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It puzzles me how recruiters are not making informed and calculated decisions on their recruitment marketing spend. Are you measuring the performance of each job advert via each source? Which sources are the best performing, provide the largest volume and have the lowest candidate acquisition cost?
There is no excuse for job boards, social networking sites, recruitment websites, search engines, etc not to provide statistics on the performance of your advertising. The technology and data has always been there - we just don't understand how to analyze and interpret this information. Are you tracking candidate sources?
Let's face it; there is a glut of data. First we need to understand the appropriate recruiting metrics to consider the information effective and reliable.
So what data should we analyze?
- Metrics must be predictive and actionable. Statistics are needed to provide accurate information that can be acted upon by providing data to indicate trends.
- Metrics must be tracked over time in order to generate internal benchmarks and analyze internal performance. A metric is not simply a moment in time – it must be maintained over time by tracking data to present relevant trends.
- Recruitment metrics should include both quantitative and qualitative aspects. Recruitment metrics are most often focused on factors that involve only time and cost. Yes, these factors are still included in the typical framework of recruitment metrics. Time and cost obviously comprise the quantitative aspects of recruitment metrics while productivity, retention, efficiency and candidate performance comprise the qualitative aspects.
The first step is to start measuring the performance of your job ads in terms of conversion rates. These metrics will help you quickly identify bottlenecks with your current recruitment funnel and provide a simple snapshot. Then, you can start to drill down and look at the individual job advert vs source 1 vs source 2 etc. Ad Views
- The number of times a job advert is viewed. May also be referred to as an "impression"Apply Clicks
- The number of times the "Apply Now" button has been clicked. May also be referred to as a "Click through"Application Form Views
- The number of times a job application form is viewed. This should be the same as the "Apply Clicks". If you are using a 3rd party application form, it is important to analyze the "drop off rate". There could be problems with the external application form not loading etc. Aim for 0% drop off. Applications
- The number of applications processed.CPV
- Cost per view $ (lower the better)
- Cost per click $ (lower the better)
- Cost per applicant $ (lower the better)CTR
- Click through ratio
- % of Ad Views to Apply Clicks (higher the better)
- % of Apply Clicks to Applications (higher the better)CTR3
- % of Ad Views to Applications (higher the better)
Article URL: http://www.recruitmentdirectory.com.au/Blog/recruitment-marketing-analytics-a260.html
Article Tags: recruitment marketing online marketing job boards advertising job adverts recruitment marketing analytics data analytics ctr click through rate statistics ad views apply clicks application form application rate cpv cost per view cpc cost per click cpa cost per applicant recruitment metrics ratios sources of hire sources of talent Hide Comments (4)