October 27, 2022
When you run around blindfolded, you either do not move in the right direction or are obstructed by something only to fall down. Similar is the case with recruitment - how? Well, talent acquisition is undoubtedly one of the most crucial pillars of your business and needs to be continuously monitored for improving and triggering growth.
Recruitment metrics are the standards used for measuring the hiring performance of your company. While numerous aspects contribute to determining the overall quality of recruitment, not all of them are directly related to results. Candidate application/sourcing, engagement, assessment and onboarding – recruitment is concerned with all these practices. The key to enhancing the quality of talent hired is by collating various metrics related to different stages of the recruitment funnel.
Metrics are nothing but data, and leveraging data to extract insights about your recruitment process – helps you make necessary modifications from time to time so that you can make things better for candidates as well as for your hiring team. For example - almost 60% of job seekers quit online job applications mid-way due to their length and complexity. So the complexity of job application becomes a crucial metric to track for the majority.
A huge number of hiring managers and stakeholders across the world only focus on hiring numbers and time to hire. While these are important metrics, they are certainly not the only ones that need to be tracked. Suppose you achieve your hiring targets and do it in a short span of time. It won’t help if the quality of hires is not good or if it costs you a fortune (much beyond your budget) to acquire talent.
So what are the top recruitment metrics you should be tracking for your organization? What impact do they make on the overall talent acquisition process and results? We will cover all of it, and more – let’s get started.
First things first, quality of hire matters the most while measuring recruitment success. No other metric would be meaningful if the talent acquired is not qualified enough. Here are the three sub-aspects related to the quality of hire:
Quality of Hire (QoH) = (PR + HP + RR)/3
Where PR is performance rating score out of 100
HP is hire productivity in %
RR is retention rate in %
While this metric wasn’t so significant earlier, it has now become primarily important given the hard time recruiters are facing with ghosting cases on the rise. Especially in the last 5 years, the percentage of candidates who have formally accepted the job offer or the offer acceptance rate has declined. All thanks to the rapidly increasing competition, candidates now have multiple offer letters in hand at any point in time.
Offer acceptance rate = (Number of candidates who successfully accepted a job offer/ Total number of candidates who received one) x 100
A high offer acceptance rate suggests your recruitment and compensation are good enough, while a lower rate suggests there are issues that you need to resolve.
Tracking the number of applications and how many of those applicants are actually making it through your hiring funnel, is vital to fix your entire recruitment. From the application stage to assessment, interviews and onboarding – organizations see drop-offs everywhere. The aim of this metric is to find out the reason behind dropping off – to find out where and why are candidates leaving the recruitment funnel by their own choice.
A variety of reasons exist for application drop-offs. It might be due to long forms after the screening, complicated online assessment setup, non-availability for interviews, unpleasant candidate experiences and a number of other factors could well affect an applicant’s decision.
To track the number of candidates advancing through the recruitment funnel, the yield ratio is one of the significant recruitment metrics. It measures the percentage of candidates passing successfully from one stage of the hiring process to the next. To determine the yield ratio of a stage, say - s:
Yield ratio (s) = (Number of qualified candidates resulting from stage s)/ (Total number of candidates who landed up in stage s)
This metric is used to figure out the efficiency of your recruitment stages and has to be tracked continuously. The larger the decrease in yield ratio, the more efficient your recruitment process becomes.
The time required to fill an open position is called the time to hire. Although this metric varies for different verticals, industries and types of businesses – recruiters constantly aim to optimize this as per company requirements. Generally, time to hire covers the duration between the job posting being published and when the right candidate gets hired.
Measuring the hiring time is not only important for tracking and improving hiring performance, but also for checking the effectiveness of advertisements and marketing efforts done for recruitment. For a majority of organizations, hiring for a single role takes 3-4 weeks of time which is not at all optimal amidst the competitive landscape today.
Recruiters and companies need to streamline their sourcing, engagement and hiring processes for shortening the average time to hire.
Recruitment costs need to be monitored separately to find out how much it costs to hire each candidate. Job posting sites and marketing campaigns are almost always expensive, and you should track the ROI for each channel to understand how well your money is being spent and what changes you can do to optimize the hiring - both in terms of headcount and quality of talent.
Cost per hire = Total cost of invested resources/ No. of hires
The costs usually include:
Recruiters are always on the lookout for minimizing the hiring costs, without compromising the quality of talent acquired. Here too, the hiring process holds the key - the smoother and faster it is, the drop-off rate and time to hire decrease – hence the costs are cut down too!
While job openings always signify ‘game-on’ for recruiters, roles that have been open for a long time easily become a source of stress for hiring managers and stakeholders. The percentage of open positions can be determined by,
the % of open positions = (Number of open positions/Total number of positions) x 100
If this metric is high, it can be either due to
Organizations that invest in candidate experience improve the quality of their hires by 70%. The overall experience of a candidate from the application stage to the onboarding and post-hiring stage is a part of the candidate experience. One of the most popular recruitment trends in the last decade – delivering a positive recruitment experience is all the more vital today in this candidate-driven market.
No matter the outcome of a candidate along the sourcing, engagement or hiring process - candidates will share their experiences and opinions about your organization publicly. Hence, for attracting top talent and maintaining your positive employer brand – you don’t want the candidates to leave negative comments or post unpleasant experiences while recruiting with your company.
For providing a stellar candidate experience, recruiters need to:
A number of sourcing channels are leveraged to fill a recruitment pipeline. From popular job posting websites to professional and social platforms like LinkedIn, Twitter etc. – this metric helps keep track of the generated results through each sourcing channel.
Effectiveness of source is measured in both the terms of:
Sourcing channel effectiveness is important for both enhancing your recruitment marketing efforts and cutting down the cost and time to hire.
The total number of applications received for each job opening that you post is the measurement of applicants per hire. This metric is quite significant as it conveys what’s your position as an employer of choice and how likely are people in the workforce willing to work with you.
An exceptionally high number of applications per hire suggests that the demand for that role is quite high, or that the mentioned job description is too broad, making things only difficult for recruiters.
On the other hand, if there are too few applications per job role, it is an indicator that the mentioned job requirements are complex or the application form is too long for candidates.
Are you tired of chasing candidates on various platforms, engaging with them via emails, and DMs and putting up too much of your time maintaining the recruitment pipeline? Do you wish to minimize your time to hire and cut down hiring costs at the same time? A sourcing automation tool is the solution you need for boosting up sourcing and engaging campaigns.
Nurturebox makes talent sourcing, engagement and recruitment pipeline management easier with a comprehensive automation tool. All it takes is a few clicks to add candidates to your campaigns and reach out to them via multiple channels. Nurturebox lets you focus on the human side of recruiting so that you can optimize the most crucial recruitment metrics - time and cost of hiring.
Amidst today’s noisy digital world, brands find it challenging to create meaningful connections with their customer base and target audience. Getting the target consumer’s attention and persuading them to buy from you gets even trickier. Hence, content marketing has become more crucial than ever for brands to attract, educate, and retain customers.
Content creation is a top priority for 80% of marketers, and there is no reason it shouldn’t be. Consistent, high-quality, and engaging content impacts your audience’s decisions through education and persuasion.
Depending on your business goals and requirements, the role of Content Marketers you hire will vary. The primary responsibilities revolve around forming consistent brand messaging and deciding upon a unique and identifiable voice, style, and pitch across various distribution channels.
From raising brand awareness to attracting a relevant audience to your website, boosting social media presence and engagement, generating leads, and building brand loyalty – content marketing drives all the growth efforts for your brand. When done effectively, it can help you:
While content marketing is a broad role with numerous areas of expertise involved, it’s vital to thoroughly understand your company’s current marketing goals and the related requirements. In this blog, we will dive deep into the step-by-step approach to hiring a Content Marketer.
A Content Marketer must be deeply passionate about telling your brand’s story to the world. The objective is to educate and nurture the target audience to establish brand authority using thought-leadership and drive more people to buy from you.
As a candidate is expected to be a mediator between the brand and the target audience, they are primarily responsible for planning, creating, and sharing valuable content to grow their company’s awareness and engagement to bring more business.
To be more specific, the role of a Content Marketer requires a perfect blend of creativity and attention to detail in an individual. It’s a balancing role, as they need to ensure creating content that resonates and strengthens business relationships, using strategies that position your business as authentic and problem-solving.
Take a look at the core responsibilities of a Content Marketer that most businesses expect them to take over:
While the practices discussed above are primary responsibilities of a Content Marketer, they also need to be proactive with
Content marketing has become the key to driving growth for businesses. Unlike a few years ago, it’s not possible now to get away with a one-person team for content marketing. You need deeply trained individuals for specialist roles.
Let’s now dive into the step-by-step approach of hiring a Content Marketer. But before you even source your first candidate, you should have a clear expectation of the skillset and experience to look out for top content marketing candidates.
Apart from having relevant industry experience, a good Content Marketer must possess the following skills.
A Content Marketer’s prior skillset should be writing excellent attention-grabbing content. From long-form blog posts to website copy, ad copies, social media content, video scripts, emails, newsletters, e-books, whitepapers, and more – a Content Marketer should be able to adapt to the business’s specific requirements and create quality content.
Identifying user behavior is vital for framing the story in the right direction. So a Content Marketer must know how to identify and analyze the needs and pain points to develop a buyer persona. User research can be performed through social listening, relevant communities, in-person calls with customers, analyzing sales call recordings, and more.
Creating valuable thought-leadership content isn’t enough. Researching the right set of keywords is an essential skill to further educate your target audience on the Whys, Hows and Whats of your business, and have your website rank on Google.
Content that’s not backed by relevant data points does not build enough trust. Experienced content marketing professionals would always prefer data over hollow claims. No doubt that only data doesn’t help a content piece succeed, but it’s essential..
A Content Marketer is also expected to break down and analyze the pain points to turn keyword research into content ideas. So a professional must be able to identify and solve content gaps.
Further, they must know how to create a content calendar, decide the different types of content, and choose relevant platforms to publish and schedule marketing campaigns.
Creating a valuable content piece, for example - an ebook, isn’t enough. Your content marketing team needs to promote it proactively for bringing enough attention and engagement.
Setting up goals and plans is one thing, but continuously executing, measuring, and analyzing content performance is another. A Content Marketer should always be monitoring key performance parameters to figure out the upcoming plans with the necessary updates required.
Not to forget - stakeholders and marketing heads need the performance reports regularly. So Content Marketers must be able to collect and comprehend all the data to make it worth presenting.
Let’s sort out the priorities first, and decide the type of content marketing candidates you want to recruit. From exceptional research skills to storytelling, communication skills, relationship building, audience engagement, and more capabilities must be comprehensively considered. Identify and break down the skill requirements for Content Marketers:
Forming a candidate persona by answering all these questions would ensure you are not shooting in the dark while sourcing candidates. Further, it helps you determine the traits of the ideal candidate, and plan your sourcing and recruitment strategy further.
Next step is determining your role requirements suiting primarily to organizational needs and business goals. A content marketing professional is expected to own the entire content strategy, creation, and distribution. But what about your business’s unique requirements?
You might need someone comfortable with frequently creating long-form content pieces like blogs, ebooks, or whitepapers, or creating engaging video content based on your industry trends.
Talk to various relevant stakeholders for seeking the complete detailed company requirements for the role.
Before you enter the recruitment funnel, outline your talent acquisition process. Identify various strategies, channels, and other informational insights you would need – and maintain a collaborative document.
As you update the tactics and tweak your recruitment process for meeting hiring requirements optimally – keep your document up to date.
Once you have finalized the role requirements with respect to your current content marketing goals and team, you can start sourcing candidates. Preparing the job description is the first task you’ll need to do.
Here are the necessary components you must have in your job description:
The job of a Content Marketer is to perform competitor research, create user persona, and write plagiarism-free content for blog articles, social media, and the company website. They need to stay updated on the latest SEO techniques.
Once you have the tailored job description in hand, it’s now time to do the groundwork and source candidates. Create an attractive job post to promote your job across job boards and social channels.
Prepare an impactful job post and also execute paid job ad campaigns if required. The next step would be promoting your jobs on various job boards and hiring platforms. You can leverage the following platforms for hiring Content Marketers:
Not to forget - almost 3/4th of the workforce includes passive candidates, so you cannot miss out on passive talent sourcing as well. Reach out to qualified candidates on communities, LinkedIn, Twitter, and even Facebook to offer them suitable opportunities.
Once you have filtered candidates based on their experience and skills listed on their profile, it’s time to evaluate them deeply. Ask them to create a content strategy for your website, along with a value-adding content piece like a small blog. The topic of the article must fall within the scope of the strategy.
Interview the candidates whose profiles got shortlisted. Keep in mind the parameters covering skills, relevant experience, and personality traits of candidates.
Reach out to selected Content Marketers and communicate about the compensation.
Further, extend your offer letter to all the candidates who have been selected. In the case of passive sourcing, extend to only those who were aligned with you on the compensation and are willing to move forward.
Ensure having a deadline for the joining date and mention the necessary documents required by your recruiting team.
Inbound candidate sourcing doesn’t work effectively anymore. Do you also find challenges in closing quality candidates through job posts even after spending on ads?
Don’t worry, passive candidate sourcing can be an optimal solution for hiring top content marketing candidates.
Nurturebox is a one-stop talent sourcing and engagement platform which is powered by automation. Here’s how you can source product managers from LinkedIn using Nurturebox: