As a small business owner, you’re well aware – perhaps frustratingly so – that certain systems are stuck firmly on the “nice to have” list for now.
For example, you may want to purchase an advanced project management or CRM system, or provide your team with the latest and greatest remote working tools and technologies. But you simply can’t, because for now there are other costs that must take priority – such as buying inventory, paying back business loans, covering overhead, and of course, taking care of salaries.
However, there is one system in particular that is not just surprisingly affordable for small businesses (we’ll get to this in a moment), but it’s also necessary for current success and future growth: an applicant tracking system.
Below, we highlight the 4 key reasons why all small businesses – including yours – need an applicant tracking system:
It helps you identify top talent.
As you’ve already experienced or will very quickly find out, cash flow isn’t the only “lifeblood” of a small business: there’s also a matter of talent. Finding the right people at this crucial time in your business’s development is critical – because if you don’t or can’t, then it won’t matter how much working capital you have. Sooner or later (and it’ll probably be sooner), you’ll lose current and prospective customers to the competition.
An applicant tracking system isn’t a magic wand that turns unfit or unsuitable candidates into Rock Stars, but it certainly helps you clearly see which candidates are a better fit for your team – and just as importantly, which ones aren’t.
It helps you streamline the process.
Anything that helps HR staff (which may be comprised of a single team member) in small businesses streamline operations is a win, and that makes an applicant tracking system triumphant.
For example, the system can be used to run background checks, verify addresses, schedule interviews, automatically send documents and emails (e.g. questionnaires, etc.), and more. What’s more, applicant tracking systems can be configured to integrate with popular online job boards (e.g. Monster, Glassdoor, etc.), which further streamlines the process.
It keeps candidates in the loop.
For most candidates, job hunting is nerve wracking -- and not just because they’re either in between jobs, or are looking to upgrade their current situation. It’s also because they often don’t know where they are in the process, or even what the process looks like.
An applicant tracking system keeps candidates in the loop, so they know where they stand, and can see what the next steps are (if any). For candidates who eventually get hired, this thoughtfulness goes a long way towards establishing a positive relationship. And candidates who don’t get hired appreciate knowing ASAP that they should focus their job hunting elsewhere.
Generate valuable workforce data.
Your business may be small, but you need Big Data as much as multinational enterprises – because it translates into actionable intelligence that you can use to make smarter, faster decisions.
An applicant tracking system fits this requirement by providing you with valuable insight into your hiring process, including average time to hire, cost per hire, the effectiveness of specific recruitment channels and job ads, and more.
The Cost of an Applicant Tracking System?
We’ve saved the best for last, because no matter how beneficial an applicant tracking system is, there’s a little voice in the back of your head saying “wait until you see the price tag!” Well, here’s the price tag: ZERO.
That is, you can implement a robust, easy-to-use applicant tracking system in your environment for free, because it’s part of our online HR and Employee Benefits software – which, of course, is also free.
To learn more, contact the Connected Benefits team today. We’ll work with you to help your small business enjoy enterprise-grade HR tools, at a very friendly small-business price: $0.
If you're interested in more ways to attract top talent, think about the benefits you're offering with our new eBook "Crafting the Ideal Employee Benefits Package to Attract Top Talent":