What factors count for determining the ROI
When hiring new people, one of the key things on the employer’s mind is, the candidate should be a good return on investment. What many people don’t know is that the recruitment process involves a lot of costs for advertisements, sourcing, onboarding, training, and infrastructure costs to position the new candidate for success. So, the gain or loss generated against the recruitment process cost is values based on whether the company is using its resources in the right and efficient manner.
There are certain questions the Human Resource teams quiz themselves while evaluating the success of each hire. While a hire is a long-term decision, recruitment can be a complicated affair. Here are certain parameters that could influence whether your recruitment is a success:
The Right Recruiter:
The foremost thing a company must focus on is to invest in a team of smart and professional recruiters. Only a knowledgeable recruiter will pull the right players in. One wrong decision of an HR executive can affect the company’s growth in a lot of ways.
Career Oriented and Qualified Candidate:
Employers should assess the candidate’s job history and see patterns of his/ her period towards the previous companies. This is to check how loyal and committed they were towards the previous employer. Also focusing on whether the candidate is qualified and experienced for the job, helps to make the recruitment process easy and short.
Besides qualification, it is very important to stress test a candidate to see how well he can withstand tough situations. Also checking if he can adapt to the company’s culture will help determine that the candidate is a potential team player.
Reference and Background Verification:
A background verification on a candidate before proceeding with hire is advisable, along with a social media check of the candidate to help get a better insight into the personality.What’s matters in companies’ recruitment strategies is predicament if it helps in a better ROI. Microsoft, General Electric, Marriott International are a few of the top names in the industry who have the best talent management strategies. For instance, Google’s ratio of recruiters to employees is high. These companies also excel at candidate assessment and recruiting women engineers. On the other hand, PepsiCo uses incentives to make diversity recruiting a standard business practice.
It is all about setting the right benchmark in your recruitment process. Carefully craft an employment strategy to attract the right type of candidates to increase your chances for the success of your company. Be it short or long-term employment, doing it through an efficient recruitment process is important.
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