Recruitment marketing is a critical aspect of talent acquisition, and it's essential to know whether your campaign is successful or not. Measuring the success of your recruitment marketing campaign is crucial for understanding the effectiveness of your strategies and identifying areas that need improvement. In this article, we'll explore key metrics and analytics to track when measuring the success of your recruitment marketing campaign.
Cost per Hire (CPH): Cost per Hire is the total cost incurred for recruiting one employee. It includes all the expenses, such as job postings, candidate sourcing, recruiting events, and recruitment marketing. Tracking your CPH will help you determine how cost-effective your recruitment marketing campaign is and identify areas where you can cut costs.
Time to Fill: Time to Fill is the time taken to fill a position from the time it's posted until a candidate accepts an offer. Tracking this metric will help you understand the efficiency of your recruitment process and identify bottlenecks that slow down your hiring process.
Conversion Rates: Conversion rates are the percentage of candidates who complete a specific action, such as submitting a resume, filling out an application, or attending a virtual event. Tracking your conversion rates will help you understand how well your recruitment marketing campaign is converting candidates and identify areas where you need to improve.
Applicant Quality: Applicant quality is a measure of how well the candidates who apply for your jobs match the job requirements and the company culture. Tracking this metric will help you understand whether your recruitment marketing campaign is attracting the right candidates and if there's a need to adjust your recruitment strategies.
Source of Hire: Source of Hire is the origin of your new hires, such as job boards, referrals, social media, or your company career site. Tracking this metric will help you identify the most effective channels for recruiting top talent and adjust your recruitment marketing strategies accordingly.
Retention Rate: Retention rate is the percentage of new hires who remain with the company for a specific period, usually one year. Tracking this metric will help you understand the effectiveness of your recruitment marketing campaign in hiring candidates who fit your company culture and are likely to stay with the company.
In conclusion, measuring the success of your recruitment marketing campaign is critical for identifying areas that need improvement and adjusting your strategies to attract and retain top talent. By tracking these key metrics and analytics, you'll be able to make informed decisions and drive success in your recruitment marketing efforts.