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Budgeting season is here! As you're building plans and strategies for your 2024 HR and recruiting needs, you're probably taking a look at ROI and how to maximize results from your HR and TA budgets.
Over the past few years, organizations have been investing in HR and TA technology to stay relevant, to stay connected, to stay competitive. This much-needed investment comes alongside growing demands on HR and TA teams, from navigating: talent shortages, low employee engagement, and higher turnover all have their own demands on HR teams. In fact, research has shown that talent acquisition and retention are some of the top opportunities (and risks!) to innovation and business growth.
So, how can HR and talent acquisition leaders navigate these demands, while building strategies that boost results? In this article, we’ll guide you through the process of getting more from your HR tech spend, including:
- How to evaluate your current vendors
- What to consider about your current tech use cases
- Ways to break your HR tech from the silo
Read on to learn how to get the most value from your HR tech budget—or make adjustments so you can improve your ROI.
Evaluate Your Current Vendors
The first step in getting more from your HR tech spend is to look at your current vendor relationships. It's likely that most vendors you're working on have expanded their offerings and services since the start of the pandemic. Now's the time to make sure your utilization and playbooks make the most of what every tech provider has to offer. Make sure you understand what products and services they have available, and consider whether you need to take advantage of offerings that you haven’t been.
The best HR technology vendors are constantly refining their products and adding new solutions to address customers’ needs. This is a core value at Brazen. For example, we built our in-person event solution to give employers a better way to centralize the process of building and hosting all their hiring events, streamline processes, and collect consistent, actionable data they just couldn’t get from in-person hiring events before—an invaluable asset in today’s fast-moving talent market.
Consider Your Current Use Cases
The next key step to maximizing the ROI of your tech budget is to make sure you're making the most of what your providers have to offer for all the different use cases across your HR and TA initiatives, from employee engagement to campus recruiting to high volume hiring. Brainstorm all the potential uses cases your team may have, and see how your existing tech stack can help you solve these challenges.
For example, when it comes to hiring events, consider:
Did you know that event tracking links can help you optimize your recruitment marketing?
With Brazen, flexible event tracking links allow you to gather data on geographic locations, candidate sources, and even different candidate personas. With these insights, you can adjust your recruitment marketing efforts to get better results where you need them.
Are you hosting multiple event types to boost engagement throughout the recruiting funnel?
You’re not limited to job fairs and online interviews. Today, TA teams are using hiring event technology for everything from screening events to talent community engagement webinars. Leverage the power of technology with informational events to build awareness at the top of the funnel and post-offer social and onboarding events to keep your best candidates engaged through their start dates. Get creative and brainstorm how you can do more to provide candidates the communication and transparency they want through the power of hiring
Are you using virtual events for employees, or just candidates?
Hosting virtual events for internal communication is an often overlooked use case for HR technology—and that’s unfortunate. Virtual events for employees are great for boosting engagement and building culture. We’ve seen organizations find success hosting virtual townhall meetings, social events, hackathons, and even skills training and educational seminars on the same platform they use for engaging with job seekers.
Being creative with your use cases helps you extend the benefits of your HR technology and, in some cases, avoid the need for separate solutions.
Free Your HR Tech from the Silo
One of the most common reflections we hear from HR leaders lately is that their HR tech lives in a silo - or even several silos. This is a holdover from early generations of HR solutions which truly only served the HR function. However, many types of HR tech can now be beneficial in multiple departments or teams within HR as well as other areas of your organization.
What does that mean? Within HR, a wide variety of teams can take advantage of the same platforms.
For example, your DEIB team, benefits department, and campus recruiting specialists can all use a virtual event solution to engage with their target audiences, inside and outside your organization. In fact, may Brazen clients are doing just this.
Other areas of your organization can benefit as well. We’re seeing larger organizations share virtual event solutions with teams that manage internship programs, mentoring programs, and even more. The possible applications are limited only by your imagination.
The ROI of HR Tech
Taking advantage of all the features, use cases, and benefits of HR tech only serve to increase your organization’s ROI. And what’s more, you may find that your results improve as well. After all, if you’re underutilizing tools you have—or using tools that aren’t quite right for your organization’s needs—there is a big opportunity for changing course now, and sailing into 2024 with the confidence that your HR tech spend is well spent.
Ready to learn how you can support all your talent acquisition initiatives with Brazen?
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