How can you use metrics to find top-performing sources of hire?

Finding the best talent for your business is a crucial challenge that requires effective sourcing strategies. But how do you know which sources of hire are delivering the most value and quality candidates? The answer is to use metrics that can help you measure and compare the performance of different sources, such as job boards, referrals, social media, and more. In this article, we will explain how you can use metrics to find top-performing sources of hire and optimize your recruiting process.

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1 What are sources of hire metrics?

Sources of hire metrics are indicators that reveal where your hires are coming from and how well each source contributes to your hiring goals. Common sources of hire metrics include the channel or medium that a candidate used to apply for a job or learn about your company, such as a job board, referral, career fair, or social media platform. Additionally, you can measure the number of applicants, interviews, hires, and quality hires from each source to assess the reach and attractiveness, evaluate the quality and relevance, determine the effectiveness and efficiency, and identify the sources that deliver the best talent for your business.

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Denys Dinkevych

Talent Sourcing Enthusiast
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In my professional journey within recruitment, I've recognized the pivotal role of understanding the sources from which candidates emerge. Sources of hire metrics provide this clarity. For active applicants, I rely on GTM tags within Google Analytics to trace their origins effectively. Every application—commonly referred to as the conversion rate—is meticulously marked with its respective platform, whether it's Indeed, Glassdoor, LinkedIn, or others. For passive candidates, those exceptional individuals not actively seeking roles, I meticulously record their source while crafting their profile in our ATS (Applicant Tracking System). This approach guarantees impeccable data integrity.

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2 Why are sources of hire metrics important?

Sources of hire metrics are important because they can help you optimize your recruiting budget, improve your recruiting strategy, enhance your employer brand, and align your hiring goals. By tracking and comparing the cost and return of each source, you can allocate resources more wisely and reduce the cost per hire. Additionally, analyzing the trends and patterns of each source can help refine sourcing methods to target suitable and diverse candidates for roles. Furthermore, measuring and improving the candidate experience and satisfaction of each source can boost your reputation as an employer, attract more referrals, and garner positive reviews. Finally, aligning sources of hire metrics with business objectives will ensure that the hiring process supports growth and vision.

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Denys Dinkevych

Talent Sourcing Enthusiast
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Knowing where your hires originate, whether from job boards, referrals, or campus events, is essential for understanding your return on investment. It goes beyond merely filling roles; it's about refining strategies. Delve into these metrics, and you'll determine which channels produce the most exceptional talent, where to allocate resources, and when to adjust. It's the difference between aimless efforts and precise targeting.

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3 How can you track sources of hire metrics?

To track sources of hire metrics, you need to have a reliable and consistent system that can capture and store the data from each source. There are various ways to track sources of hire metrics, such as using an applicant tracking system (ATS) to manage the recruiting process, collecting data from surveys, and utilizing analytics to measure the behavior and preferences of candidates and sources. An ATS can help you track the source of each candidate, the number of applicants, interviews, and hires from each source, as well as the cost and time of each source. Additionally, surveys can be used to measure the satisfaction and engagement of each source, as well as the quality and fit of each candidate. Lastly, analytics can be used to track traffic and conversions from each source, as well as the performance and retention of your hires. Generating reports and dashboards can help you visualize and compare these data points.

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Denys Dinkevych

Talent Sourcing Enthusiast
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Monitoring job advertisement performance is paramount, necessitating the implementation of GTM tags for job ad URLs. Initially, I ensure our website integrates seamlessly with Google Tag Manager. Subsequently, I devise specific tags for each job advertisement. Within GTM, I navigate to the 'Tags' section, select 'New', and establish a custom event tag. It's imperative to delineate precise triggers, typically rooted in the URL or particular actions on the job ad page. Consistency remains vital; thus, I adhere to a consistent naming convention for effortless identification in the future. Once instituted, these tags yield profound insights, illuminating the job ads that captivate potential candidates.

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4 How can you analyze sources of hire metrics?

To analyze sources of hire metrics, it is essential to have a clear and specific goal to strive for with your sourcing strategy. This could be anything from increasing the quality, diversity, or speed of your hires. Once you have identified your goal, you can then select the most relevant and meaningful metrics to focus on and compare the results of different sources. To do this, you can use ratios to compare the number of hires to the number of applicants or interviews from each source and calculate the hire rate or the interview rate. Additionally, ratios can also be used to compare the cost or time of each source to the number of hires or quality hires from each source and calculate the cost per hire or time to hire. Benchmarks are another way to compare your sources of hire metrics with your own historical data or industry standards and best practices. This allows you to compare your current sources of hire metrics with previous or desired results and identify any gaps or opportunities for improvement. Segmentation is a useful method for dividing your sources of hire metrics into smaller, more specific groups based on criteria such as role, department, location, level, skill, candidate characteristics (such as demographics, qualifications, or preferences), and more. This helps you understand the variations and differences between them as well as any preferences and behavior of different types of candidates.

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5 How can you improve sources of hire metrics?

To improve sources of hire metrics, you need to have a continuous and proactive approach that can help you monitor and optimize your sourcing strategy. Experimenting with new sources such as niche job boards, industry events, podcasts, or blogs is a way to test and explore new channels and mediums that can help you reach and attract more or better candidates for your roles. Additionally, optimizing existing sources such as your career site, job ads, referral program, or social media presence can enhance and improve the performance and quality of your current channels. Furthermore, communicating with your sources such as employees, partners, alumni, or influencers is a way to build and maintain a positive relationship with your channels. This encourages them to share your employer brand, job opportunities, and success stories with their networks and communities.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use metrics to find top-performing sources of hire?

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1 What are sources of hire metrics?

2 Why are sources of hire metrics important?

3 How can you track sources of hire metrics?

4 How can you analyze sources of hire metrics?

5 How can you improve sources of hire metrics?

6 Here’s what else to consider

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How can you use metrics to find top-performing sources of hire?

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3

4

5

6

1 What are sources of hire metrics?

2 Why are sources of hire metrics important?

3 How can you track sources of hire metrics?

4 How can you analyze sources of hire metrics?

5 How can you improve sources of hire metrics?

6 Here’s what else to consider

Staffing Services

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