Want to improve the ROI of your recruitment efforts in 2024? Here are 5 highly effective ways to optimize your recruiting process you can implement today. Follow these easy to implement tips and make your hiring processes 2024 more productive, efficient, and pleasant for both candidates and your hiring team!
Improve the ROI of your recruiting process in 2024
If you are an HR professional, you are probably looking for ideas to improve your recruiting process in 2024.
What can you do to fill your open job positions faster and cheaper in 2024? How can you improve the quality of the candidates you attract and avoid bad hires? How to make sure that you’ll choose the best candidate for the job and your company culture? What can you do to make your overall recruiting process more streamlined, effective, and faster?
If you struggling with similar questions, you’ve come to the right place. In this article, you will learn 5 easy ways to optimize your recruiting process and make it more productive, efficient, and pleasant for both candidates and your hiring team in 2024!
5 ways to optimize your recruiting process
Use these 5 easy to implement tactics to optimize your recruitment process and improve the ROI of your hiring efforts in 2024:
Stop wasting money on poor sources of hire
What is your best source of hire? And which one works worst for your open job positions? If you don’t know an answer to his question, you’re letting your hiring budget go to waste.
In order to stop wasting your money on poor sources of hire, you need to know exactly which of your hiring sources perform the best (and worst). You’ll find that put by continuously tracking your hiring source metrics.
Hiring source metrics are a type of recruitment metrics that measure where your candidates come from. Modern recruitment tools offer hiring analytics solutions which can automatically track these metrics for you. That way, you easily discover which job board, social media platform or a referral program brings you most hires.
One you know which source gives you best quality hires, you can adjust your spending and invest more money in sources that bring you the best results, thus ensuring the highest ROI.
Build a large talent pool
If you want to optimize your recruiting process and ensure the highest possible ROI of your recruitment efforts, then you should focus on building a large talent pool. The talent pool is a database of candidates interested in working for your company.
If you succeed at building a large talent pool of engaged candidates, you can fill your open job positions much faster and easier. Imagine having a database of great candidates eager to work for your company you can tap into every time you need to fill a certain position!
There are many ways to fill your talent pool. First of all, your talent pool should contain the contacts of your current and previous applicants. You probably already have that database and use it regularly for talent rediscovery. You can also proactively build your talent pool and use a lead generation method to fill it with potential applicants for your future job openings
Popularize your employee referral program
Employee referral programs are one of the most effective ways to find and hire top talent. Asking your existing employees to recommend people who they think would be a great fit for your company’s open job positions is an easy way to get access to higher quality candidates.
Your employees know your company and its culture best. This is why they can pre-select and recommend the candidates who are a great fit for your company and your open job positions. Candidates who come recommended by your existing employees are also 55% faster to hire, according to HR Technologist.
In order to make the most of employee referrals, it is not enough just to ask your employees to recommend candidates. You should set up a structured employee referral program and constantly promote it. Another way to popularize your employee referral program among your employees is to offer innovative employee referral awards.
Shorten your recruiting process
Did you know that ERE Media has found out that top candidates stay available on the market for 10 days only? And how long is your recruitment process? According to LinkedIn, only 30% of companies are able to fill a vacant role within 30 days. The other 70% of companies take anywhere between one and four months to process a new hire.
How do you compare with these statistics? How long does it take for you to fill your open job positions? If you are among the 70% of companies who need up to four months to fill their open job positions, you can seriously benefit from shortening your recruiting process. If you succeed in making your recruitment process faster, you will be able to both save money and hire better candidates.
Analyse your recruiting process and find out which phases take too long. Are all the steps in your current recruiting process absolutely necessary? How can you simplify your hiring? Are you leveraging technology? Modern recruitment tools can automate many of time-consuming manual tasks in recruiting, such as resume screening and parsing, automatic disqualification of unqualified candidates, email communication with candidates etc.
Test your candidates
Last, but not least, here is the tip for choosing the best candidates. Most companies are still using traditional selection approach which consists of examining applicants’ CV’s and a job interview. Unfortunately, these methods are not a good predictors of work performance. Nearly three in four (74 percent) of HR professionals who use these methods have admitted that they've hired the wrong person for a position.
If you’re still relying only on resumes and job interviews, you’ll probably have to pay the high price of bad hire. Career Builder’s research found that the average cost of one bad hire is nearly $15,000! So how can you make sure that you will choose the best candidate not only for your open job position, but also for your company culture?
Test your candidates! There are many different testing methods you can use, including: psychometric testing, ability and aptitude tests, personality profiling, job presentations, group exercises, job simulation tasks, etc. This may seem complicated at first, however it doesn’t have to be if you leverage the technology and online testing platforms like Interview Mocha.
Simply browse iMocha’s pre-employment skill tests library and choose the right pre-employment test for your open job position. Candidates can take the online test from anywhere, enjoying the comfort of their own home. Moreover, Interview Mocha tests are quick and fun for the candidates, so why not utilize them and ensure the selection of the best candidates?
Make the 2024 your most successful hiring year!
Are you ready to make the 2024 your most successful hiring year? Start implementing these tips now and reap the benefits in 2024 - and beyond!
