Your recruitment strategy should go beyond placing ads and lining up interviews. Every talent search is a chance to express your brand and proactively attract quality candidates. Assessing your recruitment marketing efforts reveals valuable insights into how tenacious and engaging your company is and how you can optimize talent acquisition.
Are the ideal candidates interested in your job? How much does it cost to attract top talent? Using hiring metrics to actively track your recruitment marketing strategy highlights each area of the process, giving you authentic answers to all your burning questions.
Learn how to measure your recruitment marketing campaigns' success so your brand stands out in a competitive market.
Types of Recruitment Marketing Metrics
Use key performance indicators to evaluate your work, from costs and application conversions to the time you spend on hiring talent. Would you like to increase engagement with applicants? Do you want to reduce recruitment costs? Or would you like to boost employment retention and work on company growth goals? Understanding and tracking various KPIs for recruitment marketing is a stepping stone toward realizing your vision.
Cost-Related Metrics
Achieving the best comes with a cost — even in hiring. Tracking cost-related metrics can reveal if you are getting the maximum possible value from your hiring efforts and highlight which spends give you the most return on investment. Cost-per-hire is the total you spend on the recruitment process divided by the number of candidates you hire. For instance, if you spend $120,000 on recruitment in one year and employ 60 staff during that time, your cost-per-hire is $2,000.
Internal and external factors to factor into your cost-per-hire calculations include:
- Marketing
- Compliance
- Administration
- Sourcing and agency
- Prescreening and background checks
- Employee referrals
- Signing bonuses
- Training
- Recruiter salary
Knowing your cost-per-hire helps you set a recruitment budget, manage costs and see which areas you can boost for better ROI.
Interest Metrics
Click-through rate provides valuable data on a potential candidate's engagement by your online posting. You can calculate CTR by how many candidates saw your job listing divided by how many clicked on the post.
CTR is one of the most straightforward indications of how captivating your job description is. Slightly changing information or punctuation and seeing how CTR fluctuates can help you strike the perfect phrasing. Do you get more views when you include your location or describe your preferred experience? Is CTR higher when you have a call to action with an exclamation point?
Knowing the posting's CTR also helps you track application conversion rates — measuring how many people clicked on the ad and completed the job application. A high conversion rate indicates the application process is user-friendly.
What if you need to boost your conversion rate? First, eliminate the possibility that the system has technical issues preventing candidates from applying. Then, consider how the application process can reflect your brand in the best light. Ditch the stuffy questions. Quality talent appreciates a seamless and engaging job application.
Engagement Metrics
Social media is a massive part of life — even in the workplace. Gone are the days when a job posting on a social platform seemed frivolous — thank goodness! In a global survey of recruiters in North America, 58% view social professional networks as a source for quality hires.
Posting a job listing on social media has tremendous advantages — you can tweak the algorithm to reach a more diverse and inclusive group of candidates and easily use the platform's analytics to track your campaign's extent and impact.
The most potent benefit of using social media to reach candidates is that these platforms bring your brand to life for candidates. Job seekers should get a sense of your company culture from your social media posts, and the same is true for your website. Eager, intelligent candidates will browse your website to gauge your values and mission, so use it for the powerful brand tool it is.
Time-Related Metrics
Time-to-fill shows the average length of time it takes to fill an open job position, and time-to-hire is how long it takes from when a candidate enters the pipeline to when they accept an offer. Both metrics provide valuable insight into the hiring process from the company and the candidate's perspective.
A long time-to-fill can impact your company's budget, but it also presents an excellent opportunity to bridge any disconnects between different departments and processes. The time it takes for companies to hire is higher than ever before — 44 days. Naturally, some positions are more challenging to fill with suitable candidates, and other factors could also cause delays. In the long run, striking a balance that impresses candidates and serves your company is critical.
Quality-Related Metrics
A quality hire is the ultimate goal — someone who shares your values, brings their A-game and wows with their skills. All the time and resources you invested will pay off as your new hire becomes part of the team. Quality of hire is undoubtedly one of the key metrics that measure recruitment success.
There is also a correlation between quality hires and employee retention. When you and the candidate know the match is right, you work together to iron out the kinks in those early days and build a lasting professional relationship.
Tips for Measuring Success
Follow these simple tips to maximize your recruitment marketing KPIs.
- Set benchmarks: It is easier to evaluate your campaign's success when you establish unmistakable, measurable goals. Setting benchmarks for budget, ROI, engagement and time-to-hire gets everyone on the same page to streamline the process.
- Monitor month-to-month progress: The recruitment landscape is dynamic, so what scores the goal today may miss the mark tomorrow. Tracking month-over-month progress helps you identify these changing trends and make data-driven adjustments to keep your campaign evergreen or reinvent it if it runs its course.
- Celebrate success: Recognize your accomplishments as you reach new milestones. Continue fostering the relationship between your recruitment team and new hires.
Enhance the Recruiting Experience With Ph.Creative!
Measuring recruitment marketing success leads to sustained improvements in talent attraction. At Ph.Creative, we understand the impact hiring quality candidates has on your company culture and vision for growth. We are defenders of happiness, passionate about connecting people so everyone loves their jobs.
You can rely on our employer brand agency to enhance your recruitment processes and attract quality hires that make your company more impressive, inclusive and diverse. Contact our friendly team to schedule a call or demo today!
