Boost the bottom line with new recruitment technology

March 27, 2024

 

Rachel Findlay

5 min read

Hiring the right people is the cornerstone of achieving business success. Without skilled talent, your organization falls apart. So, why is it so difficult to prove the value of talent acquisition across the business?

Your recruitment technology should achieve more than just recruiting metrics: it should help drive the entire organization forward. Learn how new recruitment tech can cut costs, drive efficiency and boost your bottom line.

What does boosting the bottom line really mean?

The bottom line is about two things: increasing revenues (generating top-line growth) and improving efficiency (cutting costs). What it means for each C-suite leader varies, but for the CHRO and head of talent acquisition, boosting the bottom line includes increasing hiring velocity, reducing recruiting spend to increase revenue and profitability, consolidating technology spend, improving the quality of hires and improving employee retention and satisfaction.

Shifting from advertising to pipelining

With stronger competition for talent than ever before, spending a lot of money on recruitment marketing seems inevitable. At the same time, recruiters are being asked to do more with less, and efficiency is everything. Why spend time and money searching for new candidates when your total addressable market is the same as for a similar role that you previously advertised?

Marketing automation tools help you build and manage your pipelines for future openings, utilizing the candidates already in your database. By engaging your existing candidates with content that they want to see, you can identify those who are ready for a hiring conversation. Moving from advertising to pipelining removes the need to devote huge budgets to searching for new candidates, cutting the overall cost per hire.

With iCIMS Marketing Automation, the leading UK optical brand Specsavers now spends 70% less on advertising costs to hire optical assistants. Through unique engagement scores and alerts, Specsavers’ talent acquisition team can identify who is engaging with its content in a way that indicates they are ready for a hiring conversation, removing the need to spend time and money searching for new candidates.

Increasing hiring velocity

iCIMS data shows that 72% of candidates expect the job application process to take three weeks or less. In today’s digital era, candidates expect speedy processes and systems that work. Long and laborious application processes can hinder you from hiring the best talent.

While hiring velocity is everything in staying ahead of the competition, the benefits go even further. The average time to fill a role is 48 days in the UK and Ireland and 43 days in the US. Whether it’s the direct cost of a lost sale or indirect costs, such as employee dissatisfaction or inhibited growth and customer success, each day a vacancy remains unfilled, the cost to your business increases.

That’s why effective recruitment technology is so important. Chewy recognized that it needed a solution to connect with candidates who are more likely to respond to quick messages than phone calls., The Chewy team reduced time to fill by 45% by using Text Engagement, a new technology that allows recruiters to meet candidates on the platform of their choice. Text recruiting software removes barriers to candidate connection, even allowing candidates to complete job applications via text message.

Hiring velocity is everything in boosting the bottom line, and choosing the recruitment technology that works for you and your candidates is the first step.

Meeting candidate and recruiter expectations

A recent study showed that a poor hire with a salary of £42,000 could cost your business more than three times as much to resolve (£132,000). Finding and securing quality talent isn’t always easy, but with nearly a quarter of Gen Z candidates saying they would leave a role if it didn’t meet their expectations, making sure candidates understand the job spec and being confident that a candidate will fit the role is imperative in ensuring quality hires who will stick around.

But how? you ask. G42 uses iCIMS’ video interviewing software to both get information from candidates and share detailed content about the role and company. By utilizing this technology as more than just a tool for interviewing, when the time comes for a phone call, both the recruiter and candidate have a good understanding of each other’s expectations.

Getting to know your candidates doesn’t have to mean long recruiting processes and laborious questionnaires. By utilizing recruitment technology, you can find out everything you need to know about a candidate before they sign on the dotted line.

Improving employee retention and satisfaction

Employee turnover and low retention rates have a domino effect across the business. We all know the feeling when our work bestie moves on to a new role; productivity and employee satisfaction take a hit. This doesn’t even factor in the financial cost of backfilling roles—research shows that it can cost a business six to nine months of an employee’s average salary to replace them when they leave.

Streamlining internal mobility is the first step in supporting your employees and showing them that your organization values their careers. Your ATS can be more than a tool for managing candidates; many employers use it to keep track of their employees’ career journeys, too. Tools like iCIMS ATS track employees’ experience, skill sets and development and identify employees who are ready for a new position.

A recent survey from McKinsey showed that more than 40% of employees left their jobs between April 2021 and April 2022 due to a lack of career growth opportunities. Thus, utilizing recruitment technology to promote internal mobility is key to boosting the bottom line.

Can you boost the bottom line with new recruitment technology?

Understanding the value of new recruitment technology isn’t always easy, and proving its effectiveness in increasing revenues and improving efficiency can be a challenge for recruiting teams.

That’s why we’ve created a handy calculator to help you understand the potential ROI in investing in new recruitment technology. Discover how you can boost the bottom line with iCIMS value calculator.