Improving Returns On Investment Made On Campus Recruitment
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Campus recruiting has long been viewed as an important aspect of talent acquisition for both large and small businesses. And as the competition for talent intensifies, companies are placing more emphasis on their campus recruiting efforts and paying close attention to how they can achieve results. Leading businesses are now rethinking their campus recruiting strategies and investing in cutting-edge technologies to improve the experience for both recruiters and students and get better RoIs.
The ROI on campus recruitment is measured to evaluate the feasibility of a future recruitment drive as well as gauge the efficiency of the current recruitment process. While many organizations have been able to create processes, many are still unsure of how to measure their performance. Only 30 per cent of firms have a strategy for monitoring their campus recruiting efforts, according to the newest research on college recruitment by a talent acquisition company. One of the main causes of this predicament is a lack of attention on high-quality recruitment. At a time when companies need to align talent and business strategies, campus recruiting efforts need to be better managed, tracked and evaluated.
India's recruitment strategies have been based on quantity for a long time. Instead of calculating the quality a recruit brings to an organization, the quantity is given more weightage. These practices have further developed concerns and other arising costs pertaining to the onboarding, training and employee retention. The most concerning issue that quantitative recruitment has given birth to is ‘Dropout Ratio’. In a situation like this, it is imperative to rethink recruitment practices. A ton of resources including time, money and manpower is spent on recruiting and it would be an impossible task to judge the success of a hiring drive without looking at the correct ROI.
The good news is that technological solutions can assist firms in quantifying their efforts and providing the data they require to make better decisions. Below are three ways companies can use technology to measure their campus recruiting efforts and increase ROI:
Embrace quality metrics
Quality of hire is a measure of how well your recruiting process selects the right people. With the advent of real-time feedback, employee engagement, performance surveys and artificial intelligence, collecting the data you need to measure quality of hire has become easier as well as more focused. The best method to assess quality is to see if the new recruit will be a team player, a good communicator, self-motivated, and problem-solving savvy. For example, organizations look for things like competitive programming experience, visibility on Github, and the projects that an individual has worked on. These details about a candidate aid companies in fine-tuning their recruitment standards in order to hire more people who are new to the field of technology. Where the indicators can be job performance, retention, employee lifetime value, productivity and ramp-up time, measuring the quality of hire is important to assess the current process as well as make any necessary tweaks for the next round of hiring
Refine recruitment practices
To improve ROIs, one of the most crucial aspects is to see the relationship between time and cost. The cost per hire is a metric for determining how cost-effective and efficient your recruiting operation is. Cost per hire is linked to recruiting talent and refers to the total cost of bringing the new employee to the company, including the expense of recruitment process, equipment, travel costs, administrative costs and benefits. It's critical to have data and metrics analysis on your cost per hire to discover areas for improvement. The use of AI and data driven decision making would facilitate the demarcation of the dynamic between time and cost. Moreover, tightening this gap would yield better ROIs on recruitment budgets.
Reduce candidate dropout ratio
One of the major challenges that many companies are facing is candidate dropout ratio, especially in the IT sector. With Campus Recruitment, most freshers do not have exposure to work-culture and hence dropout ratio tends to be high. But this can be minimized through a strategized recruiting approach. It is time companies hire polished over potential candidates who have the right Industry oriented training that would give them exposure to the real world before they are even hired.
Companies that automate administrative tasks are able to focus on measuring the effectiveness of their efforts and defining what success will look like in the future. Not every company will have the same approach to measuring their campus recruiting efforts. It is important to consider unique hiring needs and goals before defining the metrics that matter. When a company understands what to measure, they are better positioned to make changes and improvements. Companies need a long-term approach to campus recruiting that happens continuously during the year and extends beyond career fairs. To access the best talent from across the country, companies should maintain a robust campus recruitment strategy. Happy recruiting!