Going by the universal truth of “What gets measured, gets improved”, we at BarRaiser help clients understand, measure, and improve their recruitment funnel with great success.
To measure the impact of our product/service on the overall recruitment process, we did a study in March 2021 with 5 Indian product companies (hiring anywhere from 10 to 50 candidates/ month). We analyzed the data collected from 623 candidates (each completed two interview rounds) and here’s a quick snapshot of how BarRaiser optimizes the recruitment funnel at each stage. Read to know more about the advantages of interview outsourcing or interview-as-a-service to your organization.
Insight#1: Reducing application to fill time while saving cost
Hiring practices vary across companies, but most spend anywhere between 7 to 12 hours per candidate per role, apart from the time lost on coordination.
Thus, the indirect cost of technical recruiting for companies is approximately $1,730 per hire. Apart from this, most companies end up buying out the notice to get them to join sooner.
On average, companies saved about US$ 1,500 per hire either by avoiding the notice buyout or by getting the employee onboarded earlier (value estimated the same as notice buyout) apart from the US$ 250 saved on interviewing and reduced their application to fill time from the typical 15-60 days to 5-7 days.
Note: You can read more about how BarRaiser helps you to reduce time in recruiting.
Insight#2: Improving interview to offer conversion
Due to supply-demand imbalance and longer time from application to offer (anywhere between 2 weeks to 2 months), candidate conversion was a staggering issue for all companies, especially for the newer brands.
On average, the drop-out rate for these five companies was ~33%. Since onboarding the BarRaiser interview panel, the companies reduced the interview-to-offer time to less than a week and improved the conversion rates to 4:5 (21% drop-off rates) for the newer brands and 9:10 (9% drop-off rates) for the established brands.
Insight#3: Better sourcing by data driving it
By collating the data from candidates’ experiences, the BarRaiser Global Score (BGS), and joiner information, the companies started channeling their candidate discovery better with a focused approach.
Due to the data-driven sourcing of quality candidates, the average BGS scores of candidates improved significantly month over month, signaling better quality hires over time.
Insight#4: Streamlining the recruitment process for candidates
As candidate sourcing and CV screening got more focused (check the third metric), companies stopped using automated testing tools for CV filtering.
BarRaiser took care of their entire hiring process from the first round of interviews itself, streamlining the entire recruitment process, thereby reducing the drop-off rates (usual 20%) for experienced candidates. Read more about how BarRaiser can improve the candidate experience during technical hiring.
Insight#5: Exceptional candidate experience
Interviews are the first glimpse of the culture of the organization. If the candidate’s experience through the recruitment process is good, the chances of the candidate joining increase substantially.
95% of the candidates that go through BarRaiser interviews have provided a rating of 4+ (out of 5), with most finding it “intellectually scintillating” and “having the best interview experience”! Since using BarRaiser services, our clients were able to streamline their recruitment process.
Not only were they able to conduct structured, insightful interviews at scale, but their quality of candidates also improved over time with efficient sourcing while saving US$ 1,750 per hire in total.
Source: BarRaiser analysis. The study is based on 5 partners at BarRaiser over 6 months and covered 623 candidate evaluations. During this period, the country was hit with the second wave of the pandemic, and some dropout rates were not normal – to tackle that, most dropout rates quoted are before Mar ’21. FX Rate used for calculations: 1 USD = INR 75.