Understanding Candidate Sources: Are Your Recruitment Tools Delivering ROI?

By Alan Dodaro,
June 21, 2017

Why Knowing Your Top Sources Matters

Job boards, social media, referrals and your company website can all help you find great employees. But do you know which of these recruitment tools are most effective for finding top talent?

Understanding your top candidate sources will help you focus efforts and maximize your recruitment budget.

Focusing on Quality Over Quantity

Many recruiters focus on the number of applicants to prove the success of their recruiting efforts. While this is a good start, savvy HR and business leaders take it a step further to focus on the number of quality applicants. We define a quality applicant as someone who is qualified to advance to the candidate stage. Examining how many quality applicants are running through your hiring process may change your perspective on the best channels you use to staff up.

Determine which sources are sending you strong candidates by answering a few questions about each source:

  • What percentage of applicants were qualified enough to turn into candidates?
  • How many candidates completed one or multiple interviews?
  • How many interviewees were hired?

Calculating Your Cost Per Candidate

Based on the exercise above, how does your data look? Are the sources sending you the highest number of applicants also sending you the most quality applicants?

The next step to understanding your candidate ROI is to divide the total costs of each channel by the number of applicants delivered. This will give you a cost per candidate, which is helpful for comparing different job boards and other networks that might have different pricing models. Going beyond pricing, if you’re noticing certain job boards or channels do not result in quality candidates – or eventual hires – it might mean your recruiting budget can be more effective elsewhere.

Career Sites Outperform All Other Channels for Finding Top Candidates

Hireology research shows that a strong career site can generate up to 30% of quality candidates: Nearly 1 in 3 applicants applying through our customers’ optimized career pages would be qualified to perform the job, the highest percentage across all sources. Top candidates are very invested in their careers and professional growth, doing extensive online research before applying. Be sure your career site includes details on the workplace culture, career progression, and overall benefits to help top candidates see the opportunity your team offers.

Your career site should also work in unison with other recruitment tools, such as your job boards and social media posts: be sure to link job board ads back to your career site so top applicants get more details on the role, your company and their future.

Bonus Best Practice: Find Applicants Using Social Media

Virtually all companies use social media to engage with customers online. Social updates can also be a great recruitment tool for finding new talent in your industry and connecting with top candidates. Work with your marketing team to highlight your open positions on a regular basis. For most companies, posting updates about your open roles every other week is a good balance – you can share new opportunities without being too redundant.

Be sure you’re including a link back to your career site so interested applicants can learn all about your organization and become excited to click to apply button.

Centralize Your Recruitment Efforts

Hireology makes it easy to centralize all of your sourcing activity – job boards, social updates, and your career site. We’ll also track your top sources, providing insight into best practices to build your best team. Take a look at our overall platform and get a demo today.

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About the Author

Alan is the content and product marketing manager, responsible for educating Hireology customers on new product features and platform best practices. He brings experience from previous startup and digital agency roles. Before beginning his career, Alan attended the University of Illinois Urbana-Champaign, with a major in advertising and a minor in library information science.

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