Improve Your Hiring Strategy:
Calculate ROI on AI Recruitment
For recruiters who see the value of advanced AI recruiting solutions. Calculate the expected ROI from our cutting-edge recruiting tools.
AI is revolutionizing the way HR professionals manage recruitment, providing an easier, faster, and more accurate way to find their next big hire. New advances in technology help human resource departments keep up with the fast-paced business environment and constantly changing industry.
AI recruitment market trends show that AI recruitment is on the rise, with 12% of hiring professionals already integrating artificial intelligence into their recruiting or talent management processes, while 76% of HR leaders believe that failing to implement AI solutions in the next 12 to 24 months (about 2 years) will cause their business to fall behind in terms of organizational success.
AI recruitment is the key to finding great talent with lower attrition rates, but don’t just take our word for it. For a realistic look at how Codeaid’s cutting-edge AI Interviewer can streamline your recruitment process, we’ve created this guide on how to calculate ROI on AI recruitment to determine the expected ROI from investing in AI technology.
How to Measure ROI on AI Recruitment
Knowing how to calculate AI recruitment ROI helps businesses better understand the financial impact of AI recruitment investments. Use the formulas below to calculate the expected costs, benefits, and ROI percentage.
Define Your Goals & Objective
Businesses must define their goals to better understand how AI technology can improve their recruiting strategy. Both tangible and intangible benefits should be calculated.
Tangible benefits:
- Cost reduction
- Time savings
- Improved candidate matching
- Increased productivity
Intangible benefits:
- Improved quality of hire
- Enhanced candidate experience
- Reduced compliance risks
- Brand enhancement
You can calculate the benefits with this formula:
Total benefits = Tangible benefits + Intangible benefits
Estimate Your Costs
When calculating AI recruitment ROI, businesses must consider the direct and indirect costs associated with AI recruitment technology.
The direct costs of implementing AI-powered engagement tools include software and integration expenses such as the initial purchase, recurring subscription costs, costs of data migration if needed, and customization of software.
Indirect costs, such as training expenses, may include training programs for employees and the development of training materials. Regularly assessing the performance and effectiveness of AI recruitment systems also requires ongoing indirect costs.
You can calculate the overall costs with this formula:
Total costs = Direct costs + Indirect costs
Cost & Benefit Analysis
After you’ve calculated the total benefits and costs, you can use this formula to calculate AI recruitment ROI:
ROI Formula: ROI (%) = (Total benefits – Total costs) / Total costs x 100
How Our AI Solutions Improve Recruitment ROI:
Cost Savings:
Eliminate the manual process and hidden costs associated with traditional recruitment techniques. Our AI recruiting solution automates routine tasks, freeing up precious time and budget.
Speed:
AI interviewers are available 24/7, meaning your candidates can schedule an interview at a time that’s convenient for them. Interviews are conducted and graded on-demand, accelerating your path to the perfect hire. Faster interview process; faster onboarding.
Consistency:
Our AI recruiting tools and solutions ensure every candidate gets a standardized, fair evaluation, irrespective of when or where they’re interviewed.
Global Reach, Local Feel:
Codeaid’s AI recruitment tools widen the talent pool by empowering you to look for global talent. No time zone constraints mean you can tap into talent from anywhere, anytime.
Precision-Crafted Queries:
Our powerful AI recruiting solution was designed to create a balanced and fair recruiting process. We ensure that questions are neither too complex nor too easy, striking the right balance for an optimal assessment.
Sign Up Today!
Now that you know your business’ expected ROI on AI recruitment, you can better visualize how AI can transform your recruiting process.
Sign up today and start finding quality candidates for a portion of the time and price.
FAQs
How does ROI measure when it comes to AI recruitment?
ROI recruitment considers the financial gains and/or time and cost savings associated with using AI-powered tools. It evaluates factors like turnover reduction, enhanced productivity, revenue impact, onboarding efficiency, and cost and time savings.
When you use our employee onboarding ROI calculator, you’ll receive an accurate estimate of your business’ ROI for using AI recruitment tools.
How does AI improve my ROI?
There are multiple pros and cons of AI in the hiring process. But overall, AI improves recruitment ROI by reducing costs, saving you time, finding and attracting qualified candidates, reducing turnover, and enhancing the candidate’s hiring experience.
When you use our employee onboarding ROI calculator, you’ll receive an accurate estimate of your business’ ROI for using AI recruitment tools.
What type of AI is used for recruitment?
AI tools in recruitment vary, with common features including resume screening, candidate matching, predictive analytics, natural language processing, assessment tools, and more.
Codeaid’s AI Recruiting Technology has the following features to streamline your hiring process: skill-based question generation, CV insights, candidate-centric interviewing, and real-time evaluation. Click here for the complete AI recruiting guide.
How can AI help with efficiency?
AI tools can easily handle and assess a large number of applicants, allowing companies to scale quickly as their requirements change. It also automates repetitive routine tasks, reducing the need for manual labor.
Codeaid’s AI Recruiting Technology has the following features to streamline your hiring process: skill-based question generation, CV insights, candidate-centric interviewing, and real-time evaluation. Click here for the complete AI recruiting guide.
Can AI improve diversity in recruitment?
AI-powered recruitment tools assess candidates based on their experience and skills, reducing the potential for bias throughout the recruitment process. They also have a more global reach, meaning companies can easily access top talent around the globe.
Codeaid’s AI Recruiting Technology has the following features to streamline your hiring process: skill-based question generation, CV insights, candidate-centric interviewing, and real-time evaluation. Click here for the complete AI recruiting guide.