– By Joshua Siler, CEO and Founder of HiringThing. HiringThing won the 2021 SaaS Awards category “Best SaaS Product for Recruitment.”
Recruiting is the number one workplace challenge of 2021. Finding, hiring, and keeping great employees is costing businesses time and money—according to the Society for Human Resource Management (SHRM), it costs an average of $4,129 to hire an employee in the United States.
Successful businesses must ensure applicant traffic remains steady, job candidates have great hiring experiences, and they are filling the right positions with the right candidates. Today’s forward-thinking companies, including 98% of Fortune 500 companies, use an applicant tracking system (ATS) in their HR tech stack to stay competitive, relevant and keep precious resources dedicated to their number one problem.
For companies who offer HR solutions to customers, an ATS is even more important. Online recruiting software is currently in high demand, with no signs of slowing down. The ATS market is forecasted to reach $1.81 Billion by 2023, driven by the rise of geographically diverse talent acquisition and the need for companies to automate their recruiting activities. Increased demand for mobile recruitment and social media integration in the hiring process provides expansion opportunities for ATS providers, driving demand even higher.
HR Solutions such as a Human Resources Information System (HRIS), a Human Capital Management (HCM), or a Professional Employer Organization (PEO) who are looking to expand their offerings with the acquisition of an ATS have several options. Building an applicant tracking system is an option for those short on cash but rich in resources, however it is time-consuming, costly, and requires a dedicated team for servicing.
Purchasing a ready-built ATS is an option, but doesn’t consider that businesses have different needs for their recruiting solution. This is the buy versus build dilemma frequently encountered in the SaaS space. The third option is to partner with an existing ATS vendor to fully integrate an ATS into the tech stack. Integration elevates a brand, reconfigures hiring strategies, and drives revenue—it’s the best way to strengthen a company’s HR platform.
Integrating an ATS strengthens an HR Solution by:
- Generating new revenue streams: A study of 512 SaaS companies found monetization was 4x more efficient than acquisition and 2x more efficient than retention in improving growth and generating revenue. For HR companies, this means adding value to increase your prices or monetizing the ATS value-add as a feature you know customers will happily pay additional fees to integrate into their suite of recruiting offerings. Your customers desperately need an ATS. Customizing one to fit their needs is the definition of adding value, and thus, revenue.
- Giving customers what they need: Companies waste valuable time and resources trying to meet hiring demands. It costs a business approximately 90 dollars a day for a position to sit vacant. SHRM found that it took approximately 42 days for the average employer to fill an empty position pre-pandemic. While there’s no data yet on the current average, with staffing shortages plaguing many industries, it’s safe to assume it’s risen.
Companies successfully utilizing an ATS have reported saving up to 20% of their time on the hiring process, and small and medium businesses (SMBs) who adopt an ATS save money by hiring quicker. According to software reviewing platform Capterra, 94% of recruiters who’ve adopted an ATS report it’s positively impacted their business.
HR Systems can use these stats for marketing their integrated ATS and providing customers with the solution to the number one problem facing their business. Integration means not providing a blanket solution to customers but one tailored to meet a company’s nuances and needs.
- Strengthening your brand: When you integrate an ATS, it creates a streamlined experience for clients who feel like they’re still engaging with the brand they know and trust. Single-sign-on capabilities mean that users can access the ATS without logging into a new system.
An ATS branded with your company’s colors, logo, and mission invites clients to associate your brand with positive experiences and added value. An ATS solution gives clients an easy backend experience while helping expand their business to the customers they serve in dire need of hiring help. It’s providing customers a positive brand experience. A strong brand experience also means customers will be:
- More likely to share their strong experience with others.
- Be willing to be point-of-sale references.
- More willing to purchase upsells or additions.
- Less sensitive to price increases.
- Less likely to defect to a competitor.
B2B customers are 83% more likely to act as references if they have a positive experience with a brand that adds value to their business. An ATS experience that lets HR solution provider clients customize the candidate journey will help them expand their market share and thus become an invaluable part of their employer brand.
- Increasing customer retention: Client churn plagues the SaaS industry. Voluntary churn happens when companies feel the product isn’t adding value, while involuntary churn occurs when customers simply aren’t utilizing the product. Frequently customers churn in search of a solution with a broader scope. An integrated ATS solution adds value to your solutions while addressing a significant problem for customers looking to strengthen their recruiting process, reducing both kinds of churn.
- Keeping your business competitive: Beyond the gains made for your client base and establishing a new revenue channel, private labeling a recruiting solution has additional significant upsides for your business. Partners can design and own their integration to provide a secure, seamless data transfer into their existing systems. With your primary products driving your customer experience, product managers can curate how clients access an integrated recruiting solution and what custom fields are most beneficial to the overall system infrastructure. Developing a customized solution with your client’s needs at the forefront will set you apart from your competitors. For example, the ability to send a candidate marked as hired back into your core system makes the hiring process that much more seamless for your users.
Integrating your ATS takes into consideration the specific business needs that drive an HR solution. It allows for tailored workflows, bespoke hiring processes, and specific integrations that empower today’s businesses to grow and thrive.
HiringThing Offers the Best in Custom ATS Integration
HiringThing has helped countless partners transform their recruiting and hiring processes and grow their business through our customizable, integrated ATS resulting in what we call certified Hiring Happiness®. Schedule a demo today to talk with one of our product experts about how we can help integrate an award-winning applicant tracking system into your suite of HR solutions.