I recently spoke at a conference on the topic of Recruitment Strategies. I spent considerable time on showing the participants how to develop a recruitment brand for their company. After the session, one of the executives in the session asked how do you measure the effectiveness of your brand. He noted, correctly, that all good management practices must be measurable.
As I had explained to the group, the purpose of a recruitment brand was to attract quality candidates to your company from a target group –those individuals who share the values of your company and who come from your industry segment. For example, LL Bean is likely to attract applicants who enjoy all things outdoors (skiing, fishing, hiking, hunting—you get the picture).
To attract the right candidates to your company, there must be three things in place: 1) awareness, 2) differentiation and 3) recognition that you are a good place to work. Without awareness, you’ll be a well-kept secret, so measuring applicant flow is critical. Potential candidates will compare you to other companies. There must be something positive about you that distinguish you from others. Part of the differentiation is demonstrating that you’re among the best places to work—and here is where your employees can be the best recruitment ambassadors.
So how do you measure this? Here are 7 ways:
- Applicant flow: look at the quality, quantity and diversity of your labor pool, applicants and hires.
- Conversion rate: measure the number of applicants that accept your job offer.
- Cost and time to hire: are your cost per hire and time to hire increasing or decreasing?
- Existing employees: are your employee engagement surveys tracking positive or negative? Is retention up or down?
- Performance: which way are existing employee performance and productivity tracking?
- Referrals: are your current employees and even your customers referring applicants to you?
- (add your method to measure branding below).
These are just some of the ways to measure effectiveness of your brand. There are more that I could have listed.
Measuring the effectiveness of your recruitment brand is an important component of the process. Obviously the most difficult part is understanding and developing your brand. If you are unable to effectively attract, hire and retain quality candidates, then your brand is not working. If you need assistance understanding and developing a recruitment strategy and brand, give me a call. I can help.
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