AI In RecruitmentTalent Industry TrendsTurboHire Impact

Improve Recruitment Metrics With TurboHire

By May 26, 2020December 7th, 2020No Comments

In the previous blogs I have covered the four stages of recruitment. The first stage of recruitment dealt with sourcing candidates for the job. The second stage dealt with screening candidates. The third stage dealt with interviewing the candidates and the final stage dealt with choosing the right candidate for hire.In this blog, we will be discussing the cumulative improvement provided by the TurboHire platform across three important recruitment metrics such as

  • Time to Hire – time elapsed between engaging a candidate and accepting an offer.
  • Cost to Hire – money spent on making a hire.
  • Quality of Hire – value a new hire brings to the organization.

Time to Hire Improvement by TurboHire
The total improvement provided by the platform in time to hire is as follows

Candidate Sourcing Improvement in Job Postings 75%
Improvement between Job posting and screening 67%
Candidate Screening Improvement in screening candidates 75%
Candidate Interview Improvement in the interview stage 84%
Decision making Improvement in the final decision 56%

Thus, using TurboHire the time spent on making a hire will be reduced from 20.16 days to 4.69 days which is 75% improvement.

Cost to Hire Improvement
The cost involved in the recruitment process are due to the following factors

  • Cost of the ATS.
  • Cost of posting jobs in Job boards.
  • Cost of video interviewing platform.
  • Time Cost of the recruitment process.

Cost Improvements provided by TurboHire
It is a known fact that about 30% of the total jobs posted on job boards are repetitive jobs. TurboHire has built a retarget feature which will help the recruiters use the existing database to search for the suitable candidates if the jobs are repetitive. This has a significant cost implication as this will negate posting of jobs and waiting for the candidate’s application. So, with a click of a button, you will get matching and eligible candidates from your old database for your new job.
The second cost improvement provided is in the Audio/Video interview provision built inside the platform, which negates the necessity for a separate video interview software and the cost associated with that.
The time improvement will result in time cost, which is the wages provided to recruiters and interviewer.Considering all these cost factors, the platform will provide a 72% reduction in Cost to Hire.

Quality of Hire
The quality of hire is the value that a new hire adds to the organization. From the point of the recruitment process, the quality of hire can be broken into two factors they are quality of candidate and quality of the process. It is imperative that if the quality of a candidate and the quality of the process is better than the quality of the hire is also better

Improvements Quality of candidate
The quality of candidates depends on several factors such as the following

Source of Candidate
Compared to the current scenario, TurboHire provides a significant improvement in the quality of candidates. Using the Social media publishing of Jobs, publishing in sites like LinkedIn will attract more quality candidates compared to the job boards.

Screening of Candidates
The AI-based resume parsing engine and AI filters help the recruiters find quality candidates with a perfect match in qualification skills and experience in a similar industry.

Functional Fitness
TurboHire features behavioural insight that uses Neuro-Linguistic Programming to decipher a candidate’s functional fitness by analysing various traits of the candidates.

Technical Fitness
In TurboHire using AI-based screening and filtering will result in more candidates getting a better score in the interview which indicates strong technical know-how of the candidates.

Social Profile of Candidate:
CVs can be faked but not social profiles. Using the social profile fetching feature the recruiter can understand more about which can help in screening the candidates.

Improvement in Quality of process
The quality of the process has an indirect bearing on the quality of candidates and is dependent on several factors.

Faster Time to Hire
The TurboHire platform reduces time to hire. Lesser the time to hire better is the quality of the process and better will be the quality of candidates as good candidates are hired faster.

Communication with Candidates
Using TurboHire, the recruiter can make frequent communication with candidates via inquiry/mails/SMS. Involving candidates in the process radiates good opinion on the recruitment process which helps the recruiter in employer branding.

Satisfactory review given by candidates
The platform allows the recruiter to collect feedback from the candidates on the recruitment process which could be used to streamline the process, and which can help in both employer branding and selecting quality candidates.

Retargeting of Jobs
The retargeting of jobs helps the recruiter retarget existing candidates on the platform for a new vacancy. This method can help in finding better functional technical fit candidates and reduces the time to hire.
All these above features and functionality will help TurboHire platform improve the quality of hire by 60%