A solid recruitment marketing strategy can streamline the talent search and hiring process, leading to improved efficiency and reduced overall costs. If all goes according to plan, you’ll spend less time weeding through resumes and see higher quality applicants walking through your door to interview.
Is there a way to show concrete results beyond more time in your day and fewer headaches during the recruitment process? As with all things digital marketing, the answer is “absolutely.”
Here Are 5 ROI Measurements to Use for Your Digital Recruitment Marketing Strategy
1. Social Media Metrics
- CTR (Click-through rate)
Word-of-mouth can help spread your company’s reputation as a great place to work. There’s no way to track it, though, because you can’t possibly tell how many people hear about your company from friends or acquaintances.
Unless, of course, those conversations take place online.
On your social media channels, you can track how many people see and engage with your posts, as well as who is commenting on them and sharing them with friends.
If your recruitment marketing includes social media tactics (and I would definitely recommend it), track how many impressions and engagements each post gets. This will show you (and your boss) how many people are coming into contact with your brand.
2. PPC Metrics
- CPC (cost per click)
- Hires compared to spend
A great way to put your brand in front of potential recruits is through online paid advertising. When top candidates search online for keywords related to your open position, you can ensure your company is at the top of the page by creating paid ads.
To gauge whether or not those ads are worth the cost, you can monitor how many clicks they’re getting. If one ad is not getting many clicks but another is, you can stop the first campaign and divert funds to the second.
You can then take the cost of the campaign and divide it by the number of clicks. If the ad has a high cost per click (CPC), that probably means there’s a lot of competition for the keywords you chose.
A high CPC doesn’t mean the keyword isn’t worth it to target, though. So long as you’re receiving a healthy amount of conversions and your hires are worth the spend, a higher cost per click can be justified.
What’s a good CPC? Average CPCs vary by industry, but to give you an idea, the average CPC for AdWords is $2.69 with CPCs ranging from $1.16 on the low end (for e-commerce ads) to $6.75 on the high end (legal ads).
Time-to-hire is the time it takes from the day someone applies to the day they accept your offer. To measure this, you’ll need to keep track of those dates for each successful applicant.
Ideally, your recruitment marketing efforts will show a reduced time-to-hire as candidates from a recruitment marketing strategy are often better informed and more engaged before they apply. They’ll also be nurtured through tactics like automated email follow-ups, which makes it easier for them to stay engaged with your company through the process.
Why is this such a strong ROI metric to prove the value of your recruitment marketing strategy? Because the best candidates are off the market in an average of 10 days. So not only will a shorter time-to-hire window mean a more efficient process for you, but it will also increase your chances of capturing top talent.
4. Manual Time
How long would you say it takes you to find someone for an open position? That includes posting the open position on your website and job search websites, promoting the open position on social, reviewing resumes, scheduling interviews, conducting the interviews and checking in with job candidates.
That all probably adds up to a decent chunk of time. However, with helpful digital tools such as email automation, a company advocacy program and PPC, recruitment marketing (when done right) can cut down on the manual effort you have to put into the hiring process.
5. Larger Candidate Pool
Last but not least, I recommend keeping track of the size of the candidate pool you’re working with for each open position. At the end of the day, if all of your recruitment marketing efforts aren’t leading to more candidates finding their way to your job posting to apply, you need to step back and ask yourself if it’s really worth it.
Better yet, ask what you can do to tweak the program to get the results you want. You can find the answer to that question by looking at the metrics above. If one metric is performing below the others, that’s where to start your optimization efforts.
Start Your Recruitment Marketing Strategy Today
In this competitive hiring market, there’s no time like the present to start a recruitment marketing strategy. After all, recruitment isn’t only about the jobs you have available today. It’s also about setting your company up for a strong workforce into the future.
We can help you get started with career pages, paid advertising, email automation and more. We’ll work with you to build a results-driven recruitment marketing strategy that can deliver the strong ROI you need for your business. Contact us to get started.