Becoming the Master of Your Data Domain
People should be at the core of your recruitment marketing strategies. If you don’t pay attention to the best candidates, they won’t pay attention to you.
That said, if people are the No. 1 priority, analytics should be a close No. 2. Consider these numbers:
- An average of 52 days is required for employers to fill an open position.
- A surprising 69 percent of Americans would rather be unemployed than work for a company with a bad reputation.
- According to Glassdoor, 79 percent of candidates are likely to use social media in their job search—a number that jumps to 86 percent for people in the first 10 years of their careers.
What do these stats have in common? Besides offering a glimpse into hiring and recruiting, these and other numbers can be used to drive strategy, make decisions, and ultimately attract and secure the best candidates. And these examples are simply from broad surveys—imagine the power of the granular data that can be achieved with focused, deep analytics that track every step of your hiring efforts, including social recruiting.
Needless to say, the deeper the analytics, the more useful the numbers will be. Expert analyst Kyle Lagunas said this about recruitment analytics in 2013:
“In the past, the amount of time and resources (including technology and man hours) required to do meaningful work in data analytics severely limited the number of organizations that even bothered to try.
This was especially true in talent acquisition, where reactionary recruiting methods placed greater emphasis on metrics such as time to fill, cost per hire, etc.
Now, however, the most effective recruiting organizations understand that efficiency metrics alone aren’t adequate tools for measuring performance in talent acquisition. As competition for talent has increased, more companies are investing in recruitment marketing and candidate engagement strategies and searching for ways to identify KPIs and measure ROI.”
This statement carries even more importance in 2017. Letting the data guide your candidate-centric strategies can transform how you hire talent. Here are some more thoughts on why analytics should the crux of your social recruiting efforts.
What's Working... And What Isn't?
An early benefit of social recruiting analytics is how they determine what is the current state of play with your existing efforts. What is working and what isn’t? Which channels are showing the most success, and which need to be rethought?
Again, analytics provide hard data—numbers that back up and guide your strategies. It’s 2017: Hunches, feelings, guesswork, anecdotal evidence, and complacence are not sufficient to map out a social recruiting blueprint. For example, you know that your ideal candidates hang out on Facebook, but without good analytics, you won’t know how they are responding to your content or if your efforts are leading to hires.
Attract the Right Talent
The stat from earlier in the post about needing 52 days to fill a position is not a surprise for most recruiting departments. Finding candidates is a challenge, for sure, but finding the right candidates is a monumental challenge.
Less-than-qualified hires—or seemingly ideal candidates who just don’t work out—sneaking through the process are costly, and if they are originating via your social recruiting, something must be adjusted. Identify your priorities and the meaningful business metrics you want to dissect. How do these analytics play into larger business objectives? With the right data, a recruitment team can also act as a revenue team, optimizing hiring in order to boost your company’s bottom line.
Time Is Money
Cost-per-hire, time-to-hire, engagement, and advocacy can all be effectively measured and analyzed so that you can see what social recruiting strategies are costing you money or saving you money (or both). Budgets can be set from the data. ROI can be determined. New strategies can be proposed—given they make financial sense.
The C-suite may not respond to ideas about Facebook likes and LinkedIn posts, but it will respond to proof that your recruitment marketing initiatives are profitable in the short and long term.
Comparisons Over Time
Analytics are incredible tool for optimizing social recruiting, but they aren’t a quick fix, and they definitely aren’t a firecracker that you light and get an immediate boom. Metrics take time to, well, measure, and success can’t be gauged overnight. Analytics are patient, allowing you to chart progress (or a lack thereof) over time and compare results.
Tying those results into a strategic plan, with accountable teams and processes involved, creates actionable goals that leads to—you guessed it—additional important data. Over time, the data gets stronger and becomes an even more potent driver of your recruitment marketing.
The Data Is There for You
Analytics sound great in theory, but many recruiting departments are scared off by the math. They aren’t sure how to create, gather, and examine dynamic statistics. Fortunately, you don’t have to be a data scientist, or employ one in house, to secure the analytics tools you seek. All you need are the right solutions—solutions that are readily available in today’s talent acquisition marketplace—to become a champion at the executive table. The best platforms will make you look like an expert, and the steps you take from the data can make you look like a genius.
What kind of analytics are you using to measure your social recruiting efforts?