Why Recruitment ROI is Crucial

Recruiting great talent is one of the keys to a successful business. To that end, making sure you’re getting the most for your recruiting dollars — without spending too much of your budget — should be a high priority. Ideally, you’re getting the best recruitment ROI (return on your investment).

Recruitment budgeting comes with challenges, from balancing spending against performance to navigating the ups and downs of the job market.

Plus, recruitment budgeting can be tough in this economic climate, where inflation is a factor and the labor market is tricky. Strikes have affected employers in manufacturing and information, and labor shortages are ongoing in healthcare.

Tracking Your Recruitment ROI is Crucial

The more you know about how your recruiting dollars are performing, the more efficiently you can hire great people.

Data points can help inform your decisions. How long is it taking to fill your roles, from start to finish? How far into the process are you finding the candidates you end up hiring? How many people are applying to your postings?

The more you can work with data to gauge the results you’re achieving with your recruiting dollars, the more informed you’ll be when you make future decisions.

Optimize for Recruitment

One cost-effective strategy to attract talent is to use your website as an always-on recruiting tool. When your site clearly reflects your company culture and brand, candidates who are attracted to your message will stick around.

Showcase your company strengths. If you’ve got diverse talent, highlight it. If you’ve got a great benefits program, make sure candidates can find information on it. The more you can sell the experience of working for your firm, the more you’ll attract passive candidates.

Talent Pipelining

Talent pipelining is the practice of keeping qualified potential job candidates in the wings, so to speak, so when an opportunity arises, you can move fast. This shrinks your time-to-fill and saves money overall, since you’re not starting from scratch for every search.

You can also use talent pipelining to help you develop a more diverse workforce. By building relationships ahead of time with people and organizations from a variety of backgrounds, you’ll be in a position to proactively hire diverse talent from your pools of existing contacts.

For best results, tune in to candidate needs — if you aren’t offering what candidates are looking for, it won’t matter who’s in your pipeline. Use hiring tools that flag you when candidates in the system are active (and potentially looking for work). And engage workers via text and email tools that meet them where they are.

Have more questions about recruiting? Check out the services we offer!