As competition for talent increases (Advorto reported on Recruitment and Employment Federation (REC) figures showing that candidate availability had fallen for the 41st successive month!) making online recruitment efforts more effective in order to secure talent is becoming only more important. And with a wealth of data at our fingertips, a bit of data mining can work wonders in delivering a better ROI to online recruitment efforts.
Today, we look at important metrics to keep an eye on in order to make the most of your online recruitment campaign for hiring new staff.
Cost Per Hire
A crucial metric to monitor for improving upon ROI is cost per hire. This can include the cost of maintaining social media accounts promoting the position, interviewing time for existing staff, agency fees and administrative costs.
Business Finance Mag cites the formula for calculating this metric as being:
CPH = (External Costs) + (Internal Costs) / Total Number of Hires in a Time Period
Recording and understanding where and why qualified candidates drop off and don’t stay in the job or the application process is important. Things like a bad reputation and work experience from the hire’s end can cost money when it comes to retention of new staff.
As well as affecting morale, the rejection of a job offer can put employers back to square one and foot them a bigger bill as they begin the recruiting process all over again. Should this begin to be a common occurrence costs can quickly spiral too, and from where candidates are sourced to their candidate experience – there’s plenty of places where this acceptance rate can be monitored.
Time to Hire
In 2015, RecruitmentBuzz cited a survey indicating it took on average 26.8 working days to fill a vacancy. With a benchmark available, it’s possible to monitor time to hire and see how your process shapes up in comparison.
Source of Hire
Whether a tweet tickles someone’s fancy or an email alert contains the job ad of their dreams, tracking website and channel activity provides much valued knowledge that can be utilised to streamline the digital recruitment process.
One of the beautiful things with online recruitment is the ability to track traffic and efforts. For example; time, acceptance rate, source of hire and costs can all be recorded electronically, exported and analysed. Our advanced backend system looks to offer clients all the tech and data they could ever need in order to streamline the online recruitment process and keep it cost effective (our low prices help too!).