How you can achieve a greater ROI from your recruitment today
When you run a start-up or scale-up business, it's essential you can find ways to maximise your ROI for long-term, sustainable success. Every business needs to turn a profit...
Posted by Grant Dixon, Tuesday May 3 2022
When you run a start-up or scale-up business, it's essential you can find ways to maximise your ROI for long-term, sustainable success. Every business needs to turn a profit, and business owners must always be one step ahead of the game when it comes to securing an acceptable degree of return on their investment to build a commercially viable enterprise. You must measure this in order to know how you are performing.
In the context of recruitment, it’s worth considering these areas:
1. Your ATS
Every business with hiring requirements needs a high-quality applicant tracking system or ATS. When you license your ATS, it will take time to set up, but the right provider will ensure that your workflows, processes and systems are optimised on the system - and the resulting return can be genuinely transformational. Choose the right vendor, and every one of your stakeholders will see a benefit. This is a real business investment and one to consider carefully to ensure you see returns on time.
2. Use RPO
Recruitment process outsourcing is another key towards ROI: handing off those low-value tasks that eat into your HR team's time and letting a trusted provider handle them at a better cost and with the proper performance outcomes. Simply put, make it as easy as you can for your HR team and recruiters to do their job, sourcing the suitable candidates for your business, and outsourcing those process tasks that can be handled effectively elsewhere or, ideally, automated insofar as possible. At Reuben Sinclair, RPO is one of our key competencies, and we have a superb delivery track record for our clients and partners.
3. Understand employee value
Some HR professionals can hit the ground running and start delivering for your business, and others will require training and development over time to provide their total value. Get to a place where you have defined value for each employee in your business so that your compensation packages can be adjusted accordingly, along with your performance measures, training and development initiatives.
There is a model called the Employee Lifetime Value (ELTV), which assesses five parameters: recruitment cost, time to get up to speed, overall performance, ability to grow within the business and time with the company. This will allow you to put a hard figure against each employee and better measure the contribution of each.
From this point, you can also put in efforts to grow your ELTV curve, such as speeding up your hiring process, improving and accelerating your onboarding, driving individual performance and building a compelling employer brand and experience that will encourage your best performers to stay.
Find out more
Ready to extract more value from your recruitment efforts with a higher degree of return on investment? Reuben Sinclair can maximise your recruitment ROI through our years of expertise and innovative bespoke solutions, such as RPO and ATS. Our helpful and experienced team are here to help rapidly and without delay - whatever your business stage or industry. Don't hesitate to get in touch with us to find out more on:
Tel: 020 3826 1206
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