Measuring recruitment success: The 3 metrics that really matter

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In this article we will take a closer look at attracting the right candidate with the help of job advertising technology and how it supports your top 3 metrics: Quality of hire, Cost per hire and Time to hire.

Great hires begin with great candidates in the top of the talent acquisition funnel. In many ways, the top of the funnel is the most important part of the entire journey, both for recruiters and job candidates. Laying out solid foundations gives you a better chance of ending with a great hire. 

Say Goodbye to post-and-pray. Embrace proactively attracting potential candidates

You have a job opening. Now what?
Which media are you going to distribute it on? Should you include paid media channels or stick to the free ones only? Can you predict the outcomes? How do you get high quality hires? And, most importantly, is there a way to reduce your time and cost per hire while increasing the quality of hire?

If you struggle finding the answers to these questions, you need to shift gears and rethink your recruitment approach. A shift from being reactive towards a much more proactive approach; from simply post-and-pray towards focusing on proactively attracting candidates.

Successful recruitment is about reaching the right candidates on relevant media channels

Successful marketers continuously promote their products and services in order to sell them to a desired audience. Marketers define buyer personas and think very carefully about the media channels their messages would be most successful on. In a similar manner, Recruitment Marketing introduces the need for a better alignment of recruitment with marketing and implementing effective marketing practices into the recruitment process. At the end of the day, you want only the right candidates applying on your job, right?

Qualified candidates are the ones you want to be attracting. That is why, it is worth sparing the effort of customising your approach per job ad with the help of Recruitment Marketing techniques, such as: outlining a candidate persona; choosing the most relevant media channels; and adopting innovative recruitment technology.

Sadly, most companies have very little understanding of what Recruitment Marketing is and how they can benefit from implementing it. Some forward-thinkers, however, are eager to jump on this fast train and make it top priority: “A strong relationship with marketing will be key to employer brand excellence. 47% of recruiting professionals say they share or contribute to employer branding with marketing.”
Source: Linkedin’s Global Recruiting Trends report

Using recruitment technology works miracles for your key metrics: Quality of hire, Cost per hire and Time to hire

Today, recruiters are expected to pull high quality hires out of thin air in a short period of time with little or no budget. The same are also the basis for measuring the success of a recruitment campaign.

The top 3 ways to measure success are: 1) the length of time new hires stay at the company; 2) the satisfaction of the hiring manager; 3) time to hire.

On a second look, 1) and 2) can be easily summarized into one of recruiters’ key metric: quality of hire. Job Marketing works miracles for your favourite metrics: quality of hire and time to hire. In addition, it boosts one more key metric: cost per hire. Let’s see how:

A) Increase the quality of your hires

Improving quality of hire is a challenge that companies have been struggling with for years. You need a clear idea of who you want to hire, so that you can develop an effective plan to reach them. Crafting a strong and well-targeted job ad for a specific candidate persona is what you need to start with. To improve your chances of getting a high quality hire, you also need to pay special attention to distributing the ad to relevant audience. For this, you need extensive knowledge on all the relevant media channels that your potential candidates might be using.

Then again, post-and-pray costs you more time and money and once done it is too late for redoes. Instead, prepare in advance by crafting a customised approach for your jobs. This not only guarantees qualified candidates, but would also increase the visibility of your business. Strong and eminent brand increases the visibility of your employer brand on the long run, too.

Reduce your cost per hire

The average cost per hire is 3,681 euro. Ouch!

When it comes to reducing your cost per hire, the challenge is figuring out how to save money without sacrificing the candidate quality. After spending time and money trying to get people to apply on your job ad, the last you want is an inbox flooded with applications – this just creates more work. Instead, you want only the right candidates applying for your job.

Recruitment marketing applies the principles of inbound marketing to improve the efficiency and cost-effectiveness of a company’s recruitment efforts. It aims at enabling you to attract the talent who best fits the company culture and current needs.

Reduce your time to hire

Time is gold. Time is priceless. Talent acquisition does consume big portion of it, though. You have your job ad, you put a stopwatch on and the count begins: outlining the strategy; selecting the right channels; contracting multiple job boards; uploading your job one channel at a time…well, the stopwatch is long forgotten by that time, isn’t it.

Imagine having one single place from where you can distribute your jobs to all the media channels you already have in mind along with discovering new ones. Indeed, having an advanced Recruitment Marketing technology in place can save you a great amount of time. Time you can spend on greater things in life, such as interviewing the next Elon Musk, or setting up this great referral event you’ve been thinking of for months on. With smart recruitment technology in place, you enjoy the benefits of having one place to distribute your jobs across a variety of media channels in a fast and efficient way, which saves you plenty of time.

Curious to check what a smart recruitment technology can do for you? Get in touch with us and find out how VONQ can help you to attract the right talent faster and more efficient than ever before. 

 

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Sarah Gerding
Sarah Gerding

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