As a business owner growing a team of employees or an HR leader trying to attract the best talent, it can be difficult to settle on the right sourcing strategy for your business. How can you be sure you’re investing in the right recruitment channels? And how do you know you’re reaching the right candidates?
In our 3-Step Guide to Analytical Recruiting, we covered how you can incorporate metrics into your strategy to answer these questions. A critical step in that process is setting goals around the data you have at your fingertips, and your performance reports from Indeed are one place to start. The report will help you assess the effectiveness of your hiring efforts and ensure that you’re strategically allocating your budget. Here are five key insights your Indeed performance reports can provide:
1. How many people see your job postings
High visibility in job search results is one of the first indications of a strong online recruitment strategy. Impressions refer to the number of people who saw a page of search results on which your job was displayed. This indicates if your job is visible to a steady stream of job seekers and if a sufficient number of candidates are digging deeply enough into search results to see it.
Lagging impression numbers could mean your job is showing up too far back in search results or that your listing is missing the words that match with searches from relevant candidates. An increase in your job budget can boost your job’s visibility, and often, adjustments to your job title and description can ensure that great candidates find you more easily.
2. How many candidates are clicking
Clicks and click-through rate (CTR) help you understand how many people are interested enough in your job to click on it. While clicks refer to the raw number of candidates who chose to learn more about your job, the CTR is the number of clicks to your job compared to the number of impressions. As a percentage, this gives you an idea of how many people saw your job and found it relevant enough to click.
A low CTR means that your job isn’t standing out to enough job seekers whereas a high CTR indicates that your job is performing well.
3. How much you should spend on each posting
If you have promoted your listing as a Sponsored Job, you not only have access to data on the cost of your job post to date, but also the cost per click (CPC) — the amount you are spending each time a job seeker clicks. Based on these results, you can make informed decisions about the optimal amount of spend that each job requires.
4. How many people apply
Another meaningful metric in assessing the success of a recruitment campaign is applies. Apply data is a key piece of the puzzle — it tells you how many people saw, clicked on and then applied to your jobs. Once you’ve achieved optimal visibility for your job and a CTR that indicates people want to know more, it is up to your job description to persuade job seekers to apply. Follow some best practices to make sure your description has all the details a great candidate would expect.
5. The cost of each hire
Once you’ve decided to bring an applicant on board, you should mark them as “hired” in your Indeed account so you can complete the recruiting cycle and get a comprehensive understanding of your investment. Alongside all your other data points, indicating how many people were hired allows you to see the cost per hire (CPH) for your campaign. This gives you a baseline to measure the effectiveness of all your recruitment efforts.
With so many companies competing for the best candidates, these five pieces of data can give you a hiring advantage by highlighting which applicant sources are getting the best results.
For more tips and tools for creating great job content to attract the right talent, check out Indeed’s library of Resources for Employers. To learn more about how your jobs are performing on Indeed, contact us.