The ROI (return on investment) is a key performance metric used to evaluate the efficiency of an investment. This metric considers the net profits an investment earns and its initial cost. Getting an ATS can save you time and money by lowering turnover rates, reducing bad-fit candidates, and automating interview scheduling. But how do you determine the right ATS platform for your business?
An ATS is an essential tool that helps to improve the recruiting process. When choosing, it is necessary to consider the ATS price. There are many different pricing models available, including per candidate, per job opening, or seat. It is also essential to consider any additional costs associated with implementing, training, and maintaining the system. Some ATSs offer other features that can increase productivity, such as advanced analytics and reporting or the ability to schedule interviews. Determining which features are most critical for your business and ensuring that the ATS you select includes them is essential.
The Size of Your Business
An ATS investment can save a business thousands of dollars per year. However, how much an ATS can save your organization depends on the size of your business, your recruitment needs, and the type of ATS you choose. Identifying the challenges, bottlenecks, and roadblocks your human resources and recruiting teams face is essential before implementing an ATS. This will help you demonstrate how an ATS can alleviate those challenges for your team members. During the implementation process, collect feedback from your team about how they use the system. Then, use that information to measure how well the ATS is performing. A smart ATS will reduce costs by eliminating the need for extra tools in your hiring process. A more streamlined hiring process leads to reduced time-to-hire and higher-quality candidates.
One of the reasons why HR and recruitment professionals are sometimes hesitant to buy an ATS is that they believe it will be too time-consuming. It is important to remember that ATSs are designed to supplement your entire recruiting process rather than to facilitate it. Rather than slowing down the process, an ATS can make it faster by providing a central application management platform, reducing manual sourcing activities, and providing data-driven insights that help you refine your recruitment strategies. Before looking at ATS platforms, clearly defining your budget and the desired return on investment is essential. Doing this lets you focus your research on the highest potential platforms. Moreover, it is necessary to link these return-on-investment goals with core business-related benefits (e.g., reduced time-to-fill will lead to increased revenue). In this way, you can justify your purchase to company decision-makers. This will ensure that the ATS you choose delivers an ROI worth it.
An ATS can help recruiters save time on manual processes by automating or streamlining them. This allows them to fill open requisitions faster and find the best candidates. Additionally, ATS platforms encourage more applicants by providing a more interactive experience during the application process. They can automatically upload job ads to multiple channels, keep track of responses and applications, and offer a mobile-optimized candidate profile. They also make it easy for anyone involved in the hiring process to stay informed of screening progress or deliver status and quickly secure new hire documentation with an e-signature. Some ATS tools can also reduce unconscious bias in the hiring process by analyzing previous hire data to identify patterns that predict success or by using machine learning and natural language processing to examine the text of job descriptions for words that subtly discourage men or women from applying. These functions are valuable but should be one of many considerations when making an investment decision.