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.
So let's explore the role recruitment advertising source efficiency plays in maximizing the ROI of your recruitment marketing strategies and technologies.
Channels, Sources, and Programs
To begin with, we should level on the difference between sources, channels, and programs. Many practitioners can use these terms interchangeably, but the fact is they are different:
- Channels are broad descriptions of the ways we reach candidates. Social networks is a channel. Job boards is a channel. Resume databases is a channel.
- Sources are specific outlets within a channel. While social networks is a channel, Facebook is a source. Within the job board channel, Glassdoor is a source.
- Programs are the activities you apply to a channel and source to reach candidates. You may have a program that includes a compelling video that you share to a specific group of candidates on Facebook, both paid and organic, designed to get candidates to click through to a job fair. That's a program.
As we've mentioned before, there are many places to identify ROI for recruitment marketing initiatives, but we have seen significant savings very quickly for Talemetry clients with recruitment advertising source efficiency.
More of the Good, Less of the Bad
With a recruitment marketing platform that manages your job distribution and integrates with your ATS, you have a tool that enables you to review some simple yet powerful analytics.
The key to realizing source ROI lies in standardizing both the way you distribute jobs and the way you analyze the results. Posting jobs and getting click through rates from all your various media partners and then mapping them to application starts, completions, and hires in your ATS present problems with truly understanding source efficiency. Each media partner is measuring and presenting data differently. And this makes it virtually impossible to overlay that source data with the results data in your ATS (applicants and hires) with any consistency because you are comparing different types of metrics.
A recruitment marketing platform allows you distribute jobs and measure response in a standardized way across all your job boards, social media outlets, etc. It's as close to a consistent closed loop system as you can find for getting all the results from your sources standardized and tracked.
And, if your platform is synced with your ATS, you will have application completion rates and hired data that directly feeds into your analytics.
The result is an apples to apples view of the performance of all your sources, including job views, application starts, application completes, and number of hires
Once you have this infrastructure in place, it becomes easy to identify which sources are getting you more candidates, applicants, and hires. Now, eliminate the poor performing sources and increase focus on the best sources.
When it comes to advertising, it is also important to distribute your jobs to free sources like Indeed in the same way you distribute to paid sources. Many organizations let Indeed scrape their career site and place these jobs to their job board. Why worry about it. It's free right?
Wrong. By formally distributing your jobs to free sites with an automated job distribution tool provided by your recruitment marketing platform, you can then view apples to apples results alongside your paid sources. This is where a large portion of your ROI can be realized.
The $1 Million Hire
As an example, a Talemetry client saved nearly $2.5 million in their first year of use JUST by measuring their source efficiency. They found that a large portion of their hires were coming from free sources, but a large portion of their recruitment advertising budget was going to paid job boards.
A single, $1 million hire.
By measuring source efficiency, they were able to see huge ROI very quickly.
We've only focused on optimizing one channel in this article. How much are you spending on resume database searches, LinkedIn licenses, social advertising, pay per click job ads, and the like? These are all channels and sources that can be optimized by standardizing your use of these sources, analyzing the results, and optimizing the budget by doing more of what works and less of what doesn't.
For more about how to analyze the ROI of your recruitment marketing strategies and technologies, click here to download the free Recruitment Marketing ROI Handbook.
- Candidate Sourcing: LinkedIn and Left Out
- Free Webinar: Calculating Recruitment Marketing ROI
- REcruiting, REmarketing, and REtargeting
- Measuring Time to Fill for Recruitment Marketing ROI