Return on Investment (ROI) in Digital Campus Recruitment
If you’re an employer that’s traded in traditional campus recruiting tactics to go all in on digital right now, we know you have questions. So while you’re pouring one out for the brochures sitting at the bottom of a shredder, we’re here to reassure a solid return on investment (ROI) awaits when remotely recruiting the class of 2020. Whether your employer is an old pro at digital university recruiting or is now in the game because of COVID-19 related event cancellations, measuring ROI in digital recruiting comes down to evaluating a core set of key performance indicators (KPIs). Though tailoring KPI’s specific to your individual business needs is paramount to success, the following five categories and the metrics within are ones your employer must establish, evaluate and adjust as necessary when it comes to embracing an effective digital university recruiting strategy.
Let’s start this guide with a metric that should be in consideration at every level of your talent recruitment program: time-to-hire. For university recruiting, this means tracking how long it takes a graduating student to enter their application through an ATS system to when they receive a formal offer. Since a majority of students will be looking to secure an offer prior to graduation, monitoring your time-to-hire helps provide insights into the strength of your employer’s brand, along with you recruitment team’s efficiency for identifying and securing top talent.
Without having to account for travel expenses between campuses, moving university recruiting efforts to a digital platform helps reduce an employer’s overall spend. But that doesn’t mean you shouldn’t be closely monitoring KPIs like cost-per-hire, or how much it costs a company to fill a role. From building engaging employer branded content targeted to early professionals to virtual hiring fairs, a successful ROI in digital university recruiting means you’re going to have to invest resources where it counts.
Want a KPI that’s tailor made for the university recruiting crowd? Track your intern to hire rate. Ask yourself if the internship opportunities for university students you provide are leading to quality candidates for early professional roles. But don’t stop there. Track exactly how many university hires are sticking around and for how long? That’s a good indication of what your early professional talent thinks of your employer’s career development resources, opportunity for growth, and benefits compared to competitors.
How many early professional candidates are the schools you recruit from actually applying? And how diverse is the talent pool you’re recruiting from? Moving to a 100% digital university recruitment solution allows employers to expand their reach from a selection of universities to any student that has access to a computer. But in order to comprehend how this expanded reach is more beneficial than hiring from a small selection of specific universities, you have to assess talent.
Using digital recruiting effectively means you’ll need to include video content in your efforts. While there are plenty of ways to measure a video’s effectiveness, you’re going to need to capture data on video views, engagement, and click through rate in order to see the full picture.
If you want to know more about how you can incorporate video into your digital recruiting strategy, contact Uncubed Studios
And if you’re looking to shore up your employer branding efforts after upgrading your digital university talent pipeline, we’ve also outlined The Best Employer Branding KPI’s to Measure Your Progress.
- Number of Candidates Per School– How many top candidates are your core recruiting universities actually delivering? If you have historical data, you can compare this fall to previous ones and see if any trends emerge.
- Number of Diverse Candidates Per School– Do you target an institution to hit diversity hiring goals? Here’s your opportunity to see if that tactic is yielding the results you need.