This month Courtney discusses how to measure your recruitment results.
A fundamental shift is occurring in the Staffing & HR industry in regards to the measurement of recruitment strategy. In an effort to serve as a true business partner, HR is beginning to more closely align to organizational objectives and use metrics to demonstrate the performance and value of talent acquisition teams.
Developing an effective metrics system is no small task, and requires commitment to ensure the right measurements are captured and the data is actionable. There is much debate as to which metrics are most useful, and the importance of each will vary depending on which questions individual companies wish to answer. Metrics that evaluate an organization's recruitment advertising strategy help Staffing and HR to understand which sources are most cost effective and produce the greatest quality of hire.
Historically, staffing departments have relied primarily on a combination of recruiter feedback and candidates self-identification to evaluate their media strategies. This type of feedback is highly subjective, and in the case of candidate self-identification, often inaccurate as candidates rush through the application process or incorrectly identify the source. With the migration to online advertising and greater utilization of applicant tracking systems, click data and in some cases the number of applications received by source through use of referring urls or source codes have helped to raise the bar. However these metrics still only report a small percentage of the data available.
Why? Click data and number of applications received are purely a quantitative measurement, and not indicative of the caliber of candidate. Additionally, there are metrics that an ATS alone cannot report that should be considered in making an accurate assessment. One example is post-impression data, or candidates who are exposed to an advertisement, but do not take immediate action and choose to apply directly at a later date. This type of data is highly useful in understanding employer brand impact and necessary for tracking the more sophisticated strategies such as email marketing and targeted online sponsorships that are commonplace in today's recruitment advertising landscape.
In order to be successful in using measurement strategies, staffing departments need to ensure they are capturing all relevant metrics necessary to continually optimize their recruitment advertising programs and positively impact return on investment. Technology should be used to the fullest extent of its capability to capture qualitative and quantitative data, and consistent formulas should be employed for determining cost per application and cost per hire. Most importantly, a staffing department should be able to derive clear direction as to what action is needed for improvement from the data collected.
Staffing and HR departments that embrace the use of recruitment metrics will quickly realize the benefit of understanding how to attract quality candidates in a highly competitive market, and as result, better position themselves for a seat at the table.
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