talent talk webinar building a strong business case
DESCRIPTION
If you don’t have an applicant tracking system, tough times could lie ahead. With unemployment at an all time high, and rising monthly, expect significantly more resumes to deal with in your inbox. Your ability to find candidates with key skills, do more with less, and uncover expensive inefficiencies will be severely restricted. If you already have a talent acquisition system, you may be paying too much and not getting a proper return on that investment.TRANSCRIPT
Cytiva Software, Inc.
“Talent Acquisition Systems: Building a Strong Business Case”
Hosted By: David FreemanTalent Management Solutions ConsultantCytiva Software Inc.
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“Talent Acquisition Systems: Building a Strong Business Case”
Identify hard and soft costs impacted by a Talent Acquisition System
How a TAS will influence these costs Organizing your business case
“Talent Acquisition Systems: Building a Strong Business Case”
Hard Costs – easily measured • Advertising
• Agency/placement fees
• Supply costs (printing, shipping)
• Job fair expenditures
“Talent Acquisition Systems: Building a Strong Business Case”
Advertising Costs – savings realized by;• Proper source tracking
• Use of internal database
• Integration of free resources/social media
• Improved job seeker conversion
• Enhanced employee referral tracking
• Requisition/job posting control
Assumption: 10% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Agency Fees – savings realized by;• Less dependence on agency assistance
• Elimination of duplicate candidates
• Reduction of administrative burden
• Agency effectiveness tracking
Assumption: 50% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Supply Costs – savings realized by;• Elimination of paper-based process
• Electronic storage of information/paperwork
• Electronic communication of information
Assumption: 100% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Job Fair Costs – savings realized by;• Use of internal database
• Tracking of event effectiveness
• Proper tracking of job fair costs
Assumption: 20% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Soft Costs• Turnover
• Administrative costs / Personnel time
• Reduction in inventory shrink (hourly)
• Reduction in head count
• Career site enhancement
• Decreased time-to-fill
“Talent Acquisition Systems: Building a Strong Business Case”
Turnover – savings realized by;• Standardization of selection process
• Quality of hire tracking
• Higher % of first choice hires
• Reduction of time spent with unqualified applicants = enhanced focus on qualified applicants
• Post-hire process improvement
Assumption: 15% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Admin Cost – savings realized by;• Introduction of pre-screening tools
• Integration of multiple processes
• Automation of processes
• Improved organization
Assumption: 20% - 25% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Inventory loss – savings realized by;• Improved retention
• Improved quality of hire
Assumption: 10% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Head Count – savings realized by;• Improved retention
• Improved quality of hire
Assumption: .5% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
Career site – savings realized by;• Enhanced applicant experience yields fewer
“exits” & higher quality of applicants
• Increased conversion of passive job seekers
• Traffic tracking allows identification of road blocks
• Social media integrations allow sharing of your opportunities
• Referral tracking improves rate of referral
“Talent Acquisition Systems: Building a Strong Business Case”
Time to fill – savings realized by;• Less “vacant” time
Assumption: 20% reduction
“Talent Acquisition Systems: Building a Strong Business Case”
WOTC/WTW – savings realized by;• Capturing monies owed to your organization
• Improved compliance in existing programs
• Reduction in administrative burden
Assumption:
100% improvement if not participating in programs.
40% improvement in compliance if participating in programs without automation
“Talent Acquisition Systems: Building a Strong Business Case”
“Talent Acquisition Systems: Building a Strong Business Case”
“Talent Acquisition Systems: Building a Strong Business Case”
“Talent Acquisition Systems: Building a Strong Business Case”
“Talent Acquisition Systems: Building a Strong Business Case”
Using the worksheet and outlined assumptions:
1. Current total annual recruiting expense is approximately $629,574
2. Annual potential cost savings: $1,186,491
1. $352,000 from tax incentives
2. $147,611 in reduced costs
“Talent Acquisition Systems: Building a Strong Business Case”
Identify hard and soft costs impacted by a Talent Acquisition System
How a TAS will influence these costs Organizing your business case
Contact us for your customized business evaluation.
Cytiva’s Free Webinar series: On-DemandVisit: www.sonicrecruit.com/company/events.htm
TalentTalk will be back in 2010! We’d love your suggestions for topics.
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“Talent Acquisition Systems: Building a Strong Business Case”
Cytiva Software Inc. offers a wide variety of products and services to help you get the most out of your recruiting efforts.
Talent Acquisition System• Custom career sites• Employee referral management• Career agents• Ad posting and tracking • Manager self-service• Contact management/Outlook integration• EEO/OFCCP compliance• Vendor Management Module• Onboarding Module• Hourly Recruiting System
Consulting SonicPerform Performance Management System
To learn more contact: David FreemanTalent Management Solutions Consultant877-775-0888www.sonicrecruit.com