Meet Jim. Jim is your next great candidate who is going to fill that hard to find role. Jim has a middle manager level job as a business analyst in finance. He’s been at his company for 7 years. His job is okay, but not challenging him. He earned his MBA a couple of years ago, he’s itchy for new responsibilities. He knows he’s capable of making a much bigger and broader contribution to his company’s success. But he’s pigeonholed in his current job. His superiors are not going anywhere and there is no opportunity to move on or move up.
In general terms, we write a lot about recruitment marketing. By centralizing your candidates (recruiting CRM) into a single database, providing consumer quality candidate experiences online, auto distributing jobs to free and paid job boards and social networks, engaging with candidates over the long term, and analyzing and refining results, your finance or insurance company will be more effective in hiring. You'll attract more high quality candidates. That's good return on investment (ROI). That's good business.
For financial services companies, the ‘Path to success involves finding those bright, innovative minds’. But with unemployment rates in the 2% range, where are you going to find those creative, innovative, talented minds? They aren’t sitting home waiting for a call. The best quality candidates are already working. An ongoing social sourcing and recruiting strategy will help find them and then entice them to join your team.
With a 2.1% unemployment rate, the financial services and insurance industries face dire challenges in terms of recruiting now in late 2017. The industry as a whole is faced with significant regulation and compliance, wide supply and demand talent shortages, and a real revenue-impact related to the candidate-consumer experience.
“A big number of companies will be unable to achieve their initiatives because they will not be able to attract the type of talent they’re looking for1”.
Autumn means the days will shrink, the leaves will fall, and for the human resource technology world, it means the coming of the 2017 HR Technology Conference.
Because Talemetry's recruitment marketing platform syncs with your ATS, we see many organizations move from their current applicant tracking system to a new applicant tracking system.
In our Recruitment Marketing ROI Handbook, and our series of articles dedicated to recruitment marketing ROI, one major factor for uncovering ROI for recruitment marketing initiatives is optimizing recruitment advertising source efficiency.
Like any other endeavor, when analyzing ROI it is best to start big and work your way down.
Measuring time to fill is quite popular among recruiting organizations and can be an important factor in determining recruitment marketing ROI. Time to fill measures the time it takes to hire for a given position, starting with the opening of the requisition. It is a VERY broad metric for understanding the efficiency of your talent acquisition processes and strategies.
Measuring cost per hire is key practice for measuring the efficiency of any recruiting organization. When it comes to evaluating the success of your recruitment marketing strategies and technologies, you should have a good handle on cost per hire (CPH).