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5 Metrics You Need to Audit Your Candidate Attraction Strategy

Written by Holly Watson | July 29, 2014 | 1 Comment
Managed RecruitmentAs an in-house recruitment manager, your day-to-day activities can be challenging. Tasked with increasing direct recruitment and reducing your reliance on agencies, you might feel as though you’re under constant pressure to drive down costs and implement new improvements.
But where should you begin?
The idea of coming into a company and blitzing their recruitment process might seem daunting so when you’re up against tight deadlines and targets, what’s the best way to go about improving in-house recruitment?
Try taking it back to basics and review your candidate attraction strategy.
A comprehensive audit of the methods that you use to recruit staff and attract candidates to your business can be vital in streamlining your direct recruitment process.
As such, Webrecruit have calculated the top five metrics that you need to help you to successfully recruit staff in a swift and cost-effective way:

1. Overall time to hire

In the recruitment sphere, time is critical; not only does it equate to money but the longer it takes you to hire, the bigger the impact it will have on your business.
You can calculate your time to hire by noting the period of time between the date that you first advertise your vacancy and the date that your new hire starts within your business. For a more accurate representation, try and do this for 10 different roles (alter this figure depending on your recruitment volume) and take an average.
Constantly seeking to reduce your time to hire is a great way to increase the efficiency of your direct recruitment strategy. Remember, in your busy role, time is precious.

2. Overall cost to hire

You can calculate your cost to hire by working out the expenditure associated with each recruitment campaign – from any advertising rates to the cost to your business for a hiring manager to sit in interviews for the afternoon.
Similar to calculating your time to hire, try and work out an average cost over a number of roles. This is your overall cost to hire figure. Now, you can get a bit more specific in the audit process as you calculate your…

3. …Cost to hire per job board

You probably use a cluster of job boards for each vacancy that you advertise. However, how can you be sure that you’re getting true value?
Take the monthly cost of each job board that you use and divide it by the number of hires that you’ve made using that specific board. This is a great way of figuring out the value of your recruitment advertising so that you can eliminate any under-performing boards, thus reducing your overall cost to hire.

4. Recruitment source

Finding out the source of your applications is vital – this metric will tell you where you’re getting the greatest number of applications, as well as where your quality applications are coming from.
If you want figures purely based on volume, divide your total number of applications for each vacancy by the number of applicants from each source (LinkedIn, your own talent pool, referrals, job boards etc.)
However, if you want to focus on quality applicants, try dividing the number of applicants that you’ve hired over the past year by the number of shortlisted applicants from each recruiting source – one platform could give you 100 applicants for a role but if none of these are suitable, then why should you use it again for your direct recruitment?

5. Social media conversions

Sure, you might have thousands of Twitter followers and a killer Marketing team who plug your latest vacancy 10 times a day but who’s to say that potential candidates are actually clicking through?
The number of followers that you have for each social media platform does not necessarily correlate with how effective they are at advertising your vacancy.
Divide your number of click throughs for each platform by your number of followers to get a true indication of how many people are engaged. This will give you an indication of which platform you should be focusing your candidate attraction efforts on in order to successfully recruit staff.
Looking to develop your direct recruitment strategy even further? Why not give Webrecruit a call. Our Managed Solutions will help to reduce your reliance on agencies and drive your direct hire success.

One thought on “5 Metrics You Need to Audit Your Candidate Attraction Strategy

  1. Pingback: 5 Ways That Reporting Can Transform Your Hiring Process | JOBS DIRECTORY

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