Finding out how to measure the source of hire is essential to any effective recruitment strategy. We've seen firsthand how tracking where your best candidates come from can dramatically impact hiring success and overall business performance.
Are you…
- Pulling your hair out trying to identify your most effective recruitment channels?
- Scratching your head over how to allocate your recruitment budget efficiently?
- Desperate to improve the quality of your hires?
We get it. These challenges can really throw a wrench in your plans to attract top talent and grow your team. But don't worry - we've been there too, and we've found that measuring the source of hire provides invaluable insights that can revolutionize your recruitment process.
This article is for:
- Hiring managers who want to supercharge their recruitment strategies.
- HR professionals looking to level up their hiring metrics.
- Tech companies on a mission to attract rockstar software developers.
Table of Contents:
- Understanding The Different Sources Of Hire
- Why Measure The Source Of Hire?
- 5 Step-By-Step Guide To Measuring The Source Of Hire
- 4 Key Metrics To Analyze The Source of Hire
- What Are The Challenges In Measuring the Source Of Hire?
- Final Thoughts
Understanding The Different Sources Of Hire
Before we dive into the nitty-gritty of measurement techniques, let's break down the various recruitment channels available. In our experience, especially in the tech industry, these are the heavy hitters:
Employee Referrals
We can't stress this enough - employee referrals are often the golden ticket. In fact, we've seen them account for 30-50% of hires in many tech companies we work with. It's like having your own team of talent scouts!
Job Boards & Career Sites
Don't write these off as old school just yet. We've found that about 60% of job seekers still use job boards to find opportunities. They're particularly useful for casting a wide net.
Social Media Recruitment
LinkedIn is the MVP here, especially for tech recruitment. A whopping 87% of recruiters use it to find candidates. We've had great success connecting with developers on LinkedIn.
Recruitment Agencies
When you're trying to fill those unicorn positions, specialized tech recruitment agencies can be a lifesaver. We've partnered with some great ones over the years.
Other Sources
Don't forget about your company website, networking events, and hackathons. In the tech world, these can be goldmines for talent.
Why Measure The Source Of Hire?
You might be wondering, "Why bother with all this tracking?" Well, let us tell you - measuring the source of hire is like having a secret weapon in your recruitment arsenal. Here's why:
Data-Driven Decision Making
It's like having a crystal ball for your recruitment strategy. We've used these insights to completely overhaul our approach and saw amazing results.
Improving ROI
Want to know where to put your money? This is how you find out. We were able to cut our recruitment costs by 30% just by focusing on our most effective sources.
Enhancing Candidate Quality
Not all sources are created equal. We discovered that candidates from certain sources were 50% more likely to become top performers.
5 Step-By-Step Guide To Measuring The Source Of Hire
Step 1 - Set Up Tracking Tools
First things first, you need to get your tracking systems in order. It's like setting up a net to catch all that valuable data. Here's what we recommend:
- Set up tracking tools to gather and organize valuable data.
- Use an Applicant Tracking System (ATS) to track candidates from application to hire.
- Add UTM parameters to online job postings to trace application sources.
- Leverage recruitment platforms with built-in analytics to streamline the process.
Step 2 - Categorize Recruitment Sources
Now, let's make a list of all your recruitment channels. For tech companies like us, this typically includes:
- Tech-specific job boards (Stack Overflow Jobs, GitHub Jobs)
- Developer communities (Reddit programming subreddits are a goldmine!)
- Coding bootcamps (great for finding fresh talent)
- Tech conferences and meetups (nothing beats face-to-face networking)
Step 3 - Collect Data
This is where the rubber meets the road. We gather key metrics from applications, interviews, and hires.
Here's a source of hire example from our last recruitment drive:
Step 4 - Evaluate Performance Metrics
Now comes the fun part - comparing sources using key metrics. We look at:
- Time to Fill: How quickly can we get someone in the door?
- Quality of Hire: Are they knocking it out of the park once they're here?
- Cost per Hire: How much are we spending to bring them on board?
- Source Conversion Rate: How many applicants actually become hires?
Step 5 - Regular Reporting
We make sure to share our findings with stakeholders regularly. You should use visualizations to make the data more digestible. Trust us, your executives will thank you.
4 Key Metrics To Analyze The Source of Hire
When it comes to measuring the source of hire, these are the recruitment metrics we swear by:
Time To Fill
This helps us identify which sources provide candidates most quickly. We once filled a tough-to-hire position in half the usual time by focusing on our fastest source!
Quality Of Hire
We assess performance and retention rates based on the source. For example, we've found that employee referrals often lead to higher quality hires in tech roles.
Cost Per Hire
This is crucial for budget planning. Here's a source of hire formula we use:
Cost per Hire = Total Recruitment Costs / Number of Hires
Source Conversion Rate
This shows us how efficient each source is in converting applicants to hires.
Some sources might bring in loads of applications, but if they're not converting, it's just noise.
We use a combination of our ATS and Google Analytics to track these metrics. It takes some setup, but it's worth its weight in gold.
What Are The Challenges In Measuring the Source Of Hire?
Now, we'd be lying if we said this process was all smooth sailing. There are definitely some challenges:
- Tracking passive candidates or referrals can be tricky. Sometimes it feels like trying to nail jelly to a wall!
- ATS and other tools can have limitations in accurately attributing hires to sources. We've had our fair share of head-scratching moments.
This is actually one of the reasons why companies love Remote Crew. Our service is designed specifically for tech recruitment, which makes tracking and measuring sources of hire so much easier.
Final Thoughts
You've got this! With these tools in your belt, you're ready to measure your sources of hire like a pro. Just remember:
- Keep your tracking consistent
- Analyze your data regularly
- Don't be afraid to shake up your strategy based on what you learn
We've seen firsthand how these practices can transform a recruitment process. It's like turning on a light in a dark room - suddenly, everything becomes clear.
At Remote Crew, we're all about making tech recruitment smoother and more efficient. Whether you're looking to build your dream team or find your next exciting project as a developer, we've got your back. We've been in your shoes, and we've designed our platform to tackle the unique challenges of tech recruitment head-on.
So why not give it a shot? You might just find it's the missing piece in your recruitment puzzle. After all, in tech recruitment, knowledge isn't just power. It's the key to building amazing teams and creating game-changing products.
If you are looking to hire remote developers, learn more about Remote Crew here.
