How to Evaluate ROI for Job Boards and Recruiting Portals
As an HR professional, finding the right employee to fill a vacancy is a major part of your job. So, you want to make sure that the recruitment methods you use are yielding the results you seek.
There’s only one problem — how do you quantify the return on investment (ROI) of a job board or online portal through which you find potential staffers?
Define Your Goals
Before you can figure out your ROI, you have to know what your goals are — that way, you can more carefully calculate the numbers that matter to you. Mostly, you need to know what’s most vital to you as a recruiter aside from cutting costs. With these goals clearly outlined, then you can move onto the step.
To evaluate your ROI, you have to pinpoint the metrics that will help you figure out if you achieved your goals.
Some examples of common recruitment goals include:
- Reducing turnover in new hires;
- Increasing new hire and team satisfaction;
- Decreasing cost of hiring process;
- Finding higher-quality candidates for company vacancies;
- Simplifying the recruiting and hiring process.
Of course, every recruiter’s vision will be different, so discern your goals before you start.
Come Up With a Quantifiable Equation to Measure It
To evaluate your ROI, you have to pinpoint the metrics that will help you figure out if you achieved your goals. For instance, you might say that your goal is to find new employees without spending over $1,000 per hire. You could divide the cost of advertising the position by the number of people you recruited from your posts.
Or if you’re focused on finding a high-quality candidate and figuring out which avenue or website yields the best people, keep a simple tally of how many employees you find by site. You might also want to keep track of the amount of hours you spent searching on said websites, boards, etc. — that way, you can calculate the investment required to mine such a resource.
Of course, every equation will end up different, tailored to the specific goals you have in mind.
Track Candidate Sourcing
You can’t figure out your most effective job postings if you have no idea where your chosen candidate(s) found you. Something as simple as adding a question to the job application (something like, “How did you hear about us?” will suffice) can give you the data information you need. And it’s an especially valuable addition if you posted about an opening on a multitude of specialized job boards, social media, recruiting websites, etc.
To that end, track the data and analytics for your social media posts about job openings.
How many clicks are you getting?
How many people went through the hiring process from there?
How much did such a campaign cost, and how many hires did it yield?
This information will help you streamline the search process in the future, too.
Learn to Use Analytics
It’s a tall order, but learning to use applications like Google Analytics will greatly aid you in your quest to quantify ROI.
With such data, you can do lots of what’s suggested above — you can see how many people log onto the site, where your site users come from, how many applications you receive, etc. You can also figure out the site’s most popular pages and job openings, fine-tune the posts so they attract the right applicants and more.
Fortunately, Google Analytics makes it easy for you to install a metrics tracker so you can learn all of this information. Plenty of the figures will factor into the ROI equations you already outlined, so install as soon as possible to collect the data you need.
Streamline the Process
To make the best use of your time, you want to know the ROI on your job board postings and recruiting portals — now you have the tools to do so.
Once you have the numbers in front of you, it’ll be easy to determine which resources yield the results that align with your goals. And, therefore, you’ll streamline your hiring process and become an even better, more productive HR professional than you were before.
People sitting on chair in front of table while holding pens during daytime image courtesy Dylan Gillis via unsplash.com