What's your ROI for global talent acquisition tech?

1 Define your goals and metrics

To determine your ROI, you must first define your goals and metrics for your global talent acquisition strategy. This should include assessing quality of hire, measuring time to hire, calculating cost per hire, considering diversity and inclusion, and evaluating employer brand and reputation. Quality of hire can be assessed by looking at how well hires perform, fit, and retain in the organization, while time to hire can be reduced by eliminating delays and bottlenecks in the hiring process. Cost per hire should be optimized to reduce waste and duplication, while diversity and inclusion should be promoted to attract candidates from different backgrounds. Employer brand and reputation should also be managed online and offline to build trust with candidates and employees.

2 Choose your tech solutions

The next step is to choose the tech solutions that best suit your goals and metrics. There are many types of global talent acquisition tech available, such as applicant tracking systems (ATS) which help you manage your hiring process from posting jobs to sending offers, recruitment marketing platforms (RMP) for creating and executing employer branding and candidate attraction campaigns, sourcing tools for finding and reaching out to passive candidates, assessment tools for evaluating and measuring candidates' skills, competencies, personality, culture fit, and potential, and onboarding tools for welcoming and integrating new hires into your organization. All of these options can help you reduce bias, increase objectivity, enhance candidate experience, reduce turnover, increase engagement, and boost productivity.

3 Calculate your costs and benefits

Calculating the costs and benefits of tech solutions is a complex task, involving tangible and intangible costs, such as licenses, fees, subscriptions, hardware, software, installation, integration, updates, support, training, adoption, change management, user experience, security, compliance, privacy and more. Additionally, tangible and intangible benefits should be taken into consideration such as savings, revenues, profits, efficiency, productivity, quality, speed, accuracy, satisfaction, engagement, retention loyalty reputation innovation growth and more. To accurately calculate your ROI you need to compare the costs and benefits over a specific period of time using different formulas and methods such as ROI = (Benefits - Costs) / Costs x 100; Payback period = Costs / Benefits; Net present value (NPV) = Present value of benefits - Present value of costs; Internal rate of return (IRR) = The discount rate that makes the NPV equal to zero.

4 Communicate your results and insights

The final step is to communicate your results and insights to your stakeholders and decision-makers. This can be challenging, as you need to consider who you are talking to, what you are telling them, how you are telling them, and when you are telling them. You need to tailor your message and format to the audience's roles, interests, pain points, and expectations. You should highlight your value and impact by using visuals, stories, and data to make your message clear, compelling, and memorable. Additionally, you should use the best channels, tools, and media to deliver your message. Some examples of communication formats and methods include reports, dashboards, and presentations. Reports provide a detailed overview of ROI analysis with charts, graphs, tables, executive summaries, appendices, and references. Dashboards provide a quick overview of ROI analysis with dynamic displays of KPIs, trends, comparisons, and benchmarks. Presentations provide a concise overview of ROI analysis with slides, videos, animations, questions, polls and feedback.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?