Investing in a recruitment platform like Vervoe is a strategic decision. To understand its impact, measuring the Return on Investment (ROI) is crucial. This guide will walk you through the steps to effectively measure the ROI of Vervoe, providing a clear picture of how the platform benefits your hiring process.

Step 1: Identify Key Metrics

Before ROI can be calculated, we need to identify the key metrics that matter to your organisation. These metrics might include:

1. Time to Hire: The time taken to move a candidate from application to offer.
2. Efficiency Gains: The time taken to complete recruitment tasks such as time to hire.
3. Candidate Quality: The quality of candidates progressing through the recruitment process such as interview-to-hire ratio.
4. Quality of Hire: The performance of new hires in their roles.
5. Retention Rate: The attrition rate of new hires at 3 or 6 months.
6. Candidate Experience: Feedback on recruitment experience. 

Step 2: Gather Baseline Data

Collect data on the identified metrics before implementing Vervoe. This will serve as your baseline, helping us measure improvements post-Vervoe. For instance:

• Average Time to Hire: X days
• Efficiency Gains: X time per task
• Quality of Hire: X (performance ratings or scores)
• Retention Rate: X% (attrition rate at 3 or 6 months)
• Candidate Experience: (e.g., Net Promoter Score - NPS): X

Below is an example of metrics a Contact Centre likely already measures and how they can be mapped back to the key skills of the role and what is being assessed in Vervoe.

Step 3: Track Post-Implementation Performance

For enterprise customers, your Strategic Account Manager will track and provide updates during Customer Objective Reviews to help you measure your ROI. This data will help you understand the impact of Vervoe on your recruitment process. 

If you are not on an Enterprise account, compare your baseline data with the same metrics at four weeks, three, and six months post-implementation of Vervoe. 

Step 4: How Vervoe Captures and Auto-Calculates Metrics

In addition to meetings with your Strategic Account Manager, Vervoe simplifies the process of capturing and calculating key recruitment metrics in real-time, allowing you to focus on making data-driven decisions. Here’s how each metric is handled within the platform:

Time to Hire

Vervoe automatically tracks the time taken for each candidate to move through the hiring process, from application to offer. This data is captured in real-time and aggregated to provide an average time to hire. You can view this metric in your dashboard, broken down by role, department, or timeframe. Note - the accuracy of this data will be dependent upon users marking candidates as hired in real-time, or sharing bulk intakes with Vervoe for upload in real time.

Time Savings

Vervoe captures time savings across your recruitment process, as shown in the insights tab. By automating tasks and removing manual steps, you can streamline workflows and reduce admin time. Specific time savings can be measured by comparing the duration of tasks no longer in the process.

Quality of Hire

Quality of Hire is measured through Vervoe’s ‘Hired’ feature. This feature measures the quality of new hires and provides insights into the correlation between performance and assessment. 120 days post-hire, hiring managers will receive a survey with 2 questions relating to performance. Recruiters can input this information into Vervoe as candidates are hired, or share a regular report or bulk upload to the Vervoe customer support team with the below details.

• Candidate full name
• Candidate application email
• Hire date
• Hiring Manager name
• Hiring Manager email

Attrition Rate

Vervoe helps you assess retention by allowing you to track the attrition rate of new hires at key milestones, like 3 or 6 months. While this data isn't automatically tracked in Vervoe, your recruitment or HR team can manually provide the necessary information. By mapping this data against pre-Vervoe metrics, you can spot trends and make informed adjustments as needed.

Candidate Experience

Candidate feedback is captured at the end of the Vervoe assessment, upon submission. Vervoe calculates the Customer Satisfaction Score (CSAT) from this feedback, providing you with a clear indicator of how candidates perceive their experience. The results are displayed in assessment insights, helping you identify areas for improvement. This information is valuable for employer branding.

Step 5: Communicate the ROI

To ensure your team can continue to gain benefits from Vervoe, we recommend communicating the stats and ROI provided to stakeholders. Highlight key areas of improvement, such as:

• Reduced Time to Hire
• Significant Efficiency Gains
• Better Quality of Hire
• Improved Retention Rate
• Happier Candidates

Conclusion

Measuring the ROI of Vervoe is essential to understanding its value to your recruitment process. By following these steps and leveraging Vervoe's built-in analytics, you can quantify the impact, make data-driven decisions, and demonstrate the effectiveness of Vervoe to your organisation.

For additional help and recommendations on measuring ROI of Vervoe for your organisation, contact your Strategic Account Manager today.