The job of a recruiter is becoming more complex. Long gone are the days of posting an advertisement and hoping for the best results. With an overwhelming number of metrics, data and analytics tools available for recruiters to utilize, making decisions about which are most beneficial can become an extra task in itself.
That’s why it’s important for busy recruiters to quickly and effectively hone in on the most valuable KPIs for their overall campaign. Doing so with the help of a data dashboard can be the game-changing factor for success.
Let’s examine four useful, campaign-level KPIs that give a clear picture of a recruitment campaign.
There’s no better way to gain a comprehensive view of a recruitment campaign than through a company-specific funnel visualization. Each step of the recruitment funnel – from employer branding all the way down to the actual hiring – should be customized to the hiring company’s needs. It can then be monitored and continuously optimized, driven by the data at hand.
The most successful recruiters take time to imagine the ideal job seeker’s journey along this funnel, and incorporate job seeker decisions and emotions into strategies at each conversion point. Doing so means that no room is left for potential bottlenecks or inefficiencies. Every path is carefully optimized so that candidates can most easily convert to applicants and/or hires.
The real benefit: Looking at the funnel allows recruiters to see which steps of the application process need to be improved or reworked. It also helps to pinpoint and replicate the strongest points of a campaign.
Time is an important variable in all types of recruitment campaigns. Without information about how long it takes for job seekers to pass a specific part in the application funnel, recruiters do not have a complete picture of the campaign.
Attribution windows measure conversions in a daily overview, taking into account how long applicants take to complete the given step. For example: If a recruiter receives 100 applications on September 1, it doesn’t mean all applicants started and finished the process on that day. That total number is actually broken down into varying lengths of time – or windows. It could be that 35/100 applications were completed on the same day, 20 over the course of 7 days, 15 in 14 days and 30 in 30 days.
The real benefit: Attribution windows give good insight into recruitment velocity – a metric that helps ensure the maximum number of quality hires in the shortest period of time. If a significant number of applicants are taking over 14 days to complete the process, it might be time to pinpoint why this is the case.
When aspects of a campaign are particularly successful, a smart recruiter should jump at the chance to recreate them. On the contrary, underperforming areas should be quickly identified and reworked.
Multi-touch attribution allows recruiters to find campaign strengths and weaknesses in the most accurate way. This is achieved by gathering insights about sourcing channels in a given campaign, including single or direct conversions vs. assisted conversions (2nd or 3rd click, etc.).
The real benefit: Altogether, the various points of multi-touch attribution data provide a clear picture of the reasons for conversion. Recruiters can then avoid miscrediting sourcing channels, or misrepresenting the role of particular channels in the success of a campaign. Ultimately, this allows for better allocation of resources and budget to the most effective channels.
Keeping track of cohorts is a helpful way to maximum recruitment velocity. By determining the number of conversions in a day, recruiters can be aware of how quickly job seekers are converting.
The real benefit: A “day” cohort heatmap ensures that any information from outliers is used to a recruiter’s benefit. If a particular area is slow in conversions, it should be reconfigured. Fast areas should be replicated across other cohorts.
Bottomline: Choosing the best-fit KPIs for a campaign can put even a small amount of recruitment data to good use, allowing for optimized campaigns.
A data-driven campaign is one that’s on track for success – and there’s no better way to achieve this than with the above KPIs. Maintaining a data dashboard with an overview of the application funnel, attribution windows, multi-touch attribution factors and a cohort heatmap helps recruiters build a solid foundation for measuring and optimizing their success.
Tracking KPIs has never been easier than it is today, with Demand-Side Platforms taking the guesswork out of tracking, analytics and insights. Recruiters can best stay ahead of the competition through data-informed campaigns, driven by the insights in their company-specific data dashboard.
Perengo is a programmatic recruitment platform.
High-growth businesses and Fortune 1000 companies use Perengo DSP to solve their recruitment challenges at scale. The platform provides tools for recruitment automation and business intelligence.