We’re living in an age which not only offers access to more recruiting data than ever before, but also more sophisticated metrics aimed at transforming this data into actionable insights. If tracking and understanding recruitment ROI has until now seemed like the domain of nerdy number crunchers, think again. In fact, if we acknowledge the role of recruiters as marketers — which we absolutely do — then marketing metrics can be carried over to the HR world to help you start to truly understand your ROI.
Let’s take a closer look at three ways to start making strategic sense of your recruiting efforts.
1. The Candidate as the Lead
Job candidates are the HR world’s equivalent of marketing leads. What are you looking at when you track them? Three things: net new candidates, pre-existing candidates, and the channel — free or paid — through which each candidate comes to you.
These figures can help you identify everything from whether candidates are returning to your company as second- or third-time applicants to which channels are most successful in terms of sending candidates your way. For example, if the majority of your candidates are originating from a job board but only very few are coming via the recommendation of current employees, you may need to step up your internal communication efforts.
2. Quantity Versus Quality
Of course, numbers only present a small part of the overall picture. While one channel may bring in the most candidates, does it also bring in the best ones? A glut of unqualified candidates not only yields diminishing returns, but can slow down the entire hiring process. The ability to understand which channels consistently send the most qualified candidates your way can help you refine your focus and, in doing so, strengthen your ROI.
3. Evaluating Offers
How many of your “leads” (AKA candidates) make it to the “conversion” (AKA offer) phase, and how many of those accept your offer and join your team? Consistently falling short on the second part of this two-stage question indicates a hiring hitch while strong ratios indicate that you’re doing something right. In competitive hiring markets, approximately one out of every five candidates — that’s 20 percent — will turn down an offer. How do your percentages line up, and what can you do to get them where they need to be?
In addition to helping recruiters do their jobs better, these metrics borrowed from the marketing world can also help demonstrate to key decision makers everything from the need for a budget increase to the previously unquantifiable worth of your recruitment efforts.
To know more about how Witty Parrot can help helps HR professionals and recruiters stay on message and consistently deliver a vibrant, compelling candidate and employee experience watch the video below