Talent Brand ROI Webcast: Metrics To Measure Talent Brand Success
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Join LinkedIn's Talent Brand experts for a live webcast: 'Talent Brand ROI: Metrics Speak Louder Than Words', and learn how to demonstrate the impact of your talent brand including four key metrics to measure ROI and talent brand success.
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Talent Brand ROI Webcast: Metrics To Measure Talent Brand Success
- 1. Talent Brand ROI: Metrics Speak Louder Than Words
- 2. Meet your presenters #TalentTrends 2 Meet your presenters
- 3. Agenda ① Talent brand is your greatest competitive advantage ② Building a framework: ROI metrics and success partners ③ Building a business case with your executive team
- 4. Lippincott and LinkedIn partnered to assess the economic potential of a company with a compelling brand: Consumer and Talent. The research shows companies with a strong TBI and BrandView score have a 5 year cumulative growth in shareholder value of 36%. Talent brand should have same focus as corporate brand +10% + 36% -6% +28% TalentBrandPower (LinkedInTalentBrandIndex) LowHigh Consumer Brand Power (Lippincott Brand/View Scores Low High Cumulative growth in shareholder value over 5 years* *Cumulative stock performance over 5 year period.
- 5. Employer Brand n. How you, the employer, promote your company as a place to work Talent Brand n. the highly social, totally public version of your employer brand incorporating what talent thinks, feels, and shares about your company as a place to work a significant asset for both hiring/retaining great talent and promoting your corporate image to the market
- 6. 1 | Talent Brand Is Your Greatest Competitive Advantage
- 7. believe talent brand strength makes a “significant impact” on ability to hire 77% Average reduction in cost per hire 50% Average reduction in turnover 28% talent professionals who say talent brand is a top priority in 2015 56% We know that talent brand is important Source: LinkedIn Global Recruiting Trends Report, Nov 2014
- 8. 60% of the decision process is complete prior to any interaction with your business
- 9. Reputation is a critical factor Global Recruiting Trends 2014 Which of the following is the most important if you were to consider a new job?
- 10. Online job boards Social Professional Networks Word of mouth Company Websites Professional Groups Search engines Online Advertising 60% 56% 50% 40% 23% 23% 20% Social networks are the most important channel for talent leaders Social media (e.g. Facebook Twitter) Online professional networks (e.g. LinkedIn) Company website Global Recruiting Trends 2016: Most effective employer branding tools Talent Trends 2015: Most popular channels for finding next opportunity
- 11. 2 | Build A Framework: ROI Metrics & Success Partners
- 12. However beautiful the strategy, you should occasionally look at the results. Winston Churchill
- 14. Attract RetainRecruit What’s your goal?
- 15. Four simple metrics Want to go an extra step? New hire alignment Metric 1 Social follower quality Metric 2 Talent response rate Metric 3 Applicant quality Metric 4 Time to hire
- 16. Know who your followers are: • Function • Seniority • Industry • Company size Adapt your talent brand strategy for different audiences Metric 1: Social follower quality
- 17. 17 Creating and engaging ‘followers’ will fuel your success Members are 61% more likely to share information as a result of following your company 61% 81% Followers are 81% more likely to respond to an InMail 66% of members are interested in job opportunities from companies they are following 66%
- 18. • Track targeted follower change as part of overall follower growth 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 0 50000 100000 150000 200000 250000 300000 350000 400000 450000 Impressions served Followers • Plot campaigns against key success metrics to see correlation Metric 1: Tips for visualising your success
- 19. Metric 1: Who are your partners? Will be able to define and communicate your workforce plan for you. Will be able to help with messaging to your audience. What do they want to hear, what is trending, do you have any thought leadership content? Will help you understand what the follower base looks like and how it has changed over time. This will help measure the success of your efforts. Sourcing for: Talent Segments Marketing/C omms for: Content LinkedIn Relationship Manager for: Data Analysis
- 20. Metric 2: Talent response rate Company page followers are 81% more likely to respond to an InMail Tip: If you’ve effectively built awareness, you should expect a higher response rate among priority talent pools.
- 21. Metric 2: Tips for visualising your success As your talent brand strengthens, you should see an increasing response rate from targeted talent pools 13% or below evaluate your inMail strategy Track targeted follower change as part of overall follower growth
- 22. Metric 2: [in]sight - Use your analytics Data point Insights Years in current role Break down analytics of accepted, declined and no response. If a high number of recipients have been in their role < a year, need to be more strategic and considered about who you are contacting How personal are you making it? Identify how often you are contacting people with shared interests, connections, experience etc and which are the most common Template Usage The higher the % of template usage, the less personal/bespoke your message. Team data Compare yourself to your team. If you are falling behind in comparison, identify a high achieving team member to leverage templates, content.
- 23. Metric 2 Talent Response Rate Metric 2: Who are your partners? Most connected employee for: Hiring manager Recruiter Average InMail response rates when first degree employees reached out Average InMail response rates when recruiters reached out 85% 28% VS
- 24. Metric 3: Applicant Quality Who are the quality candidates for you? • Subjective What does it mean to your company? • Good fit for the company • Good fit for the role
- 25. Metric 3: Applicant Quality 75% measure quality of hire through new hire performance evaluation50% measure quality of hire through turnover or retention statistics49% measure quality of hire through hiring manager satisfaction43% Global Recruiting Trends 2016: Most valuable metric that you use to track your recruiting team’s performance
- 26. Tips for visualizing your success 0 10 20 30 40 50 60 70 Week 1 Week 2 Week 3 Week 4 #ofapplicants Non-quality Quality Metric 2: Tips for visualizing your successMetric 3: Tips for visualising your success Stack quality vs. non-quality candidates on a chart
- 27. Metric 3: Who are your partners? Anecdotal feedback on the quality and culture fit of applicants. What do you talent flows look like? Where are you sourcing candidates From/which companies are they going to? Start measuring retention rates of applicants sourced through different channels. . Hiring Manager For: Culture Fit HR For: Retention LinkedIn Relationship Manager For: Talent Flows
- 28. Metric 4: Time To Hire Company with a strong talent brand on LinkedIn report a 20% Faster rate of hire Your talent branding activities should build a strong pipeline and start more conversations with qualified talent, thereby lowering your time to hire.
- 29. Time to hire for engineering roles Time to hire for engineering vs. all roles 0 5 10 15 20 25 30 35 40 Week 1 Week 2 Week 3 Week 4 Week 5 Days Engineering - time to hire 0 5 10 15 20 25 30 35 40 Week 1 Week 2 Week 3 Week 4 Week 5 Engineering - time to hire All roles - time to hire Metric 4: Tips for visualising your success Track time to hire as a whole, or for specific roles
- 30. 30 What’s new title?? Ongoing measurement? - Elle Surveys are an easy, cost effective way to keep in touch! Internal: Emp. engagement surveys, new hire surveys: 3 months to test talent brand authenticity (again at 12-18 months) External: Silver medalist candidates Talent brand measurement & ROI is ongoing Surveys (Internal & External) Referrals LinkedIn Insights Measure your talent brand against peers, engagement.
- 31. Referrals grow as a key source of quality hires 75% Global Recruiting Trends 2016 Most essential and long-lasting trends in recruiting for professional roles? Most important source for quality hires in last 12 months?
- 32. 3 | Building a Case: How to elevate talent brand conversations and demonstrate success with your executive team
- 33. 57% At socially-engaged companies employees are 57% more likely to leverage social media to drive sales 40% More likely to appear more competitive 58% More likely to attract talent Source: relationships Matter, LinkedIn & Altimeter Group, 2014 Today’s top performing leaders are social leaders.* * 76% of executives say they would rather work for a social CEO (The Social CEO: Executives Tell All, Weber Shandwick, 2013) Around the world and across industries, top executives who were once convinced that social media wasn’t worth their time, now consider their participation in these networks as essential to their role. As a result, more and more top executives see the benefits of being open and transparent and take part in the social revolution.
- 34. Today’s top performing leaders are social leaders. SIR RICHARD BRANSON FOUNDER & CEO, VIRGIN GROUP MIKE SMITH CEO, ANZ MARK PARKER CEO, NIKE Social media is helping us unite and expand. We have never been closer to our consumers. In social media our strategy is rapidly evolving. It is centered on ANZ participating in the social web through our organization and through our people. This includes me as CEO, my management team and ultimately all our people. Embracing social media isn’t just a bit of fun, it is a vital way to communicate, keep your ear to the ground and improve your business. “ ”
- 35. LinkedInTalentBrandIndex Lippincott Customer BrandView Index 36% 28%-6% 10% HighLow HighLow Cumulative Growth in Shareholder Value over 5 years: Talent brand impacts bottom line (and top line!)
- 36. Business Critical Appetite to innovate Hard to fill Invest in talent community Where to get the business started
- 37. Business Goal Talent Goal Talent Brand Challenges Communication Objective Risks of not hitting hiring goals Provide a best in class online experience for customers to engage with our brand and projects Expand our APAC digital team by 200 over the next 12 – 18 months with an emphasis on female talent Talent knows and understands our consumer brand but know what it’s like to work here There is a shortage of talent in this sector and we are competing against big brands for digital talent – Google, Microsoft, Airbnb, Big Banks To organically place ourselves at the heart of digital professionals in APAC and redefine the digital possibilities of working for our company Failure to innovate digitally means we will lag behind our competitors resulting in significant $xx reduction in revenue Business & talent alignment
- 38. Reputation aside, you should know what those open roles are costing your company Average Daily Revenue per Lost Employee = Daily Revenue Lost = Daily Revenue Lost = (Total Annual Revenue ÷ # of employees) 250 working days per year Position’s salary 250 working days Simple Salary Multiplier X Total Annual Revenue Generated by Position 250 working days What’s your cost of not investing?
- 39. Followers Our company: 90,000 Goal: 110,000 by Jan ‘16 Response Rate Current: 28% Goal: 38% in 6 months Followers are 80% more likely to respond to an InMail Quality of hire Time to hire Dept Now (days ) Goa l Days saved Cost saving (per head) Hiring volume (yearly ) Annual saving IT & Digital 50 45 5 $10k 16 $160k Shared Services 34 31 3 $8k 8 $64k Sales 28 24 4 $30k 19 $570k Marketing 30 28 2 $16k 3 $48k TOTAL SAVING $866k Source Avg. tenure Retention (6 mths) Retention (12 mths) LinkedIn 3.5 95% 89% Referral 4.3 93% 89% Job board 2.2 78% 71% Agency 1.8 80% 55% Talent flows: Top 3 companies hired from: Competitor x Competitor y Competitor z Industry Benchmarking Competitor a: 118,990 Competitor b: 117,606 Competitor x: 113,193 Competitor y: 81,099 Competitor z: 76,360 For executives: use a performance scorecard
- 40. Key Takeaways: ① Talent brand impacts your bottom line ② Measurement is key ③ Bring your partners on the journey
- 41. Questions?
- 42. ©2014 LinkedIn Corporation. All Rights Reserved.
Editor's Notes
- The fourth metric we’ll look at today is time to hire. Time to hire isn’t specific to talent branding, it’s used across the board, but you can tie changes in it to talent brand. If you’re building a strong talent brand and filling your pipeline with qualified candidates, your time to hire should be faster. We actually found that companies with a strong talent brand on LinkedIn report a 20% faster rate of hire!
- Elle to cover
- Elle
- Let’s move on and get into the mind of the candidate today
- Traff The case for talent brand has continually grown stronger, particularly in the past few years. At this point, we know it’s important and we have data to back it up. Over ¾ of talent leaders believe that talent brand has a significant impact on ability to hire 50% average reduction in cost per hire 28% lower turnover 56% of talent professionals are actually making talent brand a top priority for their organization in 2015 I hope that you all agree that investing and prioritizing Talent Brand is no longer optional.
- Traff
- Elle For example, in 2008 the public relations consultants Hill & Knowlton published “Reputation and the War for Talent,”5 a survey of 527 MBA students in 12 top business schools in the United States, Europe and Asia. The study found that 96% of these students said that reputation was an important factor in their choice of potential employer
- elle In the social, connected world we live in today, relationships – both online and in-person – are key at driving the ways in which talent discovers new companies and opportunities. It’s really no different to how we discover new restaurants, movies, or the hotel we’re booking for our summer holiday - it’s all through word of mouth. The power of influence that our network has is undeniable, and we know that talent listens to existing employees far more that the CEO or marketing blurb {add LI stats on this] It’s important to have a consistent and strong presence across all social channels, as your reputation may well be what helps you attract talent - think about how your branding strategy changes depending on who you want to attract. What makes your company different? How do you stand out from the competition and offer unique value to the candidate’s career goals? - Claire
- Let’s move on and get into the mind of the candidate today
- Traff
- TRaff Before embarking on your quest to quantify talent brand, let’s clarify what we’re talking about.
- TRaff
- Elle So once you’ve set out to build and maintain your talent brand, you need a way to measure it. We’re going to look at four key metrics today (plus a bonus one!) and discuss how to specifically tie these metrics to your talent brand success.
- Elle The first metric we’re going to address today is social media follower quality. Not all followers are created equal, and you want to build a targeted following of people that fit the criteria you’re looking for. Instead of just knowing how many followers you have, what you really want to know is who exactly your followers are. On LinkedIn, you’re able to see your follower demographics by function, seniority, industry, and company size. You can also see how many of your followers are current employees. Once you know your follower audience breakdown, you can adjust your messaging for those varying audience segments.
- Elle
- Elle Here is an example of how to visualize your success. This graph shows both the growth of total followers and the growth of a specific segment of followers, in this case, tech followers. This allows you to track the growth rates of individual segments against the whole. If you’re focused on messaging to certain segments, you should see a faster growth rate for those segments vs. the overall growth.
- Elle The first metric we’re going to address today is social media follower quality. Not all followers are created equal, and you want to build a targeted following of people that fit the criteria you’re looking for. Instead of just knowing how many followers you have, what you really want to know is who exactly your followers are. On LinkedIn, you’re able to see your follower demographics by function, seniority, industry, and company size. You can also see how many of your followers are current employees. Once you know your follower audience breakdown, you can adjust your messaging for those varying audience segments.
- traff The next metric we’re going to look at is your talent response rate. If you’ve done a good job building awareness, you should expect a higher response rate. And think about starting your outreach with your followers. We’ve found that company page followers are 81% more likely to respond to an inMail!
- Traff Here is an example of how to visualize your success. This graph shows both the growth of total followers and the growth of a specific segment of followers, in this case, tech followers. This allows you to track the growth rates of individual segments against the whole. If you’re focused on messaging to certain segments, you should see a faster growth rate for those segments vs. the overall growth.
- traff The first metric we’re going to address today is social media follower quality. Not all followers are created equal, and you want to build a targeted following of people that fit the criteria you’re looking for. Instead of just knowing how many followers you have, what you really want to know is who exactly your followers are. On LinkedIn, you’re able to see your follower demographics by function, seniority, industry, and company size. You can also see how many of your followers are current employees. Once you know your follower audience breakdown, you can adjust your messaging for those varying audience segments.
- Traff
- Elle The next metric we’re going to look at is your talent response rate. If you’ve done a good job building awareness, you should expect a higher response rate. And think about starting your outreach with your followers. We’ve found that company page followers are 81% more likely to respond to an inMail!
- Elle Here is an example of how to visualize your success. This graph shows both the growth of total followers and the growth of a specific segment of followers, in this case, tech followers. This allows you to track the growth rates of individual segments against the whole. If you’re focused on messaging to certain segments, you should see a faster growth rate for those segments vs. the overall growth.
- Elle Once you’re tracking quality vs. non-quality, you can measure this metric. An easy way to visualize this is to look at a stacked chart of non-quality vs. quality candidates. You want to look for the quality area to grow as a proportion of your overall candidate pool and ideally surpass the non-quality candidate pool. You can do this for your candidate pool overall, or break up it by hiring segment.
- Elle The first metric we’re going to address today is social media follower quality. Not all followers are created equal, and you want to build a targeted following of people that fit the criteria you’re looking for. Instead of just knowing how many followers you have, what you really want to know is who exactly your followers are. On LinkedIn, you’re able to see your follower demographics by function, seniority, industry, and company size. You can also see how many of your followers are current employees. Once you know your follower audience breakdown, you can adjust your messaging for those varying audience segments.
- Traff The fourth metric we’ll look at today is time to hire. Time to hire isn’t specific to talent branding, it’s used across the board, but you can tie changes in it to talent brand. If you’re building a strong talent brand and filling your pipeline with qualified candidates, your time to hire should be faster. We actually found that companies with a strong talent brand on LinkedIn report a 20% faster rate of hire!
- TRaff As with all of these metrics, you can look at it as a whole, or across specific segments. You can plot your time to hire over time. Let’s imagine that a software company has recently focused a lot of their talent branding efforts toward engineers. It’s helpful to see that the engineering time to hire has decreased as a result of the. What’s even more helpful to see is that the engineering time to hire has decreased a faster rate than the overall time to hire. This indicates that by having focused, tailored talent branding efforts, this software company was able to make a sizeable impact on the time to hire for engineers.
- TRaff
- Traff Here is an example of how to visualize your success. This graph shows both the growth of total followers and the growth of a specific segment of followers, in this case, tech followers. This allows you to track the growth rates of individual segments against the whole. If you’re focused on messaging to certain segments, you should see a faster growth rate for those segments vs. the overall growth.
- Let’s move on and get into the mind of the candidate today
- Elle
- Elle
- Elle
- TRaff Three important criteria to consider: 1. Business critical: What the talent segments that are most critical Sales/BD – revenue generating Data Scientist – feed the business strategy For many orgs – it’s digital talent – this challenge spans across industries… ID the critical talent pool mapped to the business strategy as opposed to what's crucial over the next quarter or two…too may organisations 2. How difficult is it to fill these roles? Scarcity, brand not well known for this segment, need to recruit internationally… 3. Appetite to innovate: both TA and business. How willing are they to be innovative, You and your team - openness stop being the hamster in the wheel, takes stepping out of the mold Once you’ve considered this, you’ll should know which talent segment you should begin with.. Let’s say you’ve decided that Digital talent is your critical segment (use this as an example as most can relate)
- traff Now you start working directly with the business leaders and stakeholders in the Digital team Starting point to get conceptual buy-in – everything needs to be firmly anchored and aligned to the business strategy. Mapping exercise you can do with the business. Sit down with them and work through this exercise… READ This helps them understand the why.
- Traff [NOTE: I would maybe recommend going through a live example of one of these on a whiteboard or just talking through it.] On a related note, before we dive into the metrics you can use to measure your Talent Brand success, it’s important to know what cost is to your business of having roles sit open. Knowing that cost can help strengthen your ROI story later on and show that the cost you invested in building your Talent Brand saved the company costs it would have incurred if roles had sat open for a longer period of time. There are a few different ways you can go about doing this. The first is simply calculating the average daily revenue per lost employee. Taking your company’s total annual revenue and then dividing it by the number of employees calculates the yearly average revenue per employee. Then dividing this number by the number of working days per year (we assumed 250), you can find the average daily revenue lost per employee. You can also calculate a similar number based on a position’s salary and a simple salary multiplier. A salary multiplier is an estimate of the amount of money above a person’s salary that this person generates. For example, if an employee earned $100,000 per year and brought in $1 million in revenue, the multiplier would be 10. You can calculate this for different groups within your company or as a company average by dividing the average revenue per employee by the average salary per employee. To estimate the daily revenue lost, you can then multiple by the simple salary multiplier by the a person’s average daily pay. Lastly, a third method of calculating daily revenue lost is by taking the total annual revenue generated by a position and dividing it by the number of working days. Any of these methods can work across your whole company or can be calculated specifically for different groups within your company for a more precise picture of each role’s cost of vacancy.
- Traff
- Elle
- The fourth metric we’ll look at today is time to hire. Time to hire isn’t specific to talent branding, it’s used across the board, but you can tie changes in it to talent brand. If you’re building a strong talent brand and filling your pipeline with qualified candidates, your time to hire should be faster. We actually found that companies with a strong talent brand on LinkedIn report a 20% faster rate of hire!