…HR Budget Ideas from Jeffery Giesener – SourceMob – CEO
The HR budget season is upon us. Has your leadership or CFO focused your efforts on lowering your candidate Cost Per Hire (CPH)?
It is time for CFOs to take notice of the massive yearly spending in the Talent Acquisition/HR side of their house and give your team a budget that will help bring down your overall recruiting costs. No longer can you bring down CPH the “old school” recruiting way.
You need new sourcing technology solutions that net candidates and make it easy for you to utilize your employees’ social and mobile networks to build your talent pipeline. You must provide candidates with an easy way to apply on a mobile device, give them the ability to join communities of interest and provide continual engagement.
You – yes, you – should be “all in” and look for ways to lower your recruiting costs and fill your jobs faster. It is not too late to get the above issues fixed and in place for 2014.
Do not fall into these “common excuse” traps:
- “Our organization just does not have the best information to form the insights to lower our Costs Per Hire.”
- “The information we need to lower CPH is locked up in another department that shares it only monthly, is slow to provide it or does not share it or give it to us in a timely fashion.”
- “We are not skilled in data analysis and no one on the Talent Acquisition/HR team has a passion for metrics and analysis.”
How Can You Begin Lowering Your CPH?
Step 1: Get the information you need by securing your own career social and mobile analytical and insights solutions. Plan to include enterprise analytical solutions into your budget for Fiscal 2015 or, better yet, right now! Make sure the analytic solution provide your metric results On-Demand while visually sharing your candidate social and mobile graphs.
Do not be fooled into thinking that your current marketing analytics are good enough for your candidate tracking and KPIs (Key Performance Index). For instance, Google Analytics, Coremetrics and-or other marketing stats packages (good for websites or ecommerce measurements) are simply not good enough to lower candidate recruiting costs or to visualize your career social/mobile graph.
SourceMob’s On-Demand analytics platform gives you the ability to instantly read your KPI results for all your job campaigns and find out which ones are working and which are not. This is all provided in real-time.
Step 2: Learn what your data is telling you. You do not have to be a stats maven or mathematician to follow a graphical representation of data. Start by finding out the best time to run your job ads by looking at your job KPI conversions on a graph. Why run advertisements on poor conversion days and times? Why run ads that are not performing at acceptable costs? It will be simple to make adjustments to your recruiting budgets when you know which ads work and which do not. This is simply a reallocation of funding exercise.
If you lack the internal resources, outsource your analytics measurement and reporting to SourceMob.
Step 3: Where (what pages) is your candidate defection happening? This is called the “bounce rate”. To lower your CPH, start by eliminating the causes of candidate defection. For instance, do you require your candidates to provide their email before entering your apply process? Does your ATS give you visibility to the bounce rate of a specific page(s)? They should! If not, then why not? Ask them for it!
In addition, you must be a user of your own technology. Think of it from a candidate’s perspective. Would you fill out an application “as is” or would you defect due to a lack patience and-or technological issues you encountered?
Time yourself. Fill out your application from a mobile device (smartphone or Tablet). Do you have the patience to make it all the way through the application process?
**The SourceMob recruiting solutions are mobile-friendly and built with the candidate mobile experience in mind. We track click trails to improve candidate mobile apply performance.
Even though following these steps is not rocket science, we have heard the following many times from our clients:
“Jeff, I understand the importance of KPI metrics and review but we need help getting these answers. We don’t have the internal resources to help us.” …This is where SourceMob Analytics makes all the difference. We will help you net candidates while reducing your overall recruiting costs.
SourceMob has been studying social and mobile insights for our clients for years. We can either train you or do it for you.
We are all about making sure candidates – especially passive ones – are sourced for your business at a lower CPH than the Industry average. You will see a demonstrable Return On Investment (ROI) that any CFO would appreciate. In fact, we guarantee it.
How many other solution vendors are even discussing CPH or ROI with you? How many are guarantee it?
Looking forward to hearing from you,