Specifically, traditional metrics are not enough to measure recruitment marketing performance, and help companies use their resources in the most efficient way to build an employer brand and attract the best candidates.
We use the old metrics to measure new practices
Recruitment marketing is an acknowledged priority for most talent acquisition teams. And yet, the recent survey we did for our State of Recruitment Marketing report showed that respectively 60% and 40% of companies track time to hire and source of hire, while only 20% track their employer brand awareness, and only 13% track their pipeline growth, for example.
Most of the reporting and analytics focuses on what happens around the application moment, and the journey of the applicant until they are either hired or rejected.
In other words, companies don’t put enough effort in understanding what happens outside of the application and hiring process: All the research that candidates do, their relationship with the employer brand, their interactions with the recruiting team whether or not they decide to apply… it all goes unnoticed and unmeasured.
Recruitment Marketing Measurement: why you need new metrics
The problem is, candidates don’t magically pop into existence when they decide to apply to a job, even if we don’t track our interactions with them before that moment.
When candidates come to the application point, they have already heard about the company on the news or saw its products on the supermarket shelf. They’ve heard their peers talk about it during job fairs or visited its social media pages.
By the time they come to apply, they’ve already formed an opinion about the potential employer. If companies want a chance at influencing that opinion, that’s the part of the journey they need to understand best.
Questions like “what image does the company have among designers?” or “are our events driving candidates to apply?”, or even “do applicants talk positively about us after the application process is over?” must be answered and tracked- and that’s what marketing-specific metrics help with.
These metrics measure what happens before the application as well as after. They are different from what we call “traditional” metrics because they are relevant throughout the whole candidate journey, not just for applicants and hires.
Pipeline growth, for example, is an indication of how much impact recruitment marketing has on feeding the pipeline of potential candidates. Employer brand awareness tells us how many potential candidate know of the company as an employer.
There are other metrics you can also look at:
- Pipeline conversion, or variations of it such as the Submittal to Business Accept, that give you an idea of how well your sourced prospects progress through the pipeline, and eventually match the needs of hiring managers
- Pipeline coverage, or the ratio of prospects in the pipeline to the number of open roles, to have an idea of how likely you are to fill all your open roles
- Source of influence, and anything that measure what sources contribute most to filling your pipeline or bringing in applicants.
- Recruitment Marketing ROI, and attribution models that calculate how much each application cost you in terms of marketing efforts. You can see an example for event ROI here.
- Engagement metrics, which could be anything from click rates on your content to time spent on pages to bounce rate. Anything that gives you an indication of how much candidates interact with your company.
You can find more metrics here, and really, you can make up your own to suit your specific needs, as long as you track the right data for them.
New possibilities with marketing specific metrics
Candidates are willing to share more of their data now, and expect companies to use it, and only solicit their attention with things that are relevant to them. Do they like what the company’s brand stands for? Does the content they receive resonate with them? That’s information that recruiters can – and should- use to improve the candidate experience in real time.
Recruitment marketing software can now report on every step of the candidate journey: who clicked on what link, how much time did they spend on a page before closing it, what other touchpoint they were exposed to before applying… We can optimize resources to the last penny, and create extremely efficient, continuously improving campaigns.
This opens up amazing possibilities for recruiting teams. If the current subject line of your email campaign isn’t getting clicks, you can A/B test it and improve it in a matter of hours. If your event isn’t getting enough registrations from marketers, you see it immediately, and can create a targeted campaign on LinkedIn or Facebook in a matter of minutes.
Just because a candidate didn’t apply or wasn’t hired doesn’t mean they stop existing for the company. They can be re-engaged, become ambassadors, or at the very least a source of information for the recruiting team about the efficiency of their marketing strategy. That’s one of the information gaps of traditional recruiting metrics.
This doesn’t mean that you should stop tracking these traditional metrics- but you definitely need some that are specific to marketing. As we start engaging with candidates earlier in the funnel, and expand more resources to build relationships with them, we will need more information on those steps of the journey.
Recruitment marketing metrics will carve out a larger space in the reporting dashboard, and learning how to use them early is a great way to stay ahead of the competition.
More on Recruitment Marketing
You can download Beamery’s full State of Recruitment Marketing annual report here.