The ROI of Predictive Hiring: Calculating success with Expr3ss!
From slashing advertising costs to boosting workplace productivity, predictive hiring's return on investment can do wonders for your business' bottom line.
These days it's easy to get swamped by applications when you advertise a job vacancy. Our Expr3ss! predictive hiring technology uses short surveys to assess every applicant on their merits. It looks at both skills and attitudes, to determine which applicants would be a great fit for your team, and then recommends who should make it through to the interview stage.
The idea is to ensure that every applicant gets a fair go, by avoiding the bias around age, gender and race which can sneak in when people skim resumes to decide who makes the initial cut. At the end of the day, it's still up to the hiring manager to decide who gets the job.
One of the key benefits of predictive hiring is that you don't inadvertently overlook those hidden gems who can be hard to find during a skills shortage. This aspect alone can be of immeasurable benefit in a tight labour market, but it's also possible to put a hard dollar value on exactly how much Expr3ss! and predictive hiring can save your business.
Slashing hiring costs without cutting corners
The biggest monetary benefit comes from the fact that the Expr3ss! platform is not a walled garden. When it comes to placing job advertisements, you're not locked into spending a lot of money by only placing paid ads on services like Seek.
Expr3ss! can be integrated into a wide range of platforms, including free job boards or even your own website. It can also create QR codes which anyone can easily scan with their phone to quickly apply for a job.
This really opens up your ability to search far and wide for the best people, safe in the knowledge that Expr3ss! will help you quickly identify the best candidates. Of course, it can also save you a fortune on advertising.
Related article: Employers get hooked on applicant numbers, why?
Those savings quickly add up for our clients. For example, the Drakes Supermarkets chain uses Expr3ss! to hire 95.8% of its appointments via free sources including its own website. As a result, it's saved more than $1.73 million dollars on advertising over the years.
Drakes Supermarkets is not alone, with LUXXE Outsourced Hotel Services appointing 97.7% of applicants from free sources to save $1.4 million, and Spendless Shoes appointing 94.5% to save $1 million.
Meanwhile, 18 of our customers have appointed 100 per cent of their applicants from absolutely free sources. That's saved money that can be better spent on hiring great people and building the business.
Speed that pays off: Hiring in record time
Another key benefit of using Expr3ss! predictive hiring is how quickly you can appoint new people and put them to work. This offers an immediate return on investment thanks to the productivity boost that comes from significantly reducing the length of time your business is unstaffed, while you wait for new people to come onboard.
Spendless Shoes reduced its time-to-hire to an average of 10 days. Meanwhile, LUXXE Outsourced Hotel Services slashed time-to-hire to an amazing 3.8 days, becoming a member of our ever-growing '7-day club'.
Unlike some basic Applicant Tracking Software, Expr3ss! provides each applicant with an interview priority star rating. This means you can quickly see which great candidates will get snapped up by someone else if you don't move fast.
Joining the Expr3ss! '7-day club', by quickly snapping up the four and five-star candidates, gives your business a major competitive advantage in the war for talent.
Related article: Harvest your own Talent Pool
Most job applicants are understandably hedging their bets by also applying for jobs elsewhere. Back in the days when jobseekers had to mail in their resumes by the post, they'd only apply for half a dozen positions. The rise of job boards saw this increase to 35 positions, but with all of today's technology it's risen to an amazing 105 applications per jobseeker.
There are probably dozens of other employers out there who are also hoping to grab the best people in your industry. This means you need to move fast. With Expr3ss! predictive hiring you can quickly advertise, identify great candidates, interview them and hire them in days, long before they've even heard back from any other employer.
We should know at Expr3ss!, as we're also members of our '7-day club'. Using our own platform, we recently hired two new people, each with a time-to-hire of less than seven days. These great new hires hit the ground running, giving us an immediate shot in the arm.
The numbers clearly stack up when it comes to calculating the ROI on predictive hiring. You can quickly hire the best people and put them to work, without spending a fortune on advertising, while your competitors lament the one that got away.
