Is your hiring process not yielding high ROI lately? Is your interview process lacking good results? Is the applicant process pretty long and confusing? If the answer to these questions is Yes, you might want to consider giving TurboHire’s Intelligent Recruitment Calculator a try to evaluate how successful are your hiring practices.
Just like most other parts of your business, your Recruitment Process should also be analyzed once a while to analyze whether the hiring strategies and procedures you are using are really effective to your business or not.
Understanding The Hiring Funnel
A hiring funnel structure goes through some stages, irrespective of whether it’s an active potential candidature or a passive one. Just like what happens in sales, your company ought to have a collaborative hiring funnel to ensure that you attract and hire the best talent. If well managed, the recruitment funnel will provide you with a continuous pipeline of applicants and help you find the right candidate to fill each position in your organization.
Recruitment marketing, which consists of applying marketing principles to and using marketing tools in your recruitment strategy, can really help you to attract, assess, and hire top talent. But for the recruitment funnel to produce the desired results, you need to systematically keep track of its performance, measuring and optimizing each, and every, step.
Bonus read! Top 10 Dos And Don’ts Of Talent Acquisition
What Is TurboHire’s Intelligent Recruitment Calculator?
TurboHire’s Intelligent Recruitment Calculator consists of key Recruiting Metrics which are measurements, giving you a good insight into how effective your hiring process is. These metrics are the premises that will determine whether you see valuable ROI on your Recruiting investments.
You would be surprised to know that 1 in every 4 new hires leave their organization within a year of coming on board.
Assessing your recruitment functions would help you ensure that you make efficient, data-driven, cost-effective, and rewarding hirings. When you measure recruitment on a consistent basis and focus on continuous improvement based on those results, you’ll see better hires less time and money spent, and a well-oiled recruiting machine overall. Recruiters at growing enterprises are using Intelligent Recruitment to power-up their recruitment process.
How To Use TurboHire’s Intelligent Recruitment Calculator?
The Assessment section in the calculator will test the current status of your organization and how intelligent is your recruitment process. The questionnaire for the assessment will be divided into 5 categories:
1. Candidate Sourcing – Orientation towards passive and active sourcing of candidates using automation and integrations.
2. Candidate Screening – Utilizing automation and technology for assisted pre-screening of candidates.
3. Skill Assessment – Building a data-driven shortlisting process using various advanced assessments for skills.
4. Candidate Interviewing – Devising a collaborative and structured interviewing process.
5. Offer & Employee Onboarding – Effective use of technology on the alignment of candidates during the offer stage.
In each stage, you need to focus on Candidate Engagement in your talent pipeline. For the first three stages, your Employer Branding actions are key to attract qualified candidates, whereas for the other two stages an Intelligent hiring process and efficient selection process are mandatory to provide the best candidate experience.
Once you have answered the questions for all the categories, your result will automatically appear in the Result section. Your recruitment score will help you decide whether your recruitment process has the right combination of technology, data-centricity, and collaboration; or whether you need to take some further steps in making your recruitment process intelligent.
How Will This Recruitment Calculator Help Recruiters?
This recruitment calculator will help you evaluate if you are getting the right ROIs in your organization’s Recruitment investments or not. Talent Acquisition KPIs may vary depending on the organization but our Calculator will show you the KPIs that have a direct impact on your recruitment efforts.
Organizations with intelligent recruitment processes have witnessed:
1. Reduction in the Hiring Cost
The cost per hire is a central matter when it comes to calculating and managing the recruitment budget. It’s important to know your department’s costs well and use correct and precise data to calculate this metric. Only this way you will be able to examine your cost per hire and identify in which ways you can optimize it.
2. Reduction in Hiring Time
Measuring the time to hire will give you a clear picture of how long it takes to fill a position, from the moment the job is open until the moment the ideal candidate gets hired. This will allow you to keep improving every step of your recruitment process to prevent unwanted blockages and, ultimately hire better and faster.
3. Improvement in Candidate Experience
Measuring the applicant’s satisfaction level with your application process is crucial to know what aspects or steps of your recruitment need to be improved. Candidates that have a positive recruiting and onboarding experience are more likely to accept a position and to remain with the company.
4. Improvement in Hiring Quality
Tracking these hiring metrics should not stop once the candidate is hired. In fact, you can gain valuable insight as to the quality of each hire by continuing to track their success, especially throughout the first year.
By utilizing the key results from the Calculator’s hiring metrics you can not just keep track of your performance but also know the intelligence of your organization’s hiring procedure. The results of strengthening your team’s recruitment process will, to begin with, include improving the quality of hire, reducing recruitment costs, shortening the time-to-fill timeline, and increasing employee retention.
If you’re looking to increase your recruitment efficiency, try this 5 stage assessment encompassing candidate sourcing, pre-screening, skill assessment, interviewing, and onboarding and get your overall hiring score.