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Many companies make significant investments when hiring new employees- There are recruiting costs, training costs, salary, benefits – and the list goes on. In addition, it could take a while until companies start seeing a return on their investment. Hence, companies are constantly looking for ways to reduce employee turnover rate and to prevent valued employees from leaving the company.
Understanding how the salary our company pays compares to what competing employers provide their employees in similar positions gives us insight into the competitiveness of our company as a potential employer.
Companies want to ensure that they offer a salary that is fair and competitive on the one hand, while avoiding inflated salary costs on the other hand. Comparing our salary rate with those offered in the industry will provide these insights.
Measuring the hiring process can contribute to organizational efforts to reduce the above by getting insights into the process. This will allow the organization to identify areas that it needs to improve\maintain\develop and take action accordingly.
This BI solution is meant to identify bottlenecks and opportunities in the hiring process in order to improve efficiency, avoid lost revenue and additional costs by reducing the time it takes for the organization to hire new employees.