ROI Calculators

Using Virtual Job Tryout means having access to meaningful candidate data. Being empowered to make better hiring decisions can improve your talent acquisition process and deliver a measurable return on investment.

Where can you evaluate return on investment in your hiring process?

Reduce Staffing Waste and Rework

Staffing Waste ROI Calculator

Ninety-day new-hire turnover can be costly. Turnover expenses can double hiring, onboarding, and training dollars. Data you typically do not find on a resume but can discover with a work history questionnaire can identify candidates as a high turnover risk. Organizations using Virtual Job Tryout increase new-hire retention and reduce the amount of time and money spent on replacement hiring. Clients commonly realize a 30% to 50% reduction in new-hire turnover using Virtual Job Tryout.

Use our interactive staffing waste ROI calculator to estimate the economic impact of staffing waste from false starts and rework for a job with high turnover. These four variables are used to calculate dollars lost to staffing waste:

  • Wage rate
  • Separations within the first 90 days
  • Cost per hire
  • Training and onboarding costs

Step 1

Consider the job in your organization with the highest false-start rate and enter real numbers or an estimate for each of the four variables described above. In the Variables section of the calculator, click and drag the red dot on each of the four scales to the appropriate value.

Step 2

In the Results section of the calculator, click and drag the red dot on the False Start Reduction Goal scale to calculate the potential savings of increasing retention.

Let Shaker provide you with a staffing waste ROI calculator custom tailored for your assessment process.

Predict Better Performance

Performance Variation ROI Calculator

Organizations using Virtual Job Tryout hire individuals who learn faster and achieve higher levels of productivity. Work-sample simulations and whole-person assessments that mirror the complexity of the job can differentiate applicants and predict performance. Individuals who perform well on the Virtual Job Tryout commonly demonstrate 20% to 50% higher levels of productivity on the job. Create a return on investment by hiring individuals who possess the abilities to deliver superior results.

Use our interactive performance variation ROI calculator to preview how better selection can impact your business.

To calculate the potential benefit of better selection methods for sales representative hiring:

  1. Obtain a data set containing the annual revenue by individual for the sales force (similar calculations may be made for any measure of job performance).
  2. Sort the data by declining sales (highest to lowest).
  3. Calculate the overall average sales per representative: total revenue of all representatives divided by N, the total number of representatives. (Revenue dollars/N).
  4. Determine the top 80% of the group (N x 0.8).
  5. Calculate the average sales per representative of the top 80% (total revenue of top 80% divided by the number of representatives in that group).
  6. Determine the bottom 20% of the group (N x 0.2).
  7. Calculate the average sales per representative of the bottom 20% of the group (total sales of the bottom 20% divided by the number of representatives in that group).
  8. Set the values of the top 80% and bottom 20% sales per representative using the two scales on the left side of the calculator:
    • For the Avg Sales scales, click the red dot on each scale and drag it to the appropriate level (range $0 to $2,000,000).
    • Set the number of Hires Per Year scale to the target number.
    The bar graphs display values based on the revenue averages. The Annual Opportunity Gap dial shows the potential gain from hiring with an improved process.

Start reducing staffing waste from performance variation today with Virtual Job Tryout, the interactive pre-employment test that empowers recruiters to quickly rank and stack all candidates and get to best-fit candidates quickly.

Let Shaker provide you with a performance variation ROI calculator custom tailored for your selection process.

Recruit with Less Time and Effort

Interview Efficiency ROI Calculator

Applicants can look the same on paper. Finding meaningful differences between candidates can be difficult when relying only on words on a page. Organizations using Virtual Job Tryout reduce their interview-to-hire ratio and spend less time with poor-fit candidates. Clients commonly achieve a 2-to-1 interview-to-hire ratio using Virtual Job Tryout. The data from a Virtual Job Tryout allows recruiters and hiring managers to rank candidates from most to least qualified at the click of a mouse. This strategy can result in a return on investment by reducing total time spent reviewing, screening, and interviewing candidates. Contact us to receive your copy of our interview efficiency ROI calculator.

 

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