How Should You Measure ROI on Recruitment Marketing?
Like most things in life, there’s no point in doing something if you’re not going to get anything out of it. It’s no different for recruitment marketing. Maybe you have someone dedicated to delivering this for your company or maybe you’re still considering it.
Our team of experts can help you make that decision by letting you how they measure the real return on investment when it comes to recruitment marketing.
Within the entire recruitment marketing mix, we look at a wide array of metrics. Often the main performance indicators are cost per application, cost per hire, cost per click, etc., but really the key metric is retention. We are often so focused on the candidate, and for good reason, but we can’t forget that the key to all of this is retention of the employee and provide proper source
Joe Shaker is the President of Shaker Recruitment Marketing.
Quality of hire and time to hire.
Maren Hogan is CEO and Founder of Red Branch Media.
I like to keep a pulse on the employer brand via Glassdoor and Indeed, and I like to see how successful our paid campaigns are. We look at the funnel from views, clicks, and conversions to ensure we are putting our budget in the right places and as a way to tweak our strategy.
Jared Nypen is the Vice-President of talent at Great Clips inc.
Stick to “sanity stats”: Leads generated. Subscribers signed up.
Lisa Jones is the Founder and Director of Barclay Jones.
Fundamentally it is down to how many employee’s your recruitment marketing has helped to place into a role. Monitoring metrics along this journey can give you an indication as to the effectiveness of your campaigns or equally how well you are converting those interested. If we work backwards from a placement, we first arrive at the number and quality of applications, try to balance the two. Followed by the Size of your network, how many people can you reach who are already engaged with your employer/recruiter brand? This could be database size, but it could also be a number of followers or engagement on social media. Moving even further back we then reach web traffic is also a great awareness indicator, how many people are finding or searching your brand across the web.
Mark Cavanagh is the Marketing Manager at The One Group.
Recruitment marketing measures can be measured by each stage of the talent acquisition life cycle – from awareness, attraction, engagement, interviews, offers and hires. Measures include ad impressions, clicks, website visitors, views, email views/clicks, and website visitor to apply ratio, cost per application, cost per hire, sources of hire, campaign hires,
Other measures can be rankings on employer of choice awards, net promoter scores (NPS) survey results from candidates, employees or site visitors.
Charlotte Jones is theRecruitment Marketing Manager at Lockheed Martin.
The ROI should always come down to how your efforts are effecting your cost per hire and time to fill. This can be a bit tricky and you should definitely take pages out of marketing’s playbook when looking at certain initiatives (for example, a culture video will increase the conversation rate on your careers site into your ATS and talent community, which will in turn lead to more quality applicants, and therefore faster hires at lower cost). But, it’s essential. So many HR teams do one initiative, don’t track the ROI, and then can’t get budget for the next project they want to tackle.
Phil Strazzulla is the Founder of NextWave Hire.
Recruitment marketing is all about driving brand awareness and it is difficult to measure awareness, however, if you benchmark some of this data prior to implementing your recruitment marketing strategy, you will be able to see where your strategy is making an impact:
• Source of influence/applicant/hire
• Net Promoter Score (NPS)
• CRM Pipeline
• Social media engagement rates
• Talent Brand Index (LinkedIn TBI)
Shelby Burghardt is the Global Talent Brand Manager at Thomson Reuters.
There are several measures to know if your recruitment marketing is working, including: follower growth, as the number of people following your brand is correlated with the interest and recognition of your brand. Engagement- the amount of people clicking on your updates, as well as liking, sharing and commenting on it.
LinkedIn’s Campaign Manager, for example, allows you to accurately see how many leads you’re getting following the activation of a brand campaign, as well as providing insights that suggest which tactics and audiences are driving the best results.
Rebecca Drew is a Manager at LinkedIn Talent Solutions.
First, measure the website traffic growth to your online career center. A rise in website growth means more eyes on your career content and job postings, increasing the likelihood that candidates visiting or applying become members of your talent network. Second, your recruitment marketing database is your lifeblood, so a key measurement is its growth and the quality of your talent network pipeline. Lastly, use a Net Promoter Score framework to measure your employment brand and reputation. Research from The Talent Board’s Candidate Experience Studies continuously show there is a hiring and business impact if your NPS is unfavorable
Bennett Sung is the Head of Marketing at Allyo.