Your company likely spends a significant amount of time and resources recruiting, hiring, and onboarding talented professionals. Tracking the return on these staffing expenses becomes critical in optimizing your overall talent acquisition strategy. Finding talent in-house remains a process fraught with risk, so you need to understand and maximize your recruiting ROI.

Check out this high-level overview of optimizing your business’s spend on recruiting talented professionals. Use these insights to improve your ability to find great candidates while mitigating the risk of the wrong hire. In the end, expect a mature process for sourcing new hires as well as retaining your current employees.

Leverage the Right Metrics to Track Recruiting Performance

Using metrics to analyze the efficiency of your recruiting process plays a key role in determining its ROI. Data analytics helps track the effectiveness of your hiring process. The following three useful data points provide a window into your business’s ability to efficiently find talent.

Time-to-hire tracks the period between posting a job ad and successfully hiring a candidate. Cost-per-hire determines the overall cost of each hire, while retention rate analyzes your ability to retain current employees. Leveraging all three offers useful insights into your current staffing process, including any areas of improvement.

Take Advantage of Modern Applicant Tracking Systems 

Using an AI-powered applicant tracking system (ATS) greatly optimizes any internal staffing process. Consider the scenario if you receive over 100 applicants for an open position. Companies with small HR staffs struggle to vet all those résumés in an efficient manner. A modern ATS uses AI to automate this process, quickly finding candidates matching the requirements for your open position.

Generative AI – like ChatGPT – also helps modern ATS tools handle initial candidate communication. This approach lets recruiters focus their time on building personal relationships with the top candidates. An innovative ATS ultimately reduces your time-to-hire while increasing your chances of hiring the best candidate.

Build a Partnership with a Staffing Agency 

Partnering with a staffing agency offers a wise approach to improving your company’s recruiting ROI. The top agencies leverage the latest in ATS tools to optimize the hiring process. As a result, they quickly provide candidates with the right skills and experience as well as cultural fit.

Expect to reduce your time-to-hire and cost-per-hire. Additionally, hiring candidates compatible with your company culture directly improves your retention rate. It provides a great way to source talent in a challenging job market.

When searching for a top-shelf staffing agency, look no further than Alpha Consulting.

As one of the top talent acquisition firms on the East Coast, expect a great return on your hiring expenses. Schedule a consultation with us to talk about your current and future hiring plans.