Campaign Analysis
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The most important factor in your recruitment strategy is to analyze your campaigns. Discerning the source of a candidate will help you recruit for a similar candidate in the future without having to try to recreate the wheel. Storing the results and keeping the information up to date is critical for companies that are looking to recruit for multiple positions.
Source. One of the most important factors in the campaign analysis is to determine the source of the candidate. This means that you should get specific information from the applicant and not a general response. The more detailed information that you can get from the applicant the better off that you are.
Response Rate. Calculating the number of responses generated from the source will help you determine if the media is a logical choice for another campaign in the future. If you spent $4500.00 on a display advertisement in a journal and did not get a single response, than you are able to determine that this is not a viable solution for you in the future.
Quality of Candidates. The quality, instead of quantity, of the candidate sourced is just as important to know in campaign analysis. Placing an advertisement in a generic media outlet that yields 100 applicants with no healthcare experience is not as valuable as placing an advertisement in another channel that will provide you 3 qualified candidates.
Cost per hire. This analytical tool is not currently used as often but will help you better understand the costs associated with hiring your new employee. Cost per hire is calculated as all advertising fees, agency fees, referral fees, bonuses and labor required to recruit the candidates. The reason that it is not used in campaign analysis any longer is because it does not take into consideration the amount of time (which is of more importance) it takes to hire the candidate.
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