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Before making any investment, every organisation would want to evaluate the investment by answering the following questions in quantifiable terms:
What are the costs and the corresponding and related risks on the investment?
What are the expected returns of the investment?
What is the expected pay-back period of the investment?
An organisation makes a tremendous amount of investment in its recruitment processes.
A lot of resources like time and money are spent on recruitment processes of an organisation. But assessing or quantifying the returns on the recruitment process, or, calculating the return on investment (ROI) on recruitment is a complicated task for an organisation. Indeed, it is difficult to judge the success of their recruitment processes. Instead, recruitment is one activity that continues in an organisation without anyone ever realizing its worth or measuring its impact on the organisation’s business.
According to a survey, 38 % of organisations do not prepare or produce any kind of documents or reports on their recruitment processes, and there is no accountability of the HR department for the costs incurred and the opportunities missed.
With the increasing strategic focus on the human resources, more and more organisations are adopting one or the other way for calculating the ROI on its recruitments. Many organisations are examining their HR functions and processes and are trying to quantify their results and returns.
A recruitment professional or manager can calculate and maximize the return on investments on its organisation’s recruitment by
Clear definition of the results to be achieved from recruitment.
Developing methods and ways measuring the results like the time – to – hire, cost-Per-Hire and effectiveness of the recruitment source etc.
Estimating the costs associated with the recruitment project
Estimating the tangible and intangible benefits to the organization including the payback period of the recruitments.
Providing and ensuring proper training and development of the recruitment professionals.
Assessing the ROI on recruitments can assist an organisation to strengthen its HR processes, improving its recruitment function and to build a strategic human resource advantage for the organisation.
Source:
http://recruitment.naukrihub.com/roi-on-recruitment.html
What are the costs and the corresponding and related risks on the investment?
What are the expected returns of the investment?
What is the expected pay-back period of the investment?
An organisation makes a tremendous amount of investment in its recruitment processes.
A lot of resources like time and money are spent on recruitment processes of an organisation. But assessing or quantifying the returns on the recruitment process, or, calculating the return on investment (ROI) on recruitment is a complicated task for an organisation. Indeed, it is difficult to judge the success of their recruitment processes. Instead, recruitment is one activity that continues in an organisation without anyone ever realizing its worth or measuring its impact on the organisation’s business.
According to a survey, 38 % of organisations do not prepare or produce any kind of documents or reports on their recruitment processes, and there is no accountability of the HR department for the costs incurred and the opportunities missed.
With the increasing strategic focus on the human resources, more and more organisations are adopting one or the other way for calculating the ROI on its recruitments. Many organisations are examining their HR functions and processes and are trying to quantify their results and returns.
A recruitment professional or manager can calculate and maximize the return on investments on its organisation’s recruitment by
Clear definition of the results to be achieved from recruitment.
Developing methods and ways measuring the results like the time – to – hire, cost-Per-Hire and effectiveness of the recruitment source etc.
Estimating the costs associated with the recruitment project
Estimating the tangible and intangible benefits to the organization including the payback period of the recruitments.
Providing and ensuring proper training and development of the recruitment professionals.
Assessing the ROI on recruitments can assist an organisation to strengthen its HR processes, improving its recruitment function and to build a strategic human resource advantage for the organisation.
Source:
http://recruitment.naukrihub.com/roi-on-recruitment.html
