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5 Ways to Improve Your Recruitment ROI

Erin Iafelice

Doing more with less may be one of those catchphrases you’d prefer never to hear again! But, if that is the mandate for your recruiting team, you’re on the hook for improving your recruitment ROI. Here are five ways to supercharge your recruitment ROI with a powerful, AI-enabled virtual hiring platform that’s easy for non-technical users to manage as part of their workflow.

#1. Use science. For years recruiting teams have employed many kinds of data to make hiring decisions, from resumes and cover letters to candidates’ social media profiles. However, what industrial-organizational scientists now understand is that these data types are not predictive of how well candidates will do in the role after they’re hired. So if you had to choose just one strategy for improving your recruitment ROI, it should be this: Start using pre-hire assessments proven by science to predict candidates’ future job performance. Modern Hire’s AI-powered pre-employment assessments are validated as a predictive candidate evaluation technology. They give recruiters the insights they need to boost new-hire performance and reduce turnover. 

#2. Use established hiring workflow templates. Fortunately, with a science-based virtual hiring platform like Modern Hire, you don’t need to choose just one strategy for improving recruitment ROI. The platform integrates many features that deliver results, including Modern Hire Hiring Blueprints. Hiring Blueprints are recommended workflows for more than 40 specific roles and hiring issues. They are based on experience: nearly two decades of research, 400 client validation studies, and data from billions of candidate interactions. If you’re working to solve a specific hiring issue or have never hired for a particular role, Hiring Blueprints offer you a ready-to-go hiring plan, including specific steps in the workflow, that can help you identify best-fit candidates faster and get to informed hiring decisions sooner. The Blueprints leverage the building blocks of the Modern Hire platform, so all of the tools and technology to move candidates through your workflow are available from one place.

#3. Use automation. Automation is a crucial feature of the Modern Hire platform that allows you to hire at scale, with speed. Talk about recruitment ROI! Recruiting teams using Modern Hire see a 30% increase in recruiter efficiency. Some of this ROI is directly due to the platform’s built-in automation for scheduling interviews and advancing qualified candidates through the early stages of hiring.  With automation in the Modern Hire platform, a single recruiter can move hundreds or thousands of candidates through a text interview, a pre-hire assessment, and on-demand video or voice interview, narrowing the funnel automatically with each step.

#4. Reduce bias. 90% of companies say reducing bias in their talent acquisition process is a top priority this year. It’s an important goal made more achievable for recruiting teams of all sizes by the Modern Hire platform:

  • Automated Interview Scoring uses AI to evaluate candidate responses and provide recommended scores to recruiters and hiring managers. Automated Interview Scoring has been proven to be over three times less biased than human interview scorers. Using this proven AI technology to score unstructured and structured candidate responses to interview questions is also highly efficient for recruiters.
  • Pre-hire assessments reduce bias by focusing on job-relevant data for candidate evaluation. Modern Hire continually monitors the results of the pre-hire assessments for adverse impact and can adjust the algorithms as needed to reduce bias. The use of pre-hire assessments is a solid alternative to resumes and social media data that can lead to bias in the talent acquisition process.

To understand more about using AI to reduce bias in hiring, read our white paper, The Future Is Fair: How AI is Eliminating Bias.

#5. Make hiring experiences personal.  Use the Modern Hire platform to create hiring experiences that feel personal to candidates and keep them informed and involved right through to your job offer. Here’s how:

  • Modern Hire pre-hire assessments allow candidates to try job simulations and gain a realistic preview of the job’s rewards and challenges. They come away knowing more about what their future could be like with your organization.
  • Automated Interview Scoring enables recruiters to use more open-ended questions and fewer multiple-choice. Candidates get more opportunities to tell their stories in their own words and present themselves well.
  • The platform enables recruiters to receive and give candidate feedback efficiently. The chance to provide feedback increases candidates’ willingness to expand their relationship with an organization.

In all of these ways, you invite candidates into your hiring process and show your interest in helping them make an informed decision. With the Modern Hire platform, you can also reduce your interview-to-hire ratio by 70%. That’s a massive boost in recruitment ROI.

There’s more to learn about improving recruitment ROI in Combining Science and Technology to Make Superhuman Hiring Decisions. Take advantage of this free white paper download today!