Say you have a job opening and want to find a qualified candidate who fits in well at your company, works hard, and tells great jokes. You have a job description, ads all over the internet, and a healthy dose of optimism. What could go wrong? The weeks pass, applications are coming in (or not), but you have yet to find that elusive perfect candidate. You begin to wonder, where did I go wrong? And how can I even begin to find the answer to that question?
Recruitment marketing to the rescue! Recruitment marketing is a sector of marketing focused on using different marketing strategies to draw in potential candidates to your post, and convert them to applicants. These strategies are used in an effort to draw in two types of applicants:
- Active candidates (those actively seeking employment and pursing job opportunities)
- Passive candidates (those who are not actively looking, but are qualified for your position)
When delving into the world of recruitment marketing, utilizing marketing metrics will save you timewhen searching for and vetting candidates. This is done by increasing the efficacy of your posting strategies, and decreasing
time wasted on unqualified applicants. There are many different Key Performance Indicators (KPI’s) to use, and all of the choices can be daunting. We have narrowed down the metrics to the five most important KPI’s to focus on when initially beginning your recruitment marketing process.
The CTR expresses the number of people who visited your job posting by clicking on your advertisement. This metric is helpful for monitoring the efficacy of your advertisements and job postings and tracking how much interest they’re garnering. The CTR is also helpful because it helps track engagement with your posting as opposed to simply general interest. For smaller businesses, this metric is a good indicator of how strongly a job posting is worded, which can allow you to gauge if your current strategies and descriptions are effective or need to be restructured.
Applications by Source
When tracking recruitment marketing efforts, it’s always helpful to know where your applications are coming in from. Are they referrals? From a job posting site? Happening by chance? Applications by source helps evaluate what candidates are coming from what sources, and if these sources are worth the money to post on them. If you notice that one source is giving you consistently qualified and top-notch candidates, you know that it’s money well spent. However, if all of the applicants from one source are generally unqualified or poor fits, it might be time to invest funds into a more effective outlet.
Cost per Application
In any business, it’s important to keep the bottom line in mind when formulating a plan, and this rate allows you to do just that, along with evaluating job posting success. This metric can also be used to help track how effective posting on certain job sites is. Is this job board sending me many unqualified candidates (which are subsequently costing me more time and money to vet)? If you find a site that increases your cost per application rate, it may be time to find a new one.
Application to Hire Ratio
This ratio is fairly self-explanatory, it details the ratio of candidates to those applicants who were hired. If your ratio is low, that could either mean that your posting wasn’t viewed often, or that you are advertising for a field that is highly specialized and thus has fewer candidates. Alternatively, if you have a high application to hire ratio, this could mean that your posting is attracting many unqualified or poor fit candidates, and that your posting or marketing strategies need to be reevaluated. For any business, this is a good metric to keep track of because it can show you both your number of applicants per posting, and general trends about the efficacy of said posting.
Quality of Hire
This term encompasses a large range of aspects of the job posting process for a company. This represents everything from what new employees bring to the table to success rates for hires to management abilities and more. It’s an important KPI to track because it allows you to evaluate your hiring process after the hire has taken place, subsequently giving you information to improve future hiring strategies.
While this is by no means an exhaustive list, all of the metrics discussed above are useful for maximizing your ROI from the job market. When looking at recruitment marketing strategies, the bottom line is that it’s your main focus to promote your company and the job in a way that attracts candidates that are the best fit for your posting. If monitored and used correctly, these KPI’s can help you continuously improve your recruitment process, reduce costs, and attract the elusive perfect candidate to your company.