Everyone wants to save money with their recruiting, I’d assume you do too.
One way to save money is to only spend it on the recruiting techniques that give you the highest return. Now how do you do that?
First you need to keep track of all of your applicants. An applicant tracking system like Chirk HR or Silkroad can do that, or you can get started with a simple Excel spreadsheet.
Second, when you talk to each applicant you need to ask them where they saw this job advertised at. This is a quick 30 second question that will make everything else work.
Third, after talking with them enter what they said into your applicant tracking system. You’ll want to generalize it a bit so if they told you a specific posting on Monster.com, you’d want to enter “Monster”. This will let you calculate the overall returns for all of your Monster posting.
Fourth, every few weeks sit down and count how many applicants you are getting from each source.
Then compare that to the cost of each source by dividing the number of applicants by the cost. This will get you the cost per-applicant.
Do this for every source and you’ll be able to see which sources give you the best return, which is the lowest cost per applicant. Then you can start to spend more money at those sources and cut off the ones with a higher cost per applicant.
For example, if you had these results then source #3 is the best but it’s only producing 5 applicants. Source #1 is the second best and it also produces a higher volume of applicants.
At ChirkHR.com there is a free Excel tool that you can use to track your recruiting sources and their cost per applicant.
This has been a presentation from Chirk HR, the applicant tracking system. Go to www.chirkhr.com now and signup for the free trial.