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By the Numbers: Where's the $$$ in Outbound Hiring?

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The 5th and final episode of the Outbound All Stars Recruiter Series

Published in: Recruiting & HR
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By the Numbers: Where's the $$$ in Outbound Hiring?

  1. 1. Episode 5 #OutboundAllStar
  2. 2. Aadil Bandukwala Outbound Hiring Evangelist, Belong @aadil Speakers Ritu Bhatia VP Human Resources, Genpact @RituBh Satish Manne Sr. Director, TA, Cognizant  @SatishManne #OutboundAllStar
  3. 3. “The goal is to turn data into information, and information into insight.” CARLY FIORINA Former President of HP 
 #OutboundAllStars
  4. 4. TOP METRICS TO MEASURE THE EFFECTIVENESS OF YOUR OUTBOUND STRATEGY In today’s webinar: TALENT METRICS BRAND METRICS IMPACT METRICS WHERE IS THE $$$ VALUE IN OUTBOUND? SOURCE ATTRIBUTION AND HOW TO IMPROVE YOUR SOURCING ROI HOW TO MEASURE THE REACH AND SUCCESS OF YOUR 
 EMPLOYER BRAND 1 2
  5. 5. What you need are statistics that reliably reveal cause and effect. These have two defining characteristics: They are persistent, showing that the outcome of a given action at one time will be similar to the outcome of the same action at another time; and they are predictive - there is a causal relationship between the action the statistic measures and the desired outcome. Importance of Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES To determine which statistics are useful, you must ask two basic questions. 
 First, what is your objective? Second, what factors will help you achieve that objective?
  6. 6. Most common metrics measured today © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Time to Hire have you considered all costs involved in a hire? This might include advertisements, social media spend, hiring manager time, recruiter fees, and more! From the time you advertise your vacancy, how much time passes before the successful candidate starts? How many formal offers did you have to extend before you ultimately filled the role? Cost of Hire Offer : Acceptance Ratio
  7. 7. KPIs are a recruiting necessity, but recruiting managers often get it totally wrong when they’re figuring out how to measure recruiter performance.
 
 
 
 For some, it’s all about the bottom line – 
 they only care about the number of placements made by each recruiter.
 
 On the surface, these metrics might look pretty, but they don’t give a true indication of performance.
 The need for new metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES
  8. 8. Shifting Paradigms © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES
  9. 9. Benefits 
 of new metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Drive the strategy and direction of the organization Provide focus for an organization, department or employee Help make decisions Drive performance Change and evolve with the organization Produce good internal and external public relations
  10. 10. TOP METRICS TO MEASURE THE EFFECTIVENESS OF YOUR OUTBOUND STRATEGY Measurement & Metrics TALENT METRICS BRAND METRICS IMPACT METRICS WHERE IS THE $$$ VALUE IN OUTBOUND? SOURCE ATTRIBUTION AND HOW TO IMPROVE YOUR SOURCING ROI HOW TO MEASURE THE REACH AND SUCCESS OF YOUR 
 EMPLOYER BRAND 1 2
  11. 11. What are Outbound metrics? #OutboundAllStars 4 Impact Metrics 1 2 © 2018 Belong Technologies India Pvt. Ltd. Efficiency Metrics Talent Brand Metrics
  12. 12. Talent Brand Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Brand Engagement: 
 How engaged are candidates with your brand? How likely is it that candidates would open your emails based on their awareness of your employer brand?
 
 Brand Experience: 
 How likely is it that candidates will evangelise your brand based on their experience with you? 
 
 New Hire Experience: 
 How easy have you made it for new employees to see success, and feel like part of the team? 1 2 3
  13. 13. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIESTHE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics Brand Engagement1 Organizations that invest in employer branding are 3X more likely to make a quality hire. 
 
 Brand Engagement represents a longer-term, holistic measure of a candidate’s total brand experience and their level of engagement.Engagement involves measuring the actions that candidates take: number of candidates that visit your career site, how long they spend on your website, opening your emails, referring the brand to friends and family, clicking an ad or downloading a brand's mobile app.
  14. 14. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES By using real employees in their videos, Facebook is able 
 to give potential candidates an authentic glimpse into what their life at the company could be like—including a peek into the sorts of offices they could be working in. Talent Brand Metrics Brand Engagement Example : Facebook1
  15. 15. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics Brand Engagement Metrics1 Response Rate % of candidates who repond to your outreach REFLECTS: REFLECTS: % of candidates responding positively to outreach % of candidates who drop off hiring funnel before being qualified/disqualified Am I able to engage my Target Talent? Does my Talent pool engage positively with me? What percentage choose to disengage? Positive Response Rate Drop-off Rate What does it answer?METRICS Why does it matter? Power of employer brand Ability of recruiting to excite candidate Quality of candidate experience Perceived value of the opportunity Ability of recruiting and business to keep candidate interested
  16. 16. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics Brand Experience2 Organizations that invest in a strong candidate experience improve their quality of hires by 70%,
 
 And, 
 
 According to CareerArc’s 2016 State of the Candidate Experience, 72% of job seekers that had a bad experience told others about it, either online or in-person.
  17. 17. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics Brand Experience Metrics2 Your Talent Promoter Score (TPS) will check up on how likely a candidate will be to recommend your organization, based on their own experience with you. 
 Typically, Talent Promoter Score is measured by asking candidates a simple question:
 
 
 
 
 “On a scale of 0-10 how likely are you to recommend applying to 
 (our company) to a friend?”
  18. 18. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics Brand Experience Metrics2 
 Candidates who rate you 9 or 10 are your brand promoters and are more likely to champion you with their friends and networks.
 
 Candidates who rate you 0-5 are more likely to criticize you and detract their friends and peers from applying to you. 
 
 Candidates who rate you 6-8 are passive and likely will neither recommend nor criticize you. 

  19. 19. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics New Hire Experience:3 That’s why it is critical to check in with new hires to understand their experience, what worked, and more importantly - what didn’t.
 
 Systematic feedback at 30, 90 and 180 days help organizations spot potential problems before they happen or escalate. Asking new employees for their insights, especially in the early weeks and months of their employment, reinforces their value and their employer’s gratitude. 69% of employees are more likely to stay with a company for three years if they experienced great onboarding
  20. 20. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics New Hire Experience: Valve3
  21. 21. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Talent Brand Metrics New Hire Experience:3 Periodic surveys to check on a new hire’s experience can help boost employee engagement, retention rates, new hire productivity, and the company’s bottom line. Your survey questions could include: Did the new hire feel comfortable and welcomed into their team?
 
 Did the manager/leader clearly communicate the expectations, deliverables and metrics of the role?
 Did the new hire receive helpful training and resources to succeed in their role?
 
 Did the new hire receive helpful feedback or answers to any questions/ concerns they may have had?
  22. 22. Efficiency Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Funnel Efficiency: 
 Efficiency metrics give you an immediate overview of your pipeline health, helps identify at which stage the maximum drop-off’s are happening, and helps hypothesize and gain insights into where the process could use improvements
 
 Recruiter Efficiency: 
 While metrics like the number of profiles sent to HMs, Time to Fill and Number of hires are still important, new metrics like Shortlist to interview ratio, feedback from HMs and Candidates can help bring a more holistic understanding of how successful a recruiter has been, and will be. 
 1 2
  23. 23. Efficiency Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Funnel Efficiency1 Ability of recruiting to sourced qualified talent Positive Response Rate(Email) No of candidates who responded positively / No of candidates engaged REFLECTS: No of candidates engaged / No of candidates interviewed No of candidates interviewed / No of candidates offered Am I able to engage my Target Talent? How effective are we at engaging top talent to interview with us? What percentage of our target talent get through our interviews? How effective is our post-offer engagement? What’s our overall efficiency? Interview Conversion Rate Offer Conversion Rate No of candidates joined / No of candidates offered Join Conversion Level of effort needed to achieve desired outcome Pipeline Conversion No of candidates joined / No of candidates engaged Pipeline Conversion What does it answer?METRICS Why does it matter? Power of employer brand Ability of recruiting to excite candidate
  24. 24. Efficiency Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Recruiter Efficiency2 It is critical to align with business, offer valuable insights to build trust in this relationship As the face of the company, recruiters can provide a positive or negative impact Ratio of shortlist to interview No of candidates shortlisted / No of candidates HM approves REFLECTS: Qualitative feedback on how candidate felt interacting with the recruite Qualitative feedback on how Hiring Manager felt working with the recruiter Recruiter’s understanding of the requirement How proactive and empathetic is the recruiter during the hiring process How the recruiter is able to align with HMs, industry trend knowledge, etc How engaged the candidate is, and how likely he will drop off Candidate Feedback Hiring Manager Feedback The longer the ageing, the higher the chance of drop off, therefore tracking this is vital Time spent by candidates at each stage of the hiring funnel Ageing of Candidates What does it answer?METRICS Why does it matter? Business/TA alignment Capability of recruiter to deliver relevant results
  25. 25. Impact Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Hiring Success/ Failure Rate: 
 As the conversation over recruiting impact shifts from cost to value, Talent Acquisition leaders need to move towards demonstrating the impact of hiring on core business metrics such as profitability and growth.
 
 Revenue Per Employee Ratio: 
 Revenue per employee is a ratio that is calculated as company's revenue divided by the current number of employees. 
 
 Inter-Departmental Net Promoter Score (NPS): 
 61% of Hiring Managers (HMs) say that recruiters have, at best, a low to moderate understanding of the jobs for which they recruit. How can we fix that? 1 2 3
  26. 26. Efficiency Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Hiring Success/ Failure Rate:1 Do we know what’s our acceptable hiring failure rate? Hiring Success Rate No of candidates promoted in less than 12 months in given function / No of candidates hired for the function Do we know what’s the impact of hiring on business success? No of candidates promoted in less than 24 months in given function / No of candidates hired for the function No of candidates let go in less than 6 months in a function / No of candidates hired for the function What percentage of our hires are unequivocal success? What percentage of our hires are a success? What percentage of our hires are unequivocal misfits? What percentage of our hires are misfits? Hiring Failure Rate No of candidates let go at end of 12 months in a function / No of candidates hired for the function What does it answer?METRICS Why does it matter?
  27. 27. Impact Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Revenue Per Employee Ratio2 The Revenue Per Employee Ratio is the overall metric that ties revenue increase your workforce is creating to the efforts of Talent Acquisition in hiring the workforce. Because it is a metric that’s available in the public domain for most companies, it can be used to compare the performance of companies in the same industry to show that your workforce is more productive than your competitor’s. Revenue Per Employee =             Net Revenue Average Number of Employees
  28. 28. Impact Metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Inter-Departmental Net Promoter Score2 Regular inter-departmental NPS surveys can provide more real-time, solid insights into whether hiring is on track to effectively impact business. You can measure your NPS among your business counterparts or hiring managers by asking them a simple question: “On a scale of 0-10 how helpful do you find your Talent Acquisition team in enabling you to meet your hiring goals?”
  29. 29. Define the metrics
 
 Secure buy-in from senior management and employees
 
 Understand what data is needed and how to collect it
 
 Measure and share the results
 
 Analyze and continuously optimize
 
 How to implement new metrics © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES
  30. 30. TOP METRICS TO MEASURE THE EFFECTIVENESS OF YOUR OUTBOUND STRATEGY In this webinar: TALENT METRICS BRAND METRICS IMPACT METRICS WHERE IS THE $$$ VALUE IN OUTBOUND? SOURCE ATTRIBUTION AND HOW TO IMPROVE YOUR SOURCING ROI HOW TO MEASURE THE REACH AND SUCCESS OF YOUR 
 EMPLOYER BRAND 1 2
  31. 31. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Source of hire (SoH) shows what percentage of your overall hires entered your pipeline from each recruiting channel or source (e.g. Outbound, referrals, direct sourcing.)50
 Candidates Referred
 Outbound Job Boards Events Source of Hire
  32. 32. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES How to track the source of your best candidates How many applicants came from each source;
 
 How many qualified applications were garnered from each source;
 
 Where the short listed applicants were sourced; and ultimately
 
 Where the successful candidate first heard about the position. For every job vacancy, recruiters needs to know:
  33. 33. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Why source attribution is important: Direct more resources to the most valuable channels: Knowing which sources perform well consistently, helps when creating your sourcing strategy, and planning your budget for hiring. 
 
 Drop or adjust lagging sources: What works for one role, may not work for another - so tracking which channels work on a role-based level, helps recruiters stop wasting resources on certain channels, therefore leaving room (and resources) to experiment. At a minimum, tracking source of hire helps recruiters:
  34. 34. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES How to measure the reach and success of your employer brand A 2011 LinkedIn study of more than 2000 recruiters found that cost per hire and turnover rates for companies with solid employer brands are respectively more than two times lower and 28 times lower when compared to those companies with not so strong employer brand. “Employer branding” is a term referring to a company or organization’s entire efforts to promote itself as a desirable place to work or the employer of choice to a preferred target group of potential hires which it desires to recruit and retain.
  35. 35. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES How to measure the reach and success of your employer brand Positive response rate Event attendance Page visits & conversations Quota questions, etc DOs DON’Ts Talent brand metrics reach Impressions Likes Shares, etc
  36. 36. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES How Outbound hiring activities impact business outcomes Increases 
 Brand Awareness
 Builds 
 Brand Loyalty
 Improves Retention Improves 
 Quality of Hire Increased Productivity
  37. 37. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES ENGAGE DELIGHT INTERVIEW OFFER JOIN F L E D : TARGET Low Effort + High Accuracy Personalized Engagement = Great Candidate Experience OUTBOUND HIRING Careers Site Job Ads We’re Hiring! Agency ATS b m APPLICANTS QUALIFY SCREEN INTERVIEW OFFER JOIN High Effort + Low Accuracy Transactional Engagement = Bad Candidate Experience INBOUND HIRING Recap of Outbound
  38. 38. © 2018 Belong Technologies India Pvt. Ltd. THE OUTBOUND ALL STARS RECRUITER SERIES Targeted: Discovering relevant candidates Candidate-Focused: Candidate Drop off / Taking up counter offers Personalised: Improving relationship with Hiring Managers Talent Acquisition and Business: Importance of market research, data and analytics in recruitment People who Succeed: Standing out from other companies, getting candidate attention Outbound Hiring is a targeted, candidate-focused approach that coordinates personalized talent acquisition and business efforts to hire people who succeed in your company. Outbound: the Future of Recruitment
  39. 39. Thank You ! THE OUTBOUND ALL STARS RECRUITER SERIES

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