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Typically when we write up one of our HR software buyer guides for various HR Tech categories, we include an ROI calculator. These calculators are spreadsheets that are usually accompanied by a video on how to use the spreadsheet.
We do this because we think it’s so important to quantify how your efforts will impact the rest of the organization. Unfortunately, as a cost center, HR has a higher bar than other functions when it comes to getting budget for new tools.
Our hope is these calculators will allow you to get the budget you need, and allow you to quantify the impact your efforts are having on a strategic level.
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Here are some of the ROI calculators we’ve put together thus far:
Here is a spreadsheet on how to calculate the ROI from decreasing your company’s time to fill open reqs. You can use this spreadsheet for time to fill or time to hire, whichever metric you use. This methodology is useful for tools like a new ATS, sourcing solutions, employer branding, etc.
This spreadsheet calculates the return on investment from increasing your recruiter productivity. Recruiter productivity is influenced by solutions like HR Chatbots, video interviewing software, etc.
Changes to your hiring funnels can have drastic implications for your P&L. For example, if your offer acceptance rate is 80%, and you can increase it to 90%, that will decrease your cost per hire by 12.5%! Similarly, changing the percentage of applicants that complete an application, or apply in the first place, can have large impacts across your company. Check out this calculator to understand the value from your new initiative.
Losing employees who are valued contributors to the business can be very costly. This calculator is designed to help you understand the impact your efforts to retain employees will have on the overall business. This analysis is especially interesting for any efforts around culture building and employer branding.
Decreasing your cost per hire through better sourcing, a new ATS, etc has a large impact on your business’s income statement. Here’s how you can simply calculate how your efforts are saving money (spreadsheet).