Today's talent acquisition professionals note consistent operational and cost challenges in recruitment marketing and hiring. Some of the key challenges felt across industries include:
- Inefficient recruitment processes: Traditional recruitment processes are often time-consuming and inefficient. Talent teams encounter numerous challenges in managing media spending, conducting excessive interviews, and inefficient administrative processes.
- Cost and impact of vacant positions: A recent study from Glassdoor found that it costs, on average, $4k and 24 days to hire a new employee. Not only do vacant positions result in lost revenue, but they also adversely affect productivity, employee engagement, and team morale.
- Increasing employee turnover: Glassdoor also reports that the average turnover rate for organizations in the US has grown from 42% in 2016 to 57% in 2020. Lower-quality hiring decisions significantly contribute to these rising turnover rates because new hires are less likely to stay with an organization if they are not a strong fit from the beginning.
- Building a talent pipeline. Despite building a talent pipeline being a top priority, 68% of organizations find reaching the right target audience challenging.
To survive and thrive in today's complex hiring landscape, organizations require a recruitment marketing solution to improve efficiencies, reduce costs, and help drive higher-quality hires.
Is your TA tech delivering ROI?
One of the key components of every TA transformation aimed at addressing these challenges is the strategic selection and implementation of the right TA tech solutions. These systems are pivotal in driving efficiency, enhancing candidate experiences, and achieving tangible returns on investment (ROI) for businesses. TA tech ROI hinges on its ability to streamline recruitment processes, optimize resource allocation, and bolster talent acquisition outcomes. This includes delivering on metrics such as reduced cost per hire, shortened time to fill crucial positions, and alleviating the burden of administrative recruiting tasks. By leveraging TA tech solutions that align with organizational objectives and priorities, businesses can empower their TA teams to navigate the evolving talent acquisition landscape with agility and effectiveness.
Symphony Talent ROI
Symphony Talent’s full-funnel recruitment marketing platform, SFX, addresses those needs by helping talent acquisition teams automate tasks, empower innovative candidate interactions, and unlock data-driven decision-making.
The impacts of Symphony Talent's recruitment marketing solutions are not only strategic but measurable. Read our Guide to Maximizing ROI with Symphony Talent to learn how data-driven insights, automation, and targeted engagement strategies can deliver measurable results and tangible ROI.
