…ideas from Jeffery Giesener – SourceMob – CEO
Since you are probably smack in the middle of Budget Allocation and Review, has your CFO focused your efforts around lowering your Candidate Cost Per Hire?
If you are like most of our clients, their CFO seems to be increasingly directing discipline on lowering Cost Per Hire. Is yours?
From my seat, it’s about time the CFO takes notice of the spending in the Talent Acquisition/HR side of the house. And further, not just focus you on the issue, but helping you lower costs because we all know there are tons of dollars at stake with many being wasted.
If your CFO isn’t asking you to lower your Candidate headcount cost you can bet that sure as shootin she/he will be!
You…YES YOU… should get out in front of lowering your company’s Cost Per Hire and it is simply not that hard to do.
But please don’t fall into these traps of excuses:
- We just don’t have the information to form the insights to lower Costs Per Hire.
- The information to lower Cost Per Hire is locked up in another department who is not sharing it or giving to us in a timely fashion.
- I am not skilled in data analysis nor is anyone on my Talent Acquisition/HR Team.
So how do you take the lead in your organization and champion lowering your Cost Per Hire?
Step 1: Get the information you need securing your own Career Social Analytical and Insights Solutions. Plan to include Enterprise Career Social Analytics Tools into your budget for Fiscal 2013. Don’t delay it another year. Put it into this year’s (F13)’s budget. I guarantee the Insights you will gain will provide an immediate payback. Make sure the analytic tools you purchase work with your Candidate Social Graph. Don’t be fooled into thinking that your current marketing analytics are good enough for your Candidate tracking (for instance Google Analytics, although good for ecommerce stats, is not very good at all about tracking the social career graph).
Step 2: Start to learn what the data is telling you? You don’t have to be a mathematician to follow a graphical representation of data. One of the starting places is to find out when are the best days and times to run your job advertisement by looking at your job Apply conversions on a graph. Why run advertisements at poor conversion days and times? It is simple to do more when your ads work and less when they do not.
Step 3: Where (what pages) is your Candidate defection happening? This is called the bounce rate. Start to eliminate the reasons for the Candidate defection. Be a user of your own technology. Act like a Candidate.
Step 4: Look at all of your career campaigns and apply a Cost Per Hire metric across each one of them. Then once you have the data, sort it and simply do more of the best campaigns and cut your ad spending completely on campaigns with the bottom results.
Step 1-4 is not rocket science but our clients often told us when we began:
“I get what you are sharing with us here, but we need help getting to these answers” and this is where SourceMob Insights makes all the difference.
SourceMob has been studying Social and Mobile Analytics and Insights for our clients for years now. We can either teach you how to do it or you may ask us to do it for you.
Either way, we are all about making sure Social Candidates (especially Passive ones) are netted for your business at a lower Cost Per Higher and a demonstrable Return On Investment that any CFO would understand.
How many other solution vendors are even discussing Cost Per Hire or ROI with you?
Additionally, we help our clients develop and steer their social road map, which helps reduce Talent Acquisition defection, provides a better Candidate application experience and which ultimately drives higher Apply rates.
I would welcome the opportunity to personally show you how SourceMob can net Passive and Active Candidates in some of the toughest recruiting areas (IT, Nursing, R&D, etc.) by helping you to reduce paying recruiting commissions, and lower your Cost Per Hire.
Let’s schedule a virtual appointment at your convenience. Simply reach me by email at firstname.lastname@example.org or by phone at 612-349-2740.