Opportunity Costs
Increasingly, both candidates and organizations value a more direct hiring model and a good recruitment platform is the way to successfully enable this. Direct hires through the corporate career portal and Employee Referral Programs alone can help large organizations achieve a reduction in agency fees by at least 20% per annum in the first 2 years.
Another area for cost saving is the avoidance of paying unnecessary agency fees. Due to the difficulty of tracking thousands of candidates, companies are occasionally paying agency fees for people that have in-fact already applied to them directly.
Agency Fees
Newspapers are the most expensive form of candidate sourcing second to agencies, especially major international publications. The cost effective options available with a recruitmentplatform can reduce or even eliminate this cost.
Newspaper Advertising
With a manual or semi-manual hiring process, corporate recruiters spend a significantproportion of their time on administration. This results in recruiting additional staff to meet hiring targets.
Recruiter Efficiency
The majority of hiring mistakes happen because stressed recruiters are always running short of time. A lengthy hiring process means that by the time an offer goes out, the best candidate has already found employment elsewhere. Calculating the full cost is difficult, so the minimum cost can be used.
Eliminate Hiring Mistakes
This may be enough to provide a good ROI, but of course the much of the real benefit is in the opportunity cost
For any queries or complimentary recruitment process evaluation, please contact:
Top recruiters are far more likely to be attracted to a company that has a proper automated hiring solution. There is a cost to losing good recruiters, and failing to attract goodreplacements.
Talent Pool Of Qualified Candidates
Real Time MIS
Improved Corporate Image & Career Brand
Employee referral programs offer significant savings on advertising and agency fees and provide better quality candidates who are likely to be retained for a longer period
Overall improvement in the quality of people hired and therefore additional businessproductivity
Reduction in the time to fill vacancies and therefore additional business productivity
NetEdge Computing Solutions Pvt Ltd.
www.resourcedatamine.com
Return on Investment Resource Datamine
Sarah Jones
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Email:[email protected], Reading RG30 6XN, United Kingdom
Tele:(208) 819 3987