The fiscal year ended on September 30th, which means that many hiring managers now have refreshed budgets and new opportunities to improve hiring. This might be your chance to invest in new recruitment software. At this point, it’s important to have a solid strategy in place for managing your tech budget.
Investing in the right technology can help you improve your hiring and retention for years to come. But what software should you invest in? Here’s how you can use your tech budget in the fiscal new year.
Audit Your Recruitment Software
If you’ve been struggling recruiting and retaining, the end of a year is a great time to audit your recruitment software. Ask yourself these questions:
- What software are you using during recruiting and hiring?
- What were your goals when you bought this software?
- How well is your software meeting your goals?
- What work are you doing manually, and could it be automated with software?
Recruitment software audits can also be paired with a more general hiring audit. With a general recruitment audit, you can identify pain points that technology could help alleviate.
Align Your Tech Needs With Your Yearly Goals
As you create your yearly goals, think about whether or not tech can help you bridge the gap between your current and ideal hiring process. Here are some common staffing goals and the technology that could help you meet them.
What Tech Solution You Need, Depending on Your Staffing Goals
If you’ve noticed that it’s been taking a long time to fill positions, you should make decreasing time-to-hire a goal. There are many ways that technology can help. Some reasons you may be experiencing delays in hiring include failure to reach qualified candidates, time spent manually submitting job applications, and hiring competition in the healthcare marketplace.
To pursue faster hiring, you’ll need an applicant tracking system (ATS). More specifically, you’ll want an ATS that automates messages and automatically posts to job boards.Automatic job distribution expands your reach and helps you stand out from the competition. A solution like this could help you shave days, even weeks, off your process.
Creating or Improving an Employee Referral Program
According to LinkedIn, companies can access 10x the number of candidates by recruiting through current employees. You might start a referral program using software you already have, but that may not be ideal for long-term use.
Manual trackers using Excel or Google are insecure, not to mention hard to parse. An employee referral software can make the process easy for recruiters, employees, and candidates by providing an encrypted platform to store and sort referral information.
Increasing Employee Engagement
If you’d like to increase employee engagement, there’s a variety of software that can help. If employees aren’t engaged, they could leave the company for a place where they feel more satisfied. According to a 2020 Gallup survey, 51% of employees feel disengaged or disconnected from their workplace.
Employee recognition can be a great way to improve engagement; everyone wants to be recognized for their work. Social media software and employee appreciation technology can create a sense of connectivity and ensure that employees feel like valuable members of the team.
Without a dedicated platform, onboarding can be confusing and clunky. Not to mention, when your HR team changes, it can be difficult to find the right materials. Consistent onboarding is crucial to maintaining compliance and ensuring all employees are on the same page.
A dedicated platform for onboarding can save you time and help create a standardized experience. Good onboarding technology can help you acquire and manage credentials, store documentation safely, and automate notifications to new employees so everyone is on the same page.
Better Payroll Management
When payroll is managed manually, or even on outdated software, mistakes happen. Have you been experiencing complaints about payroll?
The newest payroll software can take the worry out of your hands, and make sure your employees are paid on time and correctly.
Decrease Hiring Costs
The cost of replacing a new employee can be three or four times the cost of their annual salary. With strategy and the right software, you can decrease hiring costs over time—even if the initial investment is costly.
With automation and other time-saving technology, your HR employees will be freed for a big-picture hiring strategy. Hiring faster means hiring cheaper. You can also save yourself on compliance issues by hiring more quickly.
Break Down Silos
When everyone’s busy, you can end up doing your job in a vacuum. Before you decide on how to spend your tech budget, consult with people outside of HR, such as shift supervisors,the financial department, marketing, and more. Technology that includes applicant tracking, onboarding, and payroll, can help multiple departments at once.
Make Data-Based Hiring Decisions
One often overlooked way to use your tech budget? Analytic tools. After all, your metrics are only as good as your tracking methods. It can be hard to understand if your efforts have been paying off without standardized metrics and reporting. Over time, you’ll be able to better understand how the technology you use saves (or doesn’t save) you money and time.
Better Hiring With Apploi
There’s one effective option to quickly reduce recruitment costs without hurting the quality of your search. Invest in the right software.
Interested in learning more about how you can recruit, hire, and onboard healthcare staff quickly? Contact us today for a free demo of our end-to-end talent management solution.