6 Important Recruitment Metrics for Healthcare Recruitment
As the saying goes, what gets measured, gets fixed. Which is why paying attention to recruitment metrics is an essential part of any recruitment marketing program for hospitals and health systems.
If recruiters would keep track of every recruiting metric under the sun, we’d have no time left to do actual recruiting. (Or pretty much anything else). The main things to understand are – where your candidates are coming from, how many are you attracting, and whether or not you are attracting the right kind of candidates to your organization.
Here are six of the best recruitment marketing metrics to be aware of and measure:
First and foremost, recruitment marketing is designed to help your organization build a pipeline of prospects for open and future roles. Whether it’s your job postings, social media ads, or campus events – It’s likely that you already have a number of initiatives in place to build your pipeline. But do you know how many candidates are being captured from each campaign?
Do you know whether you added more candidates to your pipeline this month than last month?
What source is most effective and therefore where should you be investing resources?
If you can’t answer simple questions like these, then you need to rethink the way that you’re running your recruitment marketing programs.
When you’re building your pipeline, it needs to be quality over quantity. Adding a whole load of irrelevant candidates might help you build an impressive database, but it’s not going to help you hire anyone! You have to be able to gauge the quality and relevance of your pipeline, otherwise, it’s hard to judge success. How does your pipeline match up your ideal candidates? What sources are most effective? Do candidates have the right experience and are they interested and engaged with your messaging?
This data is all vital to understanding whether your campaigns are attracting the right candidates. If you can break this data down by individual campaign, such as how many quality candidates did our open house event generate, then that’s even better.
Your pipeline coverage is the number of candidates in your pipeline relative to the number of roles you have to fill. How does this work? Let’s say your average conversion rate from a lead to a hire is 1%. So for every 100 leads in your pipeline, you make 1 hire. If you then have 100 candidates in your pipeline, you are 1x covered. This is not an ideal scenario, there’s no room for error, so if anything goes wrong such as your offer gets rejected, you’re going to miss your targets.
Organizations should aim to be 3x covered for all the roles they’re trying to fill. If we go back to our earlier example, this would mean you had 300 leads in your pipeline per role.
Understanding pipeline coverage lets managers know ahead of time how likely they are to hit targets, and helps them invest resources more strategically.
You might be pumping your pipeline full of talent, but how are those new leads converting to applicants? If you don’t have the reporting infrastructure in place to dig into the composition of your pipeline, conversion rates are a great indicator of quality. A high conversion rate shows you a couple of things:
First, that the people you’re adding to your pipeline are genuinely interested in your company. And second, your efforts to nurture candidates and educate them the benefits of working at your company are clearly working.
Source of influence
It’s well documented that candidates can have as many as 8 interactions with your company before they decide to apply. These interactions are not necessarily linear and could involve anything from opening an email campaign, to reading a tweet, to watching an employee testimonial.
Ideally, you should have some way of measuring the influence that these different touchpoints have on the candidate journey. Someone might have ended up applying from your careers page, but was that the real reason behind their decision? Maybe the monthly newsletter you send to your database prompted the application. You need a way to find out. Installing Google Analytics on your careers site is an excellent way to gather some of this information for example.
Recruitment marketing is all about relationships – the candidates that you’re engaging might not become hires for multiple years. To be successful then, you need to be able to track this engagement and see the effect it’s having on your pipeline. This will show you which candidates to prioritize, and to understand the frequency with which you should contact candidates – engaged candidates can and should receive more frequent communication than the rest of your database.
Paying attention to them metrics and reviewing them on a monthly basis can ensure that both your media strategy and your messaging are on target, which will lead to more successful recruitment marketing outcomes.
For more information on how to have success with your recruitment marketing and employer branding programs, visit mikeciavolino.com.