How Can A Recruitment Software Induce Cost Savings?
Almost 75% of recruiters and 98% of Fortune 500 companies use recruitment software, and 92% say that using software has positively impacted their recruitment process. It has helped them recruit candidates faster than the traditional methods.
Indeed, the software helps make the dream of having the best talent onboarded with ease, harmony, and cost savings!
There are many areas where traditional methods may lead to money slipping through your hands. Three such core areas are- technology, sourcing, and people. And this blog will tell you everything about how can help you put a check on them!
The article will address the 3 ways recruitment software can help save you money. Check it out!
#1: Savings Through Technology
Toggling between multiple applications on your computer can be hectic and downright inconvenient. This scattered and non-native technology is inconvenient for your users and costs your company money.
Let’s see how recruitment software can help.
A. Integration:
Integration is one of the most prominent ways software saves on the recruitment process. The software consists of many modules ranging right from job posting to onboarding, and further too!
The best software has integrations with all major ERP providers like Oracle, SAP, etc.
This saves time cutting in terms of person-hours needed. And it also cuts on unnecessary errors saving you a lot more.
B. Maintenance:
Imagine a scenario of buying small chunks of software from ten different vendors or buying holistic software from one vendor.
What do you think would be more cost-effective? Well, easily, it is the second option.
Maintenance and support costs rise with the increasing number of software. Indeed, moving to an annual subscription with only one vendor that provides all the services under one roof can help you save up to 10% of your software costs!
Also, try to find a solution that has a transparent billing system with no hidden costs.
C. Consolidation:
Imagine if you could consolidate all your tasks, from job posting/distribution to scheduling the interviews, parsing resumes, etc., all from one platform.
The powerful recruitment software of HCM Suites helps you achieve this and more. And the best part? It holds the potential to save at least 25% on system costs!
#2: Savings Through Sourcing
It’s no mystery; sourcing is a high recruitment cost with a difficult to calculate ROI. And the reason is the practice of traditional approaches.
Fortunately, this no longer has to be your case.
The modern data-driven recruitment tools help you closely monitor your expenditure and other trends. It enables you to calculate your ROI and make every rupee count!
A. Advertising
Here is a stat: traditional methods have a click-to-apply percentage of 5% compared to nearly 20% of the recruitment software.
Thus software can help you cut your ad spending in half while giving you the same or better outcomes.
Don’t you think this is a good enough reason to consider using recruitment software?
B. Direct Sourcing
Direct sourcing might be efficient for single positions but relatively inefficient for scale. And the reason for that is the additional expenses like source salaries, CV databases, LinkedIn Recruiter System Connect (RSC) Seats, etc. Moreover, direct sourcing is a cold-call practice that is hard to scale.
On the other hand, the software helps you build your pools and automate the entire recruitment process so that it is effortless to scale your recruitment process and savings along the way.
#3: Savings Through People
Numerous redundant tasks occupy your HR department and keep them from more meaningful tasks like onboarding and meaningful employee interactions.
With the introduction of software, your HR people can automate redundant tasks, and focus can be shifted to more strategic and essential tasks.
A. Resume Screening
The software can set you up for success on three fronts:
- Helps surface the best resumes
- Scan and parse resumes at scale
- Decrease bias in the hiring process
In simple words, the software will collect applications from all the job portals and parse them into a single file, where you can filter them to find top talent. That is a lot of time saved in toggling between applications and storing them and whatnot!
B. Process Automation
Automation boosts HR managers’ productivity by multiples. They no more need to email resumes, schedule interviews, and chase feedback.
A recruitment software, such as HROne, automates everything for you saving you loads of person-hours. All resumes are available in one central database, and interviews and venues are auto-scheduled and assigned! Indeed, the software is easily quadrupled!
