This week's post looks at how to harness potential Return on Investment (ROI) when making recruitment decisions.
The current market uncertainty, exacerbated by last week's seminal EU Referendum decision will continue to affect the UK and its trading partners for the foreseeable future.
Staff recruitment will undoubtedly not be immune. Therefore, how can we ensure that when looking to employ staff, we give ourselves the best possible chance of an attractive return on investment?
Last week, myself and my colleague Matt Stewart, from TalentLens Research & Development gave a presentation at the AGR Student Recruitment Conference in Manchester.
The title of the presentation was “Online App for ROI Estimation” and we covered both theoretical underpinnings as well as a live practical demonstration of ROI calculations in recruitment.
1. To start embracing ROI in recruitment, you need to take a step back and look at your recruitment process on a higher, aggregated level (e.g. recruitment processes spanning over a year).
2. A good first step is to lean on scientific findings, and start doing ROI calculations using statistical models that are applicable to a wide range of roles and contexts (using the app below).
3. A good second step is creating a “data plan”, for collecting and making use of information relevant to your organisation.
4. The goal (and challenge) is to quantify the value of your recruitment process as well as possible. This will help you to fine-tune the process and make better decisions in the long run.
Please feel free to contact TalentLens for advice on your ROI challenges. We can be reached via email@example.com or +44 (0) 845 630 8888.
The online app is available for free.
Finally, the code behind the app is open source and free to download, modify and use.
Read a previous post from Morgan: How applying ROI to Hiring Processes reduces the risk of making a bad hire
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