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recruitment software

Recruitment Software: Streamline the Hiring Process

Effective talent acquisition will make or break your company. Great software can smooth the recruitment process, paving the way for businesses to quickly source and hire top candidates. On the other hand, the clunky interfaces of bad software will only bog down the recruiting team and deter would-be applicants. How can you find the best free recruitment software?

Recruiting software helps to automate the hiring process, allowing managers to more easily manage the recruitment process, streamline the candidate experience, and increase productivity.

Is software for recruitment necessary for your company or are there other more beneficial solutions on the market?

What is Talent Acquisition Software?

Talent acquisition software provides a suite of tools to simplify recruiting, automate the hiring process, and support every step of the candidate journey.

It can help hiring managers reach top talent with a customizable hiring platform. Features such as an applicant tracking system keep the pipeline uncluttered. E-signatures get contracts signed quickly, and document sharing ensures employees always have access to important information. Talent acquisition software empowers employers every step of the way to make smarter hiring decisions.

The right software won’t just make things easier for employers; it will also improve the application process for prospective employees.

60% of job seekers report having a negative candidate experience, one which will dissuade them (and their network) from applying to other open positions in the future. Don’t leave candidates hanging! Automation makes it easier for managers to give potential hires the respect they deserve.

How Does An Applicant Tracking System Aid an HR Manager?

There are immediate benefits to implementing software to support the hiring process. Spoiler: stronger candidates and happier recruiters are part of the package.

  • Increase Organization

Hiring managers are busy. So an applicant tracking system (ATS) can prevent things from slipping between the cracks. Don’t misplace candidate resumes in the abyss of your inbox or lose time looking for old files. Simplify with software that keeps your talent pools, job postings, and candidates in one place.

  • Improve Candidate Experience

Bad candidate experiences don’t just lose you talent, they can also lose your company business. In one survey, 42% of respondents said that they would never again seek employment at a company where they had a bad candidate experience. 9% said they would even tell others not to purchase services from the company! Don’t burn bridges. Instead, use recruitment software to keep potential candidates happy and in the loop.

  • Optimize Employer Branding

Responding to a job posting may be the first interaction a candidate has with your company. Free online recruitment software can help you put your best foot forward when it comes to posting jobs on aggregator sites or on your business’s website. In short: Better postings will draw better candidates.

  • Work Together

With the right talent acquisition software, you can get your whole team involved during recruitment. This collaboration will help you to find the best cultural fit for the position.

How much does Recruitment Software Cost?

Different recruitment software will use different pricing plans. Some talent acquisition platforms will charge by the number of open positions. Meanwhile, others will charge by the month or by the number of recruiting managers registered on the platform.

All-in-one HRIS platforms are usually priced based on the number of employees in the company. Some HRIS platforms can be as expensive as $8/per employee/per month. More cost-effective recruitment solutions will run about $4/per employee/per month.

3 Steps to Choosing the Best Recruitment Tracking Software

Recruitment software can do your hiring process a world of good. But the wrong free recruiting software can become more of a hindrance than a help. You may get stuck with ineffective tools or exorbitant fees. Here’s how to sift the bad programs from the good.

1. Decide What Features You Need in Free Applicant Tracking Software

The first step is determining exactly what your company needs. Collaborate with your team to decide on essential and non-essential features that you are looking for in an ATS. Consider your organization’s priorities. How can recruitment software help you reach your goals? Here are some features that interest most organizations.

  • Creating and Tracking Job Postings

With an ATS, you can create a job listing to post on sites like Indeed or Glassdoor. You can manage responses and tailor the ad to get more interest. Then, keep the text on file to rework later.

  • Managing Candidates and Collaborating

Recruitment database software will help you store information on every phase of your employee’s life cycle. You can loop in team members to help make important decisions. Additionally, strong candidates will stay on file so that you can easily find them for future positions.

  • Recruiting Analytics 

Make sure the platform can help crunch the numbers. Tracking and measuring applicant and hiring data will help your company to allocate its resources and hire smarter.

  • Integration with Rest of Software

What’s the use of having great recruitment software if it can’t integrate with the rest of your administrative processes? Data from recruitment may end up being important down the line. In short, a program that works with the rest of your tech will prevent future headaches.

  • Support

If things go wrong (and somehow, things always do seem to go wrong), you need to know that you can reach help. It may be tricky to find free software with support, but how can you trust a system with no one accountable?

  • Mobile App

Keep up with the times! More and more hires are taking place on cell phones. Find software with a recruitment app in order to post jobs and manager candidates from your phone.

2. Take a Test Drive with Recruitment Software Free Trials

By now, you have found a few programs that your team could benefit from. If some of them are paid, you can take advantage of free trials to try the recruitment software online. For example, factorial’s free 14-day trial is an opportunity not only to try their ATS, but also the rest of their HR services. Here are our tips for how to get the most out of a trial:

  • Have as many members of your team as possible test the software.
  • Make sure the features meet the essential and non-essential requirements previously decided on.
  • Find software that integrates well with your current tools.
  • Test all offered features to make sure they are as advertised and not too clunky.

Remember, you want a clean, mean, recruiting machine. Don’t get bogged down with unnecessary features which will only slow you down.

3. Commit to a Recruitment Manager Software

With an idea in mind of how the different software functions, it is finally time to choose the program that works best for you. Before you take the plunge, do your best to determine if the recruitment software pricing is honest or if there are hidden costs. Fees per job posting or new hire can quickly add up.

Factorial’s recruitment software comes free with a subscription to its HR management services, therefore it has no hidden fees. This may be an opportunity not just to improve your recruitment process but improve the employee experience for the entire employee life cycle.

Implementing HRIS Recruitment Software

Once you have decided on your dream recruitment software, it is time to get it up and running and start reaping the benefits. Your team already got a taste with the free trial so it shouldn’t be too much work to get everyone else on board.

  • Organize training or information sessions for employees who will be using the software.
  • Integrate the software with your other tools. If you have Factorial, this means connecting it with job listing sites like LinkedIn and Indeed.
  • Above all, enjoy! If you’ve followed all the steps, you should find that this software frees your team up from tedious administration. Use the time (and the data) to adopt more strategic hiring strategies and to improve your postings and interview processes.

Recruiters must work hard and be creative in order to find the right candidate. Correctly implemented, recruitment software gives them the time and organizational structure to find the perfect fit for every position.

recruitment software

ROI: How an Applicant Tracking System (ATS) Lead to Savings

Investing in a talent acquisition platform can seem like a big step, but the savings in time and money probably make it worth your while. Here are some examples of how software will help you at every turn, from sourcing to interviewing to onboarding.

Sourcing & Selecting Top Candidates

    • Reduced time-to-hire: With a customizable career page and integration with LinkedIn and Indeed, talent acquisition software will get the word out to qualified candidates. This reduces the loss-of-productivity costs of an unfilled position.
    • Reduced administrative time: With an applicant tracking system to keep all their ducks in a row, hiring managers will have more time to focus on other things.
    • Improved Candidate Experience: Woo potential hires with the efficiency and professionalism of the business. Bonus: software can keep strong candidates on file for future positions.

Onboarding New Hires

    • Reduced administration costs: New hires come with a lot of administrative work. Talent acquisition software will centralize data about your employees. Not to mention electronic signature capabilities, which will get new employees under contract in no time.
    • Reduction of costs associated with training: Digitally share the employee handbook and other important information with a document manager. Giving employees all the information they need off the bat will get them up to speed and help them to get to work.

Engaging Employees

    • Reduced turnover: That’s right! Good talent acquisition software is the key to talent retention. With improved hiring and onboarding processes, your business is more likely to hire a candidate who is a good fit. This means employees will be more likely to stick around, reducing training and hiring costs associated with turnover.
    • Improved Productivity: Employee engagement is tantamount to productivity! With an employee portal, employees will be able to check up on payroll, make vacation requests, and more. This means less time spent worrying about bureaucracy and more time getting things done.

Tips for Calculating the ROI of Recruitment Software

By now, it is probably clear that talent acquisition software will save your business money. But you may be wondering exactly how much money. Here’s how to tally up your savings in three easy steps.

Decide on metrics.

When streamlining your company’s hiring process, how will you measure success? Many organizations might focus on reducing time-to-fill, the time it takes to fill a position. Others might consider the cost-of-hire, or how many manhours it takes to recruit, onboard, and train a new hire. Still others may determine success through reduced attrition.

Think about your business’s pain points. Where do you stand to see the greatest improvements in your hiring process?

How Will You Measure Success?

Next, consider the costs associated with the old way of doing things. Perhaps positions at your business typically remain unfilled for four weeks. That is four weeks of lost productivity. One fast formula to determine how much money you lose every day that you have an unfilled position is as follows:

(Annual Profits / # of Employees) / 220 Work Days per Year

This formula does not account for lost expertise, hours lost by other staff when they compensate for being short-staffed or the hours spent by HR in the hiring process.

According to research, unfilled positions may be costing companies thousands of dollars a day.

How much do you save?

Let’s imagine that talent acquisition software costs the company, for example, $50/month. The open position is costing your business $500/day in lost productivity alone. If it takes four weeks for the position to be filled, that is 20 working days.

$500 x 20 = $10,000
 

First, subtract the money saved from not paying the worker’s salary. They typically make $20/hour and would have worked 8 hours a day for 20 days.

$10,000 – (20 x 8 x 20) = $6,800
We have a net loss of $6,800. If talent acquisition software cuts the time-to-hire from four weeks to two, the net loss is only $3,400. That means $3,400 saved!

$500 x 10 = $5,000
$5,000 – (20 x 8 x 10) = $3,400
Finally, to calculate the ROI, we subtract the cost of investment ($50) from the profit ($3,400), divide by the cost of investment and multiply by 100.

(($3,400 – 50) / 50) x 100 = $6700
That’s an ROI of 6700% percent! Not bad at all.

ATS or HRIS? The Benefits of Using Factorial For Recruitment

Factorial’s intuitive interface and helpful tools attract better candidates and streamlining your recruiting process. For example, here are just a few of the ways Factorial helps employers out:

  • Businesses can design beautiful career pages for their websites.
  • Factorial aggregates employee information at every step of the employee lifecycle, so you never have to go looking for lost documents.
  • Businesses can create custom job postings and applications, and post directly on Linkedin and Indeed.
  • The recruitment process can flow easily into the onboarding process with electronic signatures, and structured task flows.

In conclusion, Factorial’s free recruitment software, you can reach your recruitment goals and keep your company on track for success. 

ATS or HRIS?

Aside from recruitment, HR software can also be used to manage payroll, keep track of employee data, monitor timekeeping, vacations, and attendance. In addition, software such as FactorialHR’s all-in-one HRIS has features that help oversee the performance of individual employees, which is vital for the success of a growing organization.

With a centralized system, all employee information is readily available at a quick glance. No more plowing over endless spreadsheets or rummaging through overflowing filing cabinets to find the information you need. 

Ultimately, software for HR can improve the efficiency of your HR processes. In addition, it also ensures regulatory compliance. And let’s not forget about how it improves the employee experience, helps you make better decisions, and saves you time and money in the long run. You get a lot more for your money than you would by just investing in a one-trick recruitment software.

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