Unquantifiable Opportunity Costs
Say No To Lost Opportunity
While the lost opportunity cost is the most significant aspect of the ROI case, it is often difficult to calculate a specific value. The two key areas of savings come from:
- Reduction in the time to fill vacancies and therefore additional business productivity
- Overall improvement in the quality of people hired and therefore additional business productivity
The greatest cost to any business is not having the right people in place when needed.
No More Missed Opportunities
Those undiscovered golden nuggets of talent due to lack of time to read and evaluate thousands of CVs. This is a criminal waste, and one that is entirely avoidable.
Employee Referrals Solution
Employee referral programs not only offer significant savings on advertising and agency fees, they are also shown to provide better quality candidates who are likely to be retained for a longer period.
Few companies take advantage of their employees, but having a good solution that encourages, authenticates and tracks referrals will deliver improved quality at a greatly reduced cost.
Retention Of Talent
A good hiring solution also provides the ability to promote opportunities to internal candidates. Retaining even one good member of staff means avoiding significant costs to the business including:
- Recruitment Replacements
- Induction & Training
- Lost Opportunity & Productivity to get a replacement in place and up-to-speed
Improved Corporate Image & Career Brand
Picture this. As your first interaction with a potential employer, you visit their career portal. It has all the information you need about how the company functions, career advancement opportunities, training and benefits, the reasons for their success, why you should consider them as your next career move. Then you apply and get an email and an SMS within 20 minutes thanking you for taking the time. A day later you get a phone call, and so on...
This is especially important for businesses where every candidate is not only a potential employee, but a potential customer as well.
To get a sense of current career brand and candidate experience, CEOs should try applying to their own companies.
Real Time MIS
Being able to track and report on every aspect of the hiring process provides numerous benefits such as having the ability to:
- Identify suppliers that deliver best candidates and value for money
- The cost-per-hire by business unit/division/company/vacancy
- The time-to-hire by business unit/division/company/recruiter/vacancy
- Bottlenecks in the hiring process
This information helps to identify the potential cost savings, and the best practice approach that can be applied across the enterprise. "If you can measure it, you can manage it," and this is a fact no business head can ignore.
Talent Pool Of Qualified Candidates
After a few months of operation, a good hiring platform provides corporate recruiters with a pool of qualified talent to mine for future vacancies. Clearly, any candidate that is hired from this pool means a very significant reduction in the time-to-hire and there are no additional sourcing costs.
Better Recruiters
HR Directors should also factor in that these days 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 good replacements.