Hiring professionals who rely on traditional recruiting methods alone can only guess why their campaigns weren’t effective. They can’t find the hiring gap that weakens their recruiting processes, along with their businesses. In other words, it’s a gamble.
Applying the combined standard tactics of asking for referrals, sourcing from a pile of resumes, and posting jobs on job boards means that you follow your gut when choosing the supposed-to-be-right candidate. Which is fine, but there’s no guarantee that you’ve hired the right person.
Luckily, data driven recruiting is on the rise. Thanks to the adoption of new technologies in the recruitment industry, this approach allows you to increase the efficiency of your hiring process through data and analytics.
What is data driven recruiting?
Data driven recruiting is a method of creating recruiting plans and making hiring decisions based on the facts and statistics you gather on candidates and the hiring process.
Via generating and analyzing reliable data, you can understand candidate behavior better. You will know what works and what doesn’t for your potential applicants. And you can predict precisely how much a hiring campaign will cost you.
Most businesses collect data during their hiring campaigns, yet it doesn’t necessarily mean that they implement a data driven recruiting strategy. But with the wide array of software available in hiring today, everyone can build a data driven recruiting strategy easily.
Leveraging hyper-targeted Facebook and Instagram ads, Boostpoint® utilizes a proven data driven formula that takes the guesswork away from you. Using Boostpoint®, you can be sure that your ads reach the right candidates, so you can calculate your ad spend for sure, and save money and time.
Let’s see why tracking and reporting on candidates are important and how data driven solutions can help you measure your success.
Tagging your contacts throughout the hiring process is fundamental in analyzing the effectiveness of your campaigns.
Recruitment applications with built-in Applicant Tracking Systems (ATS) can help you be up to date with your reports and candidate statuses. If you have data on your candidate journey, you will know how many people you have interviewed, how many of your candidates weren’t qualified, and how many got hired.
The data you can extract from your reports can help you improve your candidate experience and recruiting process.
Boostpoint® was designed with the importance of reporting on candidates in mind. With its applicant management and reporting function, you can track your applicant to hire rate, ad performance, and gain insights into your results, on one platform. Just give the timeframe you want to report on and see how many leads your Facebook and Instagram job ads have generated.
Ad spend tracking
Ad spend is a crucial part of your job ad campaign – it refers to the amount of money you spent on the entire campaign.
A hiring campaign isn’t simply considered successful when you find the employees you need. Success is also measured by whether you could find them on budget.
If you report on your ad analytics on a regular basis, you have everything to build a recruitment funnel. By tracking your ad performance, you can view the end ROI of your campaign, so you can be certain that you’re making good progress.
Tracking cost per hire
Cost per hire reflects the cost of hiring new employees. The main cost per hire expenses vary by industry and business, but generally they include sourcing, advertising costs, and onboarding.
There are multiple factors that can affect your cost per hire, but this recruitment metric is a great indicator of how well your hiring process works. Therefore, it is paramount to constantly monitor these numbers and analyze your hiring performance, so you can optimize your strategy.
Take action based on data
It is also important to note that while tracking your ads, you get data on your audience. And the more data you get, the more you’ll learn about your potential candidates. Data driven recruiting gives you the chance to make your hiring campaigns cost-effective and tailor your messaging to your candidates’ needs.
Translate data into relevant information and use them to learn from the past and plan better for the future.
Would you like to make sure you invest in the right recruitment campaign? Let Boostpoint® leverage your recruitment data through Facebook and Instagram ads, and generate a steady flow of qualified leads. Book a demo today!