How to determine the ROI of your recruitment software

Running a successful business is all about making informed decisions and considering the Return on Investment (ROI) of any long term initiative you engage in. 

This includes business productivity solutions. Any time you make an investment in technology, you need to think carefully about how that technology will benefit your organisation and deliver an ROI.

However, determining the ROI of a technology investment can be complicated, particularly when it is efficiency software that might offer many benefits to the organisation but be difficult to quantify in a financial sense.

Fortunately, there are a few simple questions you can ask that will help you quickly and easily determine whether or not your recruitment software is delivering an ROI. 

Have my client and candidate relations improved?

Are your front-line staff reporting better relationships with clients and candidates, thanks to improved consistency and regularity of communications? If so, this suggests that your investment in recruitment software is paying off. 

Improving client and candidate relationships will result in a significant financial return further down the line, as you will be receiving and filling more job orders with capable, talented and reliable individuals. 

Are my workers more productive?

Productivity is a difficult factor to measure, however, simply talking to your employees and assessing how they feel about their performance and the work they do is a great way to evaluate whether your recruitment software is having a significant ROI.

Now that you have streamlined a number of time-consuming manual tasks through workflow automation, do your employees have more time to focus on value-add tasks and delivering bottom line results? If so, your investment in recruitment software is likely paying off. 

Have billing and payroll processes been streamlined? 

Finally, a great way to determine the success of your recruitment software investment is to look at whether your payroll and billing systems have been improved.

Have you recorded an improvement in the efficiency and accuracy of candidate pay and client billing? Look at the cash flow into your agency; if it has become more consistent and reliable then it is likely your decision to integrate recruitment software was an intelligent one.