When looking to attract the best candidates, a recruitment strategy should define the metrics and expenses you intend to attribute to an acquisition campaign. Here are 4 ways you can level up your recruitment campaigns:
1 — Define your metrics
Certain HR metrics allow us to gain a better understanding of the effectiveness of our recruitment campaigns.
- Time to Hire allows you to evaluate the elapsed time between posting an opening and closing the position. Use this metric to evaluate the efficiency of your recruitment campaign as a time-based account of resource allocation, and the potential difficulty of filling a certain position.
- Cost Per Hire allows you to evaluate the investment that was put into your recruitment campaign. This metric covers an array of costs including advertising, software, relocation expenses and more.
- Employee Turnover measures the turnover rate of employees within your organization. Using this metric allows you to observe the adaptability of new hires, the efficiency of the onboarding process, and candidate matches vis-à-vis the position and the company culture.
- The 9 Box Grid measures how well employees perform, as well as how well they may perform in the future (i.e., growth potential). This metric allows you to group employees based on assessments of performance and potential, and adapt management tactics accordingly. It also permits a better understanding on the quality of candidates attracted, as well as their compatibility within your organization.
2 — Implement Marketing Tactics
Recruitment marketing is the novel practice of implementing marketing strategies and tactics onto recruitment campaigns. As the recruitment industry continues it’s candidate-driven shift, employers increasingly implement marketing strategies to create differentiation and attract the best talent.
Recruitment marketing allows organizations to set up a roadmap of their target audience, while aiding in defining relevant channels to advertise the job opening. Embarking on a recruitment marketing campaign without the adequate strategy could result in funds put to waste and resources inefficiently expended.
Recruitment marketing begins with persona building. This allows to define the target audience, thus allowing a better understanding on how to reach them. Persona building helps us establish what content we should use, what channels should be utilized, and which value proposition to highlight.
Campaigns that follow recruitment marketing principles often include the following elements:
- Content Marketing
- Digital Branding and Advertising
- Social Media Marketing and Management
- Candidate Experience and Candidate Engagement
Establishing the pathway of your recruitment marketing campaign allows building a budget related to marketing and advertising, giving an internal structure for clearer budget management.
3 — Nurture your candidates
We often make the mistake of considering our recruitment costs as the cost of a hire. When we close a campaign, we look at the resources expended in order to add a new team member, yet we seldom consider the candidates we did not retain.
When we partake in a recruitment campaign, the investment put into the candidate attraction applies to all candidates, not just the ones that get hired. In other words, the cost which goes into recruiting entails candidate attraction as a whole, independent of the individual fit of each applicant.
Instead of looking at it like “spending [$X,XXX] in order to hire one candidate”, look at it as “spending [$X,XXX] in order to attract [X] candidates”. With this in mind, the importance of the unretained candidates appears, as they can be considered as untapped assets that can greatly aid your organization.
Nurturing candidates that could not be retained greatly improves an employer’s brand, as organizations establish themselves as a resource for their talent community. As candidates often find themselves within the candidate void after being rejected for a job, nurturing organizations stand out as positive resources.
Employers who nurture their candidates will find their recruitment efforts eased and their costs lowered, as they become a desirable destination for aspiring professionals. A positive employer brand facilitates candidate attraction and engagement, ultimately aiding recruitment efforts.
4 — Stop Rejecting, Start Referring
After spending time, resources, and money on your recruitment efforts, why let the candidates you could not retain go to waste? Instead of rejecting candidates, why not refer them?
When you close a job opening, refer candidates you wanted to hire but couldn’t to Vela; we’ll match them with compatible opportunities and pay you when they get hired.
Vela’s peer-to-peer recruitment platform connects interview finalists from leading organizations to compatible opportunities, so they can find the right job for them, and you can make recruitment profitable for your organization.
You can also use Vela to hire and have access to leading companies’ recruitment funnels by tapping into quality and qualified candidates, so you can meet the right person faster, and hire at a considerable lower cost.
By introducing RORI (Return on Recruitment Investment) and by considerably lowering hiring costs, Vela rewards companies for caring for their candidates and provides pre-vetted interview finalist for those who want to hire.