This blog about evaluating recruiting sources was originally published in May 2018. All relevant copy and sources have been updated as of January 2024.
Implementing new business strategies can feel overwhelming for any organization. Once you have a strategy in place, it's tempting to leave it as is. However, it's important to continuously evaluate and improve these processes and embrace new methodologies that can give you an advantage. This also applies to assessing recruitment sources. Organizations must consistently evaluate these tools to ensure they are being used to their highest potential.
Are your recruitment sources performing efficiently, or are there missed opportunities for great hires? Today's talent acquisition landscape is challenging and highly competitive, so having a clear strategy for evaluating recruitment sources and their effectiveness is crucial. To help you with this, IQTalent and Caldwell have created a few steps to guide you through the source evaluation process.
1. Determine Key Metrics for Measuring Source Effectiveness
Assessing your sources' effectiveness involves looking beyond traditional metrics. It now requires a more comprehensive and tailored approach based on specific organizational needs and objectives. While different organizations may have different key metrics, some common themes apply across the board.
Do you need your resources to fill positions quickly? Or maybe your priority is to attract a large number of applications? Some companies may prioritize conducting numerous interviews, while others aim to attract diverse talent. You may even seek to improve cost efficiency, minimize time until hire, or explore untapped sources.
Once you've identified the goals that resonate the most with your company, the next step is to rank them in order of relevance. Identify the top three key metrics your recruiting source should aim to improve. This will help you tailor your strategies to align with these priorities and ultimately achieve your goals more efficiently.
It's not enough to just identify these metrics; it's important to track them regularly. Create Key Performance Indicators (KPIs) to monitor progress and make necessary adjustments when needed. Regularly revisiting your KPIs is crucial to ensure you're on the right track, and if not, make timely course corrections.
2. Collaborate Honestly With Your Management Team
When hiring managers and recruiters are not on the same page about the effectiveness of recruiting sources, it's likely to breed conflict. This discord can ripple through your team, undermining its productivity and efficacy. As such, it is crucial to address this issue proactively.
To establish a transparent and effective recruitment process, management must receive an accurate portrayal of the different sources used. This means understanding the role of the recruiter and their approaches to candidate selection. Some recruiters are particularly concerned about the caliber of candidates they forward to hiring managers. In these instances, the number of applications reaching the managers might be minimal, leading them to mistakenly attribute this to a poor recruitment source.
However, the recruitment source may function exceptionally well, with recruiters diligently screening candidates before submitting their applications. Some hiring managers simply prefer a continuous influx of applications, as it provides them with reassurance that there is active interest in the open position and that the recruitment source is effectively attracting applicants.
By being consistently transparent about your recruitment processes, you can achieve a number of things:
- Ensure that the management team has a clear understanding of how the process works.
- Provide peace of mind to hiring managers about the number and quality of incoming applications.
- Foster a mutually supportive environment between recruiters and hiring managers.
- Allow for a more constructive conversation about changing the recruitment sources when necessary to meet goals.
Through this shared understanding and open conversation, it's easier to gain management's support and reach an agreement if there's a need to switch up sources if recruitment goals aren't being met.
3. Establish a Results Management Plan
To avoid getting stuck in "analysis paralysis" from the overwhelming amount of data, establishing a results management plan is crucial. Caldwell and IQTalent recommend a structured approach to easily:
- Digest the data and uncover actionable insights
- Evaluate sources' value based on data points
- Guide decision-making based on data interpretation
- Handle under-performing sources effectively
Remember, the value of the data you've collected and your KPIs are only significant if you can use the information to guide your decisions. So, how will you react to a successful campaign? How will you manage necessary but slow-performing sources? Having solutions ready before you get your results is key to retaining objectivity and enhancing strategic assessment.
Communicate Your Plan
Transparency is particularly important if you use third-party sources such as job boards, search firms, and career fairs to aid your recruiting process. Sharing your evaluation process and key metrics can foster mutual understanding and even assist these third-party sources in improving their product or services. In this way, no one is taken by surprise if partnerships need to be reevaluated or terminated.
By establishing a sturdy plan for managing recruitment results, you'll be armed with the ability to navigate the data effectively and identify the sources that truly drive results. It’s not just about collecting data; it's about what you do with it that really counts.
4. After Evaluation, Pick Your Path
Once you've looked closely at your sources, maximize your time and returns by discussing these potential options with your team:
- Maintain the Status Quo: If your source is already meeting or exceeding expectations, there's no need for change. Continue as is.
- Mixed Approach: Enjoying part of your source but not all? You could use only the effective components and supplement them with additional sources.
- Communication is Key: If you're running into minor issues, talk to your source's providers. They might have some useful advice to enhance the effectiveness of your source.
- Give It Time: It takes time for a new source to prove its worth and the team to adjust. If you've just implemented a new source, consider allowing it a buffer period before making a decision.
- Reimplement and Retrain: If a source has been hastily implemented, resulting in underutilization or misuse, consider reintroducing it with detailed training.
- Quitting Time: If the source simply isn't working out, it's okay to cut your losses and look for a better alternative that fits your organization's needs.
A top-notch recruiting source can be pivotal in attracting excellent talent to elevate your business. It's essential for recruiting teams to assess their current sources periodically and venture into new ones to maintain a competitive edge. Make use of these options to evaluate your sources and stay ahead of the curve.
Ready to level up your recruiting game? Look no further than IQTalent and Caldwell - your on-demand recruiting partners! Unlock the full potential of your recruiting efforts and book a consultation today!
