4 areas to consider regarding ROI of hiring softwares
Updated: Jun 24
When it comes to investing in hiring software, you may consider value, time-saving, and possibly customisation, to name a few. The reason these are weighed up is usually to calculate ROI, or Return on Investment. This is usually a financial measurement that helps to determine your investment versus profit. Predominantly, ROI focuses on cost, but naturally, cost is not always the most important factor and there are other benefits worth the investment.
How much time will a hiring software save?
Note-taking is a crucial yet lengthy part of the interviewing process. This is where digital hiring softwares can simplify and automate the process. With Equitas, for example, the interview is recorded and a transcription is automatically created during the process, allowing the interviewer to take fewer notes and focus on the candidate. When the interview is over, the software prompts the interviewer to score each candidate. The feedback is then tailored as needed and shared with the candidate, saving time often spent emailing or contacting candidates individually.
Scoring candidates quickly and in a centralised and standardised software, allows interviewers to quickly benchmark and identify the right person. This type of collaborative approach results in a more accurate evaluation of candidates early on, saving time lost on unnecessary or repetitive interview rounds.
Software like Equitas offers all of these time-saving benefits to assist you during your hiring process.
How can a hiring software help you interview and hire more fairly?
One of the benefits of hiring software is that candidates are assessed using the same process and scoring criteria. Additionally, a software like Equitas is voice-led, meaning interviewers must focus on evidence, expertise, and aptitudes, rather than appearance. These benefits combined create a level playing field and additionally grant the interviewer the opportunity to listen back to interview audio and observe the transcription before making a final, less biased hiring decision.
How can a hiring software help you interview remotely and at scale?
Companies that have had to go remote quickly have turned to standalone video conferencing tools for interviewing and assessing. However, these tools are not designed for interviewing, leaving frustrated hiring managers with information in multiple places and potentially not in line with GDPR regulations.
Equitas’ one-stop solution hosts the interview on the software, alongside all information relating to the candidates. The database is secure and in compliance with GDPR, allowing companies to safely and efficiently hire remotely and at scale whilst improving their existing processes.
How can a hiring software improve candidate engagement?
Not providing candidate feedback can be costly to your company. According to a Virgin case study (2017), bad candidate experience cost the company approx £4.4million. This shows how high the impact of unhappy candidates can have on a company, especially one holding a good reputation. To avoid this situation, it can be of benefit to your company to provide candidates with suitable developmental feedback. This can ultimately help improve candidate engagement and boost your employer brand.
Additionally, as companies transition to remote hiring, it can be difficult to maintain candidate engagement throughout the whole process. Equitas helps with this in each stage, from helping to engage with candidates before the interview, allowing for a more engaging conversation due to less note-taking, and facilitating better feedback after the interview.
By taking the time to provide good feedback, candidates are empowered, helping them to develop and even becoming better potential future hires. Equitas assists with this via auto-generated feedback based on scoring, providing a starting point for candidate feedback that can be tailored to your preference for each candidate. Candidate engagement is becoming more vital and providing feedback helps to further engage candidates after the interview process, increases candidate retention, and boosts employer brand.
Overall, It can be challenging to ensure your company is hiring fairly and effectively, which is why you need a robust interview process, whether it is remote or not. From saving time to boosting employer brand and empowering candidates, Equitas can help you grow and hire at scale.
Book a demo now to find out more.