Return on Investment (ROI) is one of the most important drivers behind recruitment initiatives, however, it can also be the most challenging to measure!
When trying to assess your recruitment investment and returns, bear in mind that a new hire’s ROI can be both quantifiable and holistic. ROI can be understood in lots of different ways:
- As an employee’s contribution to revenue or profitability
- Their impact on customer satisfaction or client relationship management
- Contribution to product development or innovation
It’s important to measure these benefits against your recruitment costs to pinpoint your ROI.
Taking the time to review your recruitment costs can be a great way to identify inefficiencies in your recruitment process that could be costing you time and money whilst slowing down your time to hire. An expert recruitment partner, like Energize, can identify key ways to improve your hiring processes, helping you to maximise your recruitment efforts without compromising quality; all the while saving you time and money!
How long does it take for a new employee to be productive?
According to Harvard Business Review, it typically takes eight months for a newly-hired employee to reach full productivity. Now while this may seem like a long time, it can be sped up with effective onboarding programmes, effective milestone tracking, regular performance reviews and workload discussions. This may seem like an additional investment of resources for managers, but it’s worth it considering:
- Employees whose companies offer longer onboarding programmes gain full proficiency 34% faster than those in the shortest programmes
- 69% of employees are more likely to stay with a company for three years if they experienced great onboarding
- 60% of companies fail to set milestones or goals for new hires
- In the US and UK, an estimated $37 billion is spent annually to keep unproductive employees who don’t understand their job
Four Tips to see faster ROI by improving your hiring process:
Create clearly defined EVP and employer branding
Marketing your available roles should be both an exercise in candidate market research and employer branding. By posting them on a careers page on your own company website you’ll have the opportunity to signpost your company culture through links to your blog page, social channels, diversity and inclusion philosophy and even in the language you use. Being extremely aware and deliberate in managing your careers page will help build your brand as an employer, ensure your candidates are more aware of your company’s ethos and are excited to work with you.
When choosing external channels to market your roles, it is important to know your candidate market. You need to ensure you’re targeting recruitment channels that your ideal candidate pool is using.
Speed up the recruitment process and streamline candidate selection
Speeding up the efficiency of your recruiting process will help to stop exceptional candidates slipping through the cracks and joining competitors! If they have your ideal list of experiences, competencies, soft and technical skills, they are very likely to be interviewing elsewhere too, so finding ways to speed up and improve the recruitment process will increase your chances of hiring exceptional talent ahead of your competition whilst also reducing your time/costs to hire.
This means reviewing candidates quickly, creating a streamlined interview process that’s specially tailored to draw out the exact skills and traits you’re looking for, and keeping candidates updated throughout the process.
The importance of onboarding
As we’ve already seen, the quality of your onboarding can have a long-lasting impact on candidate experience and can influence staff turnover. A fully realised onboarding process gives your new hires an introduction to the company and the full parameters of the role.
By offering a comprehensive onboarding process, you create a supportive environment for candidates to adjust, start producing work, or hitting targets in line with your pre-agreed KPIs, and ultimately start producing that all-important return on investment!
Engage a specialist recruiter
Engaging a recruiter who specialises in Technology and Digital talent acquisition and has an international presence, like Energize Group, will ensure you have access to some of the best talent world-wide as we can help you hit all four priorities to increase your ROI when hiring.
How can Energize help recruit digital and tech talent and speed up your ROI?
Providing you with the best-possible recruitment experience is what drives us. We pioneered service standardisation within the recruitment industry via our implementation of Net Promoter Score®, and through our continual pursuit of customer excellence, customers choose Energize time and again, forming lasting relationships and enjoying a more effective – and successful – hiring process.
The Energize Group offer niche, premium staffing solutions on both a permanent and freelance basis to customers in the United Kingdom, Belgium, Netherlands, Germany, and the United States of America.
Recruitment marketing and candidate selection:
We help you create dynamic and engaging job adverts and then use our deep market understanding to properly position them to attract your ideal candidates.
With a wide range of recruitment marketing tools at our disposal, we ensure that your vacancy not only attracts your ideal candidates, but also quickly and efficiently pre-screen them so only those that truly fit the brief are put forward through thorough and effective short-listing.
Interview and onboarding support:
Our commitment doesn’t end there though, we continue to offer support when you interview to ensure you draw out the right soft skills and make the right organisational fit with every hire. From there we can support with your onboarding process to ensure a smooth entry into the company, ensuring your new hires are providing a ROI from day one.
If your organisation could use some further support with your hiring strategies, Energize Group is always available to help.
Click here and reach out to our recruitment experts!