When it comes to effective job advertising – one of the pillars of your recruitment marketing success – it’s critical that you balance your time and money to get maximum results. In order to do this, you need to know and understand your key metrics, using technology and data-driven decisions as you strategically manage your spending. As overwhelming as spreadsheets and numbers may sometimes be, putting them aside and relying on your gut instinct doesn’t cut it.
Which metrics? Which data? If you keep the following on your radar screen, you’re in good shape to position yourself for success.
Cost Per Click
Cost per click is pretty self-explanatory: It measures the cost and helps you gauge your ROI based on how many candidate clicks your job ads get. It’s beneficial because it enables you to see the performance of your ads as users click on them. This is a factor in helping you budget. You can also find out who’s clicking on your ads, and you have the option of adjusting keywords, adding promotions or incentives, or making other tweaks as you go.
Cost Per Applicant
Clicks are a good start, but by tracking cost per applicant, you determine how much it cost to actually land someone in your hiring pipeline. To arrive at this number, you add up all the recruiting costs incurred, then divide by the number of qualified applicants received. Like all relevant data analysis, it helps you make better performance-based decisions.
A conversion rate is the percentage of successful candidates hired compared to the number of vacancies over a period of time. Also like other key metrics, it can be affected by numerous variables, such as the type of job, the quality of your job descriptions, and the effectiveness of your ad placements.
Wage and Job Title Analysis
In essence, this means assessing which ads are getting negative or positive results based on wage rates or job titles. It involves digging into data, then creating queries within spreadsheets to get answers to specific questions. For example, you may advertise a machine operator job at a wage of $16 an hour and also at $17. Deep dive into the numbers pertaining to both and then compare the number of applicants for each ad.
Keep all your recruitment marketing pillars strong.
Is your head spinning yet? If so, that’s okay. Running your company is your business. Helping you strategize, manage, analyze and continuously improve your job advertising is ours at Haley Marketing. Our recruitment experts have the solutions you need to keep all your talent marketing pillars – including your career site, social recruitment, and employment branding as well as job advertising – strong and in sync. Contact us today to learn more.