Five Essential KPIs for Recruitment Marketing
10.08.2018 / Posted in Articles, Recruitment
Everyone wants to recruit the best and the brightest—and we know you do, too.
If you’re smart, you have a recruitment marketing strategy attracting the types of people to your company who you want on your team. You aren’t just putting out job ads when you have an open position—you’re considering recruitment as an ongoing initiative, no matter what (if any) roles you have open. (If you aren’t, give us a call.)
Yet as with all marketing, you need to measure recruitment marketing to know what works and what doesn’t—and to know how to adjust your efforts to maximize your return on investment.
MEASURING RECRUITMENT MARKETING
There are five top key performance indicators (KPIs) for your recruitment marketing efforts:
- Cost-per-visit (CPV): A broad measure of how much it costs to drive people to your career site. To acquire this metric, divide the number of career-site visits by the budget you devote to your career site.
- Cost-per-candidate (CPC): Candidates are applicants who pass baseline qualifications for your advertised roles. To measure CPC, divide the number of candidates by the total recruitment-marketing budget.
- Cost-per-applicant (CPA): Applicants are people who apply for roles at your company. This is a measure that divides the number of applicants you get into the candidate funnel in a given period by the total recruiting budget in that timeframe.
- Cost-per-hire (CPH): Calculate CPH by dividing the number of hires for a given period by your overall recruiting budget for that period.
- Cost-per-quality-hire (CPQ): Measure CPQ by dividing your recruiting budget by the total number of hires in a given timeframe minus the number of hires that did not pass a quality-hire threshold.
As a best practice, before you launch your recruitment marketing efforts, highlight the goals you want to set for these KPIs and ensure your recruitment-marketing team is clear on the objectives you have set. Of course, reviewing these measures in combination—not in isolation—will give you the best picture of your recruitment-marketing health.
Once your measures are set, pay vigilant attention to these measures to optimize your recruitment marketing for ever-better results.
ATTRACTING YOUR BEST TALENT
Of course, as mentioned above, all recruitment-marketing success hinges on having a strategy and plan to measure. Undertaking recruitment tactics here and there only when you have a hiring need doesn’t count—and isn’t truly measurable.
Do you need a team to help you map an efficient, effective recruitment strategy? FrogDog can help.