According to Korn Ferry’s Annual Report 2018, 77% of talent acquisition leaders say they are hiring for roles today that didn’t even exist a year ago. With this increase in new roles, there is going to be a greater need to hire much faster while still hiring the best people.
Many companies are now looking at different recruitment technology that can help them engage with and hire quality talent much faster. Once you’re confident that pipeline automation can make the difference to your organisation, securing buy-in is the next step. Whether this is from your team, or the managing director, it’s vital to explain the key benefits to using such software.
In this blog, we take a look at these benefits which can help you to build a business case for pipeline automation.
By introducing pipeline automation technology, companies can anticipate an increase in their recruitment team’s productivity up to 50% with the biggest gains coming from companies changing from a labour-intensive or manual recruitment processes or systems.
Leveraging recruitment software for your hiring process is the right way to go about increasing your productivity. The industry is inundated with software solutions, so it’s important to identify the tools that allow you to automate administrative tasks while keeping human element intact. A good system will help you manage your time effectively, enhance employee engagement and, most importantly, reduce your cost-per-hire.
Pipeline automation enables recruiters to automate repetitive candidate engagement tasks and workflows to cut down on both internal and external recruiting costs as well as shorten the entire recruitment process.
It takes, on average, 42 days to fill a position in the US and 28 days in the UK. Companies who use pipeline automation software reduce time-to-hire by at least 25%. When multiplied by the industry average cost per day of an unfilled vacancy, and the number of vacancies per recruiter per year, savings reach circa £68,000 ($85,000) per recruiter per year.
Areas where companies can save time and money include:
- Less people time – eliminate the need for cold-calling
- Less application screening
- Less third-party costs
- DIY candidate management
- Simplifying approval and compliance
- Lower admin costs
- Less empty chair costs
We recently looked into these in more detail, and explained just how pipeline automation can save you time and money.
Higher Quality Candidates
Not only do companies who use pipeline automation reduce time-to-hire by at least 25%, but they are also able to ensure all best-fit candidates are identified and engaged. This results in better quality hires and a higher performing organisation.
Today, there is a greater need to stay ahead of the competition due to low unemployment and an increasing skills gap. The best candidates are also either not actively looking or are not on the market for long. This is why many companies are now investing in technology that can help them engage with and hire quality talent faster.
There are many factors that are driving the need for pipeline automation. On top of this, a lot of C-Suite leaders are interested in saving money and achieving company objectives, therefore, building the business case for pipeline automation might not be as difficult as it first seems.
If you found this blog interesting, you can get more insights on pipeline automation in our eBook. Download your free copy here.