It's the time of year when recruitment functions across all organisations are reviewed and refined with an eye to reduce costs. It's time to think about your current recruitment return-on-investment (ROI) and how you can utilise the latest in digital recruitment technology to make the most of your budget.
1. Reduce Interview Time
Interviewing just got a lot less time consuming. The advances of digital recruitment technology have ensured that you no longer need to complete repeated, time-consuming, in-person interviews. The elimination of the need to coordinate and schedule interview meeting times means that interviews can be completed much faster at the candidates preferred time and place. Hiring personnel no longer have to schedule large portions of their schedule for repetitive ‘in person’ or telephone interviews.
2. Reduce Administrative Costs
Video interviewing delivers standardisation, simplification, and automation. The result is a significantly reduced cost-per-hire. The reduction of HR personnel workload and key stakeholders is quickly realized through improved productivity throughout the organisation. Savings are also realized through reduced costs for Assessment Centres. Fewer interview ‘no shows’ and less employee turnover also contribute to administrative savings.
3. Higher Conversion Rates
Optimizing hiring efficiency results in increased recruiter conversion rates. Hiring managers and key stakeholders can now review more candidates in less time. The pool of high quality candidates can be enlarged quickly, thereby increasing the possibility of finding the right fit for the position in much less time. This benefit can be amplified for large volume recruitment campaigns such as customer-facing roles and graduate campaigns.
4. Reduced Time To Hire
Reducing time-to-hire means you get an edge on your competitors and has clear business benefits. In a highly competitive labour marketplace, speeding up the recruitment process is critical. The faster you get new candidates on board, the less disruption for the business overall as top talent hits the ground running.
5. Reduced Risk of 'Bad' Hires
Cognitive testing can ensure that the most capable candidates are chosen thereby reducing the chances of hiring candidates that are less competent or ineffective for the role. Candidates can also be chosen based upon their behavioral preferences which will help to ensure a good cultural fit within your organisation. Hiring right the first time greatly reduces employee turnover.
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