Are you so busy recruiting that it’s hard to measure success?
For many of us in the recruiting and staffing industry, measuring the ROI for new campaigns, programs, and technology is critical to demonstrate recruiting success. Reporting on KPIs and collecting data to back up your decisions helps drive your recruitment plans forward. But what happens when you measure the ROI of a new metrics program you built? How do you measure the ROI of measuring ROI?
It’s about examining the decisions and changes you make based on your findings.
Did You Find Opportunities for Improvement?
The point of analytics in the recruiting and staffing space is to identify areas for improvement. If we all had perfect recruiting processes, then we wouldn’t have to bother with measuring ROI, but the first major question to ask yourself when implementing a new metrics program, is what you are looking to measure?
Are you looking to uncover bottlenecks in your processes? Or maybe your communication sequences with candidates and clients has room for optimization. Once you determine a few key measurements, the next step is to understand the changes that need to be made to improve your recruitment processes; whether you’re a single recruiter or a team of recruiters.
Then you can measure those changes to check that they’re moving the dial in the right direction (hopefully forward). These measurements will help you understand if the data you’re gathering is valuable AND will let you know if your investments are well-spent. If you do not see enough improvement, that’s okay because you still have the data to make better decisions and more changes to optimize your future recruiting efforts. Without linking new campaigns, processes, and technology to your metrics program, you’re missing the opportunity to accurately measure your ROI, meaning that you can’t find opportunities for improvement.
The Crelate ATS has built-in reporting features that help you measure your recruiting success. Schedule time with one of our experts to learn how today.
What New Investments Did You Have to Make?
Depending on the complexity of your recruiting metrics program, your existing systems and technology may not be able to gather the data you want. For example, implementing new technology such as a recruiting CRM and Applicant Tracking System is a large investment of your time and money. A commitment like that may require significant improvements to offset its cost. That’s why it’s important to embed the new technology in your existing metrics program so that you can make sure you’re getting the most ROI possible.
Outside of new technology investments, your data might provide insights that suggest changing the way your team functions, and adding or removing team members, which can incur high costs. When making decisions based on your analytics, it’s important to identify improvements that are sustainable and provide your business with long-term success.
Were the Changes You Made Scalable?
One of the largest threats to ROI is putting too many resources into short term gains. If you build a brand-new metrics analytics program from scratch, making impulsive changes can look good on paper, but may hurt ROI in the long run. As any successful business owner knows, the key to success is scalability. Using the data from your metrics program to identify long-term improvements will not only build ROI on your metrics investments but also build a foundation for future innovation.
Data-based improvements are a marathon, not a sprint. Building new programs and implementing new methods take time to get them right. When you start to get recruiting analytics, not only will you see where your team has opportunities to improve, but you’ll also be able to identify your core strengths and learn where you can differentiate yourself in the market.
If you’re building a recruiting metrics program, or looking for ways to improve your existing recruiting methods, take the time to read our new eBook. When you’re ready to implement a new recruiting CRM or Applicant Tracking Solution, Crelate has reporting and analytics included with most subscriptions, at no extra cost. Learn more on our pricing page.