Recruiters spend a fortune on LinkedIn - either in time or cash! Both is great if they can demonstrate ROI from LinkedIn. But the recruitment industry is not known for focusing on ROI from recruitment systems - being focused on the placement means that often recruitment leaders are left frowning at end of year at the costs associated with running a recruitment business. This blog highlights some ways to measure the ROI from LinkedIn.
We’ve been talking a lot lately about what recruitment leaders should stop doing; how they can STOP messing up their critical job adverts and START getting real, decent applicants, as well as how marketers need to STOP delivering tactics instead of strategy.
A theme which links all of this together is my new acronym:
FORMO – Fear of Recruiters Missing Out
We have become a generation of tech / app / extension / data proliferation and the process is screwed up. This has never been more so than with LinkedIn Recruiter (RPS Licence). I’ve written before about how recruiters do not expect ROI (return on investment) from LinkedIn. I often see this when I work with recruiters to help them confidently purchase / renew the licence.
Yes, they have the LinkedIn Recruiter training to get the ball rolling. Yes, they run the reports on usage… but they often don’t analyse data what I feel is critical to seeing ROI. They also don’t check in with recruiters and how they plan to implement their LinkedIn Recruiter Licence.
When I work with recruiters, I’m not into ‘wham, bam, thank you ma’am’ training. I’m into ROI. It’s sustainable and as cheap as chips!
70 20 10 – Recruiters Only Retaining 10%?
Imagine if you studied your client and talent (and staff) retention figures and realised that you were at 10%? You’d faint, scream, hide… But as humans, there is the theory that we retain 10% of the training we receive and the rest is a split between watching others and on the job challenges. I’ve been in training in some form or another for 20 years and I totally agree with 70 20 10 training this theory.
Aiming to Get (at Least) 100% ROI from LinkedIn Recruiter
Why is it that we often only “do the math” at the end of the day? We often use finance figures from previous activity. We look back at last month and what do we do differently this month? We possibly don’t have enough predictive analysis to help us predict success (or failure).
I often get told by recruiters that they need help understanding how to measure ROI from a LinkedIn Recruiter Licence and waiting on placement data is too long a wait (AND this assumes either success or failure, rather than a journey which needs constant management and focus).
Here are some data points I feel are critical to helping you understand the ROI of LinkedIn Recruiter:
LinkedIn Recruitment Company Page Metrics:
LinkedIn Company post Impressions
LinkedIn Company page followers
LinkedIn.com Recruiter Profile Metrics:
Followers not connections
Number of Connections
Weekly profile views
LinkedIn Recruiter (RPS Licence) Metrics
LinkedIn Recruiter Usage and Success:
InMail Acceptance Rates – I would clarify that this needs measuring against sends/ declines too
Activity – LogIns/Searches/Profiles Viewed/In-mails sent – plus projects and alerts setup
Recruitment Website Metrics:
Hits to Website from LinkedIn and which pages were the most popular
Flow to website and applications – I would add referral rates in Google Analytics
Recruitment CRM Metrics:
Placements – Value by month – have a think about LTV too (life time value)
Opportunities – In CRM with LinkedIn as source
Leads – In CRM with LinkedIn as source
Candidates / Contacts – source = LinkedIn
You don’t need me to tell you that buying a system, especially LinkedIn Recruiter, is not the goal – using it “well” and happily paying the invoice is the goal. Saying “of course we’ll renew” to LinkedIn is a great statement to make, as opposed to FORMO.
Your FD telling you that you’ve spent a fortune on tech just to stay the same, is not what you want to hear at year end.
Telling your clients that you have every bit of tech going and still you’re having issues finding talent is not a sales pitch, an excuse or even a USP.
Stop waiting for placements to happen / not happen before you measure ROI. Habits will have been formed and the system perhaps devalued by then.
Start to measure the effectiveness of your LinkedIn Recruiter licence and take action (Recruitment Training) on how effectively and successfully it is being used.
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How Many Candidates (and Clients) Do Recruiters Really Need?
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Think of your relationships a bit like a layered onion with you in the middle. 5 loved ones 15 good friends 50 friends 150 meaningful relationships 500 acquaintances 1500 people you can recognise People can move in and out of these layers. What is Dunbar’s Number? And What’s It Got to Do with Recruitment? Where does a “typical” recruiter sit in their ideal candidate / contact’s layer? And where do their candidates and contacts sit? Recruitment Leaders! What should you be considering if you want to maximise the value of your database, and the relationships you want to maximise, optimise, monetise? How should you focus on and nurture the right relationships? What’s the Number of Candidates and Contacts a Recruiter Can Actively Manage? Dunbar suggests that humans are capable of building, nurturing and maintaining 150 good meaningful and trusted relationships. 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Relationships were easier to sustain, they were more valuable, and we charged more for our services. It’s likely that Dunbar would say a recruiter pre-social media had 150 meaningful relationships with candidate and clients, and perhaps even some friends? Now with infinite data and technology allowing for massively increased reach and volume, relationships, ironically, are a harder to start and sustain. Are you / your recruitment teams engaging with the right people, or just lots of candidates? (Too many applicants, not enough candidates?) Are you working the right opportunities, or just a list of one-off jobs? (Too many jobs, not enough sales?) Is Your CRM Simply a Datadump of Strangers? Recruiters who try to maintain too many relationships actually limit their own success. They dilute the relationships they’re trying to build, resulting in weaker, less meaningful, and less valuable relationships. Could Dunbar help you run your recruitment business? 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Status fields, rating and grading fields are great places to start and will enable smart ways to manage and work the data. Automation (and recruiters) can keep these vital fields current. Automation is helping Recruiters identify, engage, nurture (and monetise) Acquaintances and People You Recognise and capitalising on these relationships. In the automation projects we deliver we are creating functional data so recruiters can focus on segments of contacts and candidates. They can then “work” their data, rather than just collect it. Your recruiters (ideally powered by automation/CRM) need to keep this data updated to ensure you can track, manage and support where necessary. This should also protect your relationships when recruiters move on. Final Thoughts Engaging and nurturing your candidates and clients is an important part of the recruitment lifecycle. Recruiters often struggle with “too much data, too many systems, not enough process”. Any help and support you can provide to your recruiters to create focus, so relationships are stronger and profitable, is crucial. How could you use Dunbar’s theory to help you create focus, function, and sustainability?(Big thanks to Louise at UK Recruiter for initially posting this blog.)Bullhorn ROI + Trained Happy Recruiters = More SalesWe pride ourselves on helping recruitment leaders achieve Bullhorn ROI. We create a Bullhorn1st vision, reduce the need for other tech, optimise Bullhorn, automate their sales-prevention processes and data, and train recruiters to trust it and use it.ARRANGE A FREE CONSULTATION NOW
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