There are many different channels organizations use to source top applicants today — referrals, social media, job boards, career sites, and more. Each one will deliver a different level of applicant volume and quality depending on your business, industry, and talent pool. So it’s critical that you understand which sources are performing best so you can allocate your resources accordingly and ultimately reach more applicants and make more hires.
And during an unprecedented hiring crisis, optimizing your sourcing strategy is more important than ever. You’re looking to hire fast to keep up with the post-pandemic spending boom, but you’re struggling to find enough applicants to fill your open roles. That means you need to be laser focused on the channels that drive the most quality applicants — rather than spending blindly across the board.
Otherwise, you risk missing out on top applicants who eventually move on to your competitors.
Hireology helps you optimize your recruitment spending with our built-in data analytics platform, Insights. With Insights, you can track how many applicants and hires you drive from each channel and calculate the return on any investments across all of your channels. Here are four takeaways Insights can tell you about your recruiting strategy:
The effectiveness of your recruitment funnel
Insights tracks the number of applicants, candidates, and hires delivered by channel so you can understand both the volume of applicants as well as which sources are best at delivering eventual hires. This is useful because in some cases a high volume of applicants will not necessarily correlate with a high volume of hires. For example, job boards are often a great source of applicant volume, but referral and career site applicants typically convert to hires at a much higher rate for a much lower cost. In this instance, you might want to focus more on your referral program and career site content since they drive more hires.
Sponsored job board performance
Insights also provides visibility into sponsored job board performance — including total sponsored posts purchased, dollars spent across each post, the quality of applicants sourced, and average cost per quality applicant. These numbers help you objectively understand which sponsored job boards are delivering the most value across your open roles and how you can spend your resources more wisely — all from one centralized dashboard within Hireology.
Deeper breakdowns across roles, locations, and more
You can also get more granular by breaking down the above metrics by role, hiring manager, or location. This helps you get even more out of your recruiting spend or identify opportunities for improvement with specific hiring managers, roles, or locations.
For example, maybe you are an auto dealership and you know that your career site drives the most hires overall, but for technician roles specifically, referrals actually outperform your career site. In this case, you might want to invest more in referral programs for those specific roles.
In addition to tracking sourcing data, Insights also tracks the effectiveness of your hiring process. You can track data like how quickly your team is reviewing applicants, how quickly candidates are moving through the hiring process, and whether or not your team is completing each step in the process. This helps you understand where your process is breaking down and how you might be able to improve it in order to keep top candidates engaged and make sure you’re bringing the best possible folks on board for every role.
While a human touch will always be important in the recruiting and hiring space, it’s important to remember that data and analytics can be incredibly useful to recruiters and hiring managers too. When you deeply understand the return of your spend across all channels, you can make smarter decisions about where you allocate your time and money and ultimately hire better people faster.
And a time where hiring is harder than ever, anything you can do to improve your sourcing and your process will make a difference. Learn more about how Hireology can help your recruiting efforts by scheduling a demo today.