The smartest talent acquisition teams in the recruiting industry today have moved away from the “post and pray” model, relying instead on data to pinpoint the best hiring sources and support recruiting decisions. This targeted approach enables them to focus resources on the recruiting solutions that drive the most hires.
Here are five simple steps to help your organization adopt this approach.
1. Start evaluating each recruitment source
Jason Whitman heads up Client Services at Indeed where he and his team help clients maximize the ROI from their recruitment budgets. “If a company is spending money on recruitment advertising they should know what they’re getting for that investment,” Jason shares.
Automated source tracking is the most effective way to understand where candidates and hires come from, and removes the possibility of error that often occurs when job seekers manually identify the source. Indeed partners with over 70 leading applicant tracking system (ATS) providers to ensure clients can track where their hires come from. Systems that support automated tracking do so via an additional piece of information that’s added to the end of the job URL. This tag indicates the source of candidates when they apply, giving hiring teams the data they need to evaluate sources.
2. Establish your KPIs
Once you have the ability to measure and evaluate each source, you should establish the Key Performance Indicators (KPIs) you’ll use to make that assessment. Metrics like cost per hire, time to hire and quality of hire are just a few ways you can begin to determine the effectiveness of your strategy. Evaluating how each source performs will help you build a definition of success.
3. Assign an internal data expert
Once your ATS is in place and your KPIs have been determined, your organization should identify someone internally who is responsible for reporting and acting upon the data you receive from automated tracking. This practice removes the guesswork from recruiting and lets organizations see how their sources are performing, and allows them to shift budget accordingly. “It’s great to help companies save money, and for people to be heroic in their organizations,” Jason says.
4. Use data to improve performance
Equipped with this information, organizations can transform their recruiting strategy. As Jason has seen many times, “It’s like a lightbulb going off: clients see things they have never seen before and can make adjustments they’ve never been able to make before.”
5. Talk to us
If you’d like to find out more about Indeed and how we can help you track the source of hire, please get in touch with our team. Watch the video to learn more about the data that can support decision making within your organization: