Hardly any other software app can compete with using an ATS in recruitment regarding cost-effectiveness. Yet, building a sound business case to highlight those savings takes time and effort.
Talent acquisition encounters unique difficulties due to economic downturns. For instance, the current financial crisis is exacerbating every company's ability to find applicants with adequate skills.
Moreover, it has underlined the importance for companies to increase their agility. As a result, boosting investments in recruitment is becoming a priority for most businesses.
If we add that many business leaders wonder if their companies are hiring top talents, enhancing your recruitment efforts is even more critical. Your TA platform should improve hiring efficacy despite the current economic downturn.
But what does recruitment success even mean? Many organizations use various metrics (e.g., time-to-hire and cost-of-hire) to measure it.
Yet, a shorter time of filling an available vacancy and a lower cost means only that - faster and cheaper. These two metrics don't guarantee quality.
Hence, cost-of-hire and time-to-hire don't necessarily indicate hiring success. Instead, it should mean you can employ stellar candidates on demand.
In times of recession, upgrading your TA efforts is one of the ideal ways to achieve this goal. You can do it by:
Turn your TA department into an outplacement agency in a backdrop of layoffs (e.g., Airbnb).
Enhance internal mobility - improve fluidity, transparency, and communication to convey a clear message about your efforts to commit to internal mobility.
Develop Your Case
Companies encounter two most common TA difficulties during economic challenges:
How to accelerate innovation
How to control costs related to said innovation
Businesses need to have the luxury of unlimited resources for innovating their TA platform. More often, they must be frugal during an economic crisis and do more with less.
The best scenario is cost neutrality, while a higher TA budget is unlikely. Because of that, companies must find ways to work with what they have and achieve stellar results.
That means your CFO won't be keen on approving a business plan to boost your TA infrastructure unless you show that it will save them costs and resources.
Sadly, that won't be enough if you only focus on improving the candidate’s experience. But the most efficient strategy to enhance your TA platform and reduce costs is prioritizing your ATS.
ATS systems are often outdated and cause issues in candidate sourcing and screening. Therefore, they're ineffective, which can stop hiring managers from using them.
But three areas for ATS enhancement and savings exist, and an advanced TA suite gives value in all of them:
Sourcing - Lower your dependence on pricey external agencies and streamline your recruitment processes.
Technology - Consider a single, pre-integrated software that allows multiple integrations, including CRM, marketing, and ATS.
People - Better sourcing ops and tech allow you to evaluate whether you can shrink your TA's team size.
Your plan to upgrade TA should explain how it will result in sourcing, technology, and people savings. Also, include the transformation timeline and clarify each phase.
Finally, highlight how your business plan will enhance candidates' quality, job applicants' experience, and recruitment process speed. If you succeed, you will upgrade your company's resilience and ensure its longevity despite economic crises.