THE TECHNACIOUS RECRUITER NEWSLETTER

October 4, 2012   view past issues

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Easy-to-Take Personal Development

We all know it’s important to stay on top of our personal development, but who has the time? Between the press of the daily grind and the grind of most career books, most of us just never get around to it.

But, that would be a mistake. There are more threats to recruiter job security in today’s economy than at any other time in our career.

So, what should we do? Read a book that’s full of up-to-the-minute career advice, but is also a fast-paced novel ripped right from today’s headlines. That’s A Multitude of Hope: A Novel About Rediscovering the American Dream. Think of it as a two-fer – it provides the insight you need for employment security without boring you to death.

You’ll find a free excerpt of the book, click here.

Or, you can order your own copy from Amazon.com and get started on that personal development right away.


Optimizing the Recruiter’s Experience

Economics has been called the dismal science. Recruiting analytics should be called miserable math. You have to use such metrics, but it’s painful to do so. What makes the experience so unpleasant? It’s complicated. Performance data can be analyzed in many different ways, and that’s exactly what’s happening in recruiting today. There is no general agreement about what constitutes the baseline measures of success.

How can we improve the recruiter’s experience with analytics? Let’s start with a radical notion: while CEOs say they care about operational efficiency, the only thing they really pay attention to is results. To put it bluntly, they are bored to tears by time-to-fill, but intensely interested in the return that’s achieved on your investment of corporate funds.

Does that mean you shouldn’t measure other aspects of your recruiting strategy? Of course not. It does mean, however, that the first metrics you should define, collect and analyze are those that matter most to the people who matter most in the enterprise. Get those right, and you’ll have the support you need to expand your analytics program into other areas.

What are the key metrics that will enable you both to report and manage your results effectively? They are your return on investment (ROI) measured in two ways:

  • Quantity of talent generated
  • and

  • Quality of talent generated.
  • If you optimize your yield in each of those two areas, you will minimize the unpleasantness of your experience with analytics AND maximize your standing and clout in the organization.

    Analytics for Dummies

    As with the famous Dummies series, there’s nothing at all degrading about simplifying a complex subject so that it can be effectively addressed. In this case, we acknowledge that data can be collected and analysis performed on a wide range of ever more fine-grained aspects of recruiting operations and performance. What’s most important, however, at least inside the political and power structure of most organizations, is not how complicated our measurements are, but how clearly they detail the contribution we make to organizational success.

    For that reason, our primary analytics goal should be to ensure that we maximize the return on our investment of the enterprise’s recruitment advertising and sourcing dollars. That return is best measured with four metrics:

  • Response Rate per Source. The number of applicants generated by each job board, social media site or other source used during a specific period of time.
  • Applicant Cost per Source. The direct financial as well as the indirect labor costs invested in each source divided by the total number of applicants generated by that source.
  • Conversion Rate by Source. The number of applicants from each job board, social media site or other source that are converted into new hires during a specific period of time.
  • New Hire Cost per Source. The direct financial as well as the indirect labor costs invested in each source divided by the total number of new hires generated by that source.
  • The response rate is a measure of both a source’s effectiveness in connecting your opportunity with the greatest number of prospective candidates and your ability to write a compelling job description. As a general rule of thumb, the variations between sources are the result of the former, while the level of consistency across sources (high or low) reflects the latter.

    The conversion rate, in contrast, is a measure of a source’s effectiveness in connecting your opportunity with the best prospective candidates and the caliber of the experience provided to candidates in your recruiting process. As with response rates, the variations between sources are the result of the former, while the level of consistency across sources (high or low) reflects the latter.

    There is, however, a caveat to these guidelines. For some time now, there have been concerns expressed about both the fidelity of data and the yields generated by applicant tracking systems. The technology used by some ATS vendors to track applicant source – basically, they rely on the memory of the job seeker – simply cannot provide accurate data or support meaningful analysis. And, the creaky and overly long structure of many ATS application forms leads to high drop off rates and thus undercuts the conversion of candidates to applicants. As an accurate picture of applicants is the key to all of metrics, but especially these two, both of those concerns must be addressed for any analytics program to be effective.

    As important as recruitment analytics are, they need not diminish the recruiter’s experience. It is possible to install a meaningful measurement process without using calculations that only an economist could love. The key is to focus on a small number of metrics that both promote recruiters’ effective management of organizational assets and reassure senior leaders in the enterprise that recruiters are effectively contributing to organizational success.

    Thanks for reading,

    Peter

    Visit me at Weddles.com


    Outside-the-Box Training Sessions

    WEDDLE’s is pleased to offer a number of uniquely insightful and practical training programs for corporate and staffing firm recruiting teams. The courses can be tailored to your specific industry or career field focus and delivered onsite at your facility or via Webinar.

    The programs include:

  • Optimizing the Candidate Experience
  • Developing an Employment Brand for Top Talent
  • Best Practices in Online Recruitment Advertising
  • Building a Corporate Career Site for Passive, High Caliber Talent
  • The Art of Social Recruiting for “A” Level Performers
  • Transforming Your Resume Database Into a Candidate Gold Mine
  • How the World of Work Has Changed in the 21st Century
  • For more information about each program and its cost, please contact Peter Weddle at 203-964-1888 or peter@weddles.com.


    Sourcing Career Success

    As recruiters and HR professionals, we spend 33 percent of our day (or more) on-the-job and 100 percent of our job helping others to achieve career success.

    Don’t our own careers deserve equal attention? Absolutely! And the one best way to do that is by sourcing career success with WEDDLE’s books. They include:

    The Career Fitness Workbook. This book introduces a complete regimen of activities that will help you successfully compete for and hang onto the job of your dreams. Think of it as “the habits of highly effective career activists.” It’s a one-of-a-kind program that not only tells you what to do, but how to do it and how often. And at just $14.95, it’s one of the smartest investments you’ll ever make.

    Recognizing Richard Rabbit. This fable for adults will entertain and delight you and help you out of the boxes that keep you from becoming the champion inside you. It is a novel and engaging way to recognize the talented person you are meant to be.

    The Career Activist Republic. This blockbuster of a book provides a provocative yet positive assessment of the changing world of work in the American economy and describes an innovative strategy that will enable you to avoid the pitfalls and capture the opportunities in this new environment.

    The Success Matrix: Wisdom from the Web on How to Get Hired and Not Be Fired. This anthology collects the best of Peter Weddle’s columns on job search and career success. It is the only book you’ll find that provides a candid and totally up-to-date look at how to get and stay ahead in today’s workplace.

    In addition, read Peter Weddle’s WorkStrong blog for Career Activists. It’s a quick and easy way to stay on top of all of changes underway in today’s workplace and, best of all, it’s delivered right to your e-mailbox. Just click here to register.


    Be At Your Best With the Best Tools

    The best recruiters use the best resources to get the job done. And, when it comes to reaching top talent online, their choice is clear. It’s WEDDLE’s Guides for Recruiting Success. Get yours today!

    WEDDLE’s 2011/12 Guide to Employment Sites on the Internet. This is the 10th edition of the Guide the American Staffing Association called the “Zagat” of job boards and social media sites.

    WEDDLE’s Guide to Association Web Sites. This book details the recruiting resources and capabilities that are available at the Web-sites of over 3,000 professional and technical associations.

    Finding Needles in a Haystack. This one-of-a-kind guide lists over 25,000 keywords and keyword phrases, across 5,400 job and position titles in 28 industries and professions.