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In today's competitive talent acquisition landscape, recruitment Candidate Relationship Management (CRM) systems are integral tools for streamlining the hiring process.

Like any technology spend, how do you ensure that a recruitment CRM gets you ROI? In other words, how do you measure the impact of a recruitment CRM on your hiring outcomes?

Understanding key performance indicators (KPIs) and learning from successful case studies, such as the remarkable achievements made by Trent Cotton at HatchWorks, can illuminate the path to maximizing your recruitment efforts.

Key Performance Indicators (KPIs) to Watch

Before we discuss potential KPIs, it's important to remember that every organization is different. The most important takeaway from this blog is to understand the goals most relevant to your company and find the technology that will help you achieve them.

This list is merely a guide and also does not entail all of the various benefits and KPIs that a recruitment CRM can help with.

With that said, here are some KPIs to consider when adopting a CRM:

Number of Hires

This is as clear-cut as metrics can get. The number of hires indicates the overall success of your recruitment strategy and the efficiency of the CRM in facilitating these hires.

Compared to pre-CRM usage, a noticeable increase in this number suggests that your recruitment CRM is effectively streamlining the hiring process with greater candidate quality, improved outreach performance and more.

Time-to-Fill

Time-to-fill measures the time elapsed from posting a job opening to accepting an offer. A recruitment CRM should help reduce this time significantly by automating sourcing, screening, and communicating with candidates, ultimately speeding up the hiring process.

Less time spent on filing roles means decreased costs associated with filling a role. Now you might be thinking, I'm fielding many roles with hundreds of applicants for each one. How am I going to expedite that process?

Recruitment CRM technology, like Applicant Match, leverages generative AI to help you match the best candidates to open roles to speed up that process. Another example is Talent Pools, which gauges a candidate's interest in your role and organization. If you're interacting with warmer candidates, the chance of a response increases, which in turn decreases the time it's likely going to take to fill a role.

Cost-Per-Hire

Cost-per-hire is crucial for understanding the financial impact of your recruitment CRM. It encompasses all costs associated with the hiring process, divided by the number of hires made.

An efficient CRM should streamline operations to reduce unnecessary expenses, improving your return on investment (ROI).

Bonus KPI: Outreach Metrics (e.g., Candidate Response Rate)

Outreach metrics, especially candidate response rate, shed light on the engagement level and effectiveness of communication managed through your recruitment CRM. A high response rate often translates to a recruitment CRM that successfully attracts and engages potential candidates.

The recruitment CRMs that help improve outreach metrics will likely host the latest in outreach technology, including:

  • Automated, multi-channel drip campaigns: The ability to automate the creation and execution of outreach campaigns across email and text have been shown to triple candidate responses.
  • Generative AI messaging: Crafting a personalized campaign can take time, but generative AI can help you get a head start. For recruitment veteran, Dan Lockhart, it's allowed him to significantly expedite the email writing process so he can spend more time personalizing his messages to talent.
  • Accurate reporting: The ability to see how your campaigns are performing are paramount. If a particular campaign has high response rates, wouldn't you want to replicate that success in your other campaigns?

Case Study Spotlight: Trent Cotton's Success with hireEZ

To put these KPIs into perspective, consider the success story of Trent Cotton from HatchWorks. By leveraging hireEZ as a sourcing and recruitment CRM, Cotton achieved outstanding results:

  • Improved Response Rates: Demonstrating the CRM's effectiveness in engaging candidates.
  • Reduced Time-to-Fill by 40%: Highlighting the system's efficiency in accelerating the hiring cycle.
  • Reduced LinkedIn Recruiter Spend by 61%: Showcasing significant cost savings and a better allocation of resources, contributing directly to a more favorable cost-per-hire.

This case study exemplifies a targeted approach to utilizing a recruitment CRM for measurable improvements across key areas of the recruitment process.

Putting It All Together

Measuring the impact of your recruitment CRM involves a comprehensive analysis of quantifiable results derived from strategic KPI monitoring. Before CRM implementation and periodically after to gauge impact, benchmark your current recruitment performance against these KPIs. Continuous evaluation and tweaking based on these metrics will help optimize recruitment strategies and maximize the utility of your recruitment CRM.

Before CRM implementation and periodically after to gauge impact, benchmark your current recruitment performance against these KPIs. Continuous evaluation and tweaking based on these metrics will help optimize recruitment strategies and maximize keeping a close eye on the number of hires, outreach metrics, time-to-fill, and cost-per-hire; organizations can hone in on the effectiveness of their recruitment CRM tools. Drawing inspiration from successful implementations, such as Trent Cotton's use of hireEZ, can provide valuable insights into best practices that enhance recruitment efficiency and outcomes.

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