Modern hiring is a two-way street. Not only do candidates do their best to land a job with their desired employers, but organizations also need to market themselves to attract and hire the best talent.
But how do you know if your recruitment marketing strategy is working? Using recruitment marketing metrics can help you out! In this guide, find out which recruitment metrics matter.
What Are Recruitment Marketing Metrics?
Recruitment marketing metrics monitor candidate success and improve the hiring process for an organization. They help assess the hiring process and the suitability of the candidates a company is considering hiring.
Recruitment marketing metrics help companies figure out if their hiring plan is working or not. So, if they see they are not going well, they can change their strategy. They can make better, data-driven decisions to improve their hiring approach. Furthermore, they can decide how much budget to spend on finding new employees and where to assign resources for the best results.
Overcoming Hiring Challenges With Recruitment Marketing Metrics
Recruitment marketing metrics resolve challenges posed by traditional hiring approaches. This makes them more beneficial in modern hiring, making it a more effective and practical hiring approach. Here are some of the challenges recruitment marketing metrics address:
Lack of Substantial Insights
Many companies rely on outdated or fragmented data sources, such as spreadsheets, to keep tabs on where they find job candidates. This can result in misguided decisions. Organizations may keep on investing in channels or campaigns that are not performing well enough when they lack insights to identify and rectify the issues. This inefficiency can increase recruitment costs and time-to-hire.
Now, how does using recruitment marketing metrics make a difference? These metrics cover all the efforts put into hiring an applicant, from job postings to finally hiring the candidate.
Lack of Quality Applicants
Your organization must attract a sufficient number of candidates. But shouldn’t the ultimate goal be to find the right fit? Well, yes! When looking for the right fit, traditional metrics like the number of applications can be misleading if they don’t consider whether the candidate is relevant and suitable for the job posted.
With no focus on quality, you may end up with a high volume of applicants and still struggle to fill the position with the best ones. This means recruiters will have to waste time on irrelevant applications. Moreover, it can harm your employer brand if candidates experience a poor recruitment process.
Modern hiring practices, including recruitment marketing metrics, not only focus on the quantity and quality of employees but also assess how effective the recruitment marketing efforts have been and what changes need to be made in the recruitment strategies.
Essential Metrics for Recruitment Marketing
Here are some crucial recruitment marketing metrics you must use to hire the right candidate.
1. Click Volume
This metric indicates the number of job seekers who click through to your job description. If you see a lot of clicks, it’s a good sign that people are pretty interested in the job you’re offering, and your marketing content is persuasive. Sometimes, if a job is in high demand, you’ll get more clicks, too.
2. Click-Through Rate (CTR)
CTR measures how often people click on your ads when they see them on job boards, search results, or social media. This way, you can understand what aspects lead to the success of your job ads. Moreover, this metric helps determine how suitable and effective the source for a specific job category is.
3. Cost Per Click (CPC)
CPC decides how much you pay for a job advertisement based on the number of clicks it brings in. You should consider CPC as it quantifies the cost of hiring campaigns for your company. As it impacts budget allocation for recruitment marketing, recruiters can maximize spend by zeroing in on cost-effective channels and increasing application traffic within budgetary restrictions.
4. Application and Hire Source Tracking
While assessing application and hire source tracking, the information about the source of hiring sheds light on how candidates get into a company’s pipeline for hiring. This may include word-of-mouth, employment agencies, social media, online job boards, and more. Furthermore, the information about the source of applications provides recruiters with information about the channels bringing the applications. But do you know which sources are most effective for your recruitment needs? Evaluating these metrics, recruiters can focus on high-performing sources, distribute resources efficiently, improve recruitment tactics, and cut expenditures.
5. Application-to-Quality Candidate Ratio
The application-to-quality candidate ratio evaluates the success of your hiring efforts. It calculates the ratio of the number of high-caliber prospects identified to the number of job applications received. A lower ratio implies that many applications may not match your job requirements. What do you do if you have a lower ratio? Well, you may need to write better job descriptions or use better targeting methods.
6. Cost Per Hire (CPH)
CPH calculates the expenses related to recruiting prospective employees. These include costs for onboarding, referral bonus programs, sourcing and recruitment advertising, and various other expenses. Through cost-effective talent acquisition and assessment of hiring costs, this metric helps organizations increase the overall efficacy of recruiting methods.
7. Cost Per Quality Applicant (CPQA)
CPQA determines how much budget is invested in a job campaign or a source that brings in a candidate considered “qualified” for a particular position. Put simply, this metric shows how much it costs to recruit quality candidates. Using this, recruiters can allocate budgets and assure an effective hiring process, which enhances the results of talent acquisition.
Additional Metrics to Enhance Recruitment
The metrics mentioned above are crucial for recruitment marketing. In addition to those, there are a few more metrics that can enhance your recruitment efforts. It would help if you also considered using the following:
Pipeline generation metrics are crucial to monitor because recruitment marketing seeks to make a pipeline of candidates for open positions and future positions for your company. Hiring plans like campus recruitment, job fairs, sourcing, marketing, and more might already be in place as part of your pipeline-building strategy.
But what else can you do to increase the ROI for your recruitment efforts? Well, for that, you must be able to measure the following:
- The number of applicants getting hired from each of these campaigns
- If you added more employees to your pipeline this month than you did last month
- The most productive channel for applications and hires
- The source you should be putting more time and budget into
Your pipeline should be based on quality over quantity. Adding a high number of candidates to your talent database might make it look impressive. But what if most of them are irrelevant? Yes, that’s not going to help you hire anyone. So, you should check the quality and relevance of your pipeline by analyzing the following aspects:
- Alignment of your pipeline with your target personas
- Most effective sources for a relevant candidate pipeline
- Achieving your diversity targets
- Recruitment of the candidates with the right skills and experience
- Candidate engagementThis lets you understand if your hiring campaigns appeal to the right candidates. Plus, you can divide these insights based on individual campaigns to get a precise idea.
There may be plenty of talent in your pipeline. But you need to know how well these new prospects turn into candidates. So, you should track the conversion rate of your job postings. What does a high conversion rate mean? Well, it shows you that:
- More qualified individuals are getting added to your pipeline.
- Your efforts to develop prospects and tell them about the advantages of working for your organization undoubtedly have an impact.
You may not hire any applicants you have engaged with for several years. So, you must be able to monitor this engagement and determine how it affects your pipeline over time. But why? Well, it can assist you in deciding which candidates to contact first and how frequently you should do so. For example, engaged candidates should be contacted more often than the rest of the pool.
Employing recruitment marketing metrics helps improve hiring processes as companies gain helpful insights about their potential employees and overcome traditional hiring challenges, leading to successful talent acquisition.
Pulsifi makes it easy and highly effective for organizations to adopt recruitment marketing practices and create a great employer brand:
- With AI and data-driven insights, you can offer job opportunities that are just the right fit for candidates. This improves candidate experiences and creates positive perceptions of the employer brand.
- With all the tasks automated, the hiring process takes less time. So, HR teams can focus on shaping an exceptional employer brand story.
- With its unbiased approach, Pulsifi promotes diversity and inclusion, appealing to a broader talent pool.
- Actionable insights help organizations refine hiring strategies and use impactful recruitment marketing practices.
Turn around your talent acquisition and employer branding with Pulsifi. Book a demo today!