5 key metrics you should be tracking for a successful virtual hiring event
We’re seeing so many organizations pivot to online recruiting events for the first time, and doing a fantastic job hosting meaningful events and connecting with job seekers in record numbers.
Since more than 6 million Americans have lost their jobs due to the coronavirus crisis, talent acquisition leaders are seeing higher participation rates in their virtual career fairs — just one sign of a successful event. As TA leaders continue their virtual recruiting efforts into the foreseeable future, measuring the success of virtual hiring events will become even more important.
Response and participation rates
You wouldn’t want to throw a party and have no one show up - the same goes for recruiting events! Starting off with personalized messages and a targeted list of job seekers can help you get higher response rates than sending out invitations blindly and hoping for the best. To get a sense of attendance, there are a number of data points you can track, starting with opens and click-through rates on email invitations.
It’s also key to measure attendance at virtual career fairs, for every event. Look at the rate of participation against the number of invitations you sent as well as pre-registrations (if you provided that option). Under normal circumstances, virtual career fairs have an average of 50% participation so anything around that range is a signal of success. Right now, with the recent surge in unemployment, those figures are even higher and we expect those higher rates to continue until the pandemic is behind us.
Time to hire
Time to hire is the measure of time between the virtual career fair to the job offer. Most job seekers want things to happen fast, so keeping tabs on your time to hire can help you stay competitive. Ideally, time to hire is 14 days or less. If your average time to hire is longer than that, you’ll want to spend some time reviewing each phase of the recruiting process and looking for opportunities to improve efficiency and reduce the wait times that can inspire job seekers to lose interest and drop out of the process.
Quality of hire
The proportion of virtual career fair conversations that lead to interviews is an effective measurement of the quality of your candidate pipeline. Brazen clients will convert 10-20% of their conversations to interviews, a rate that suggests you are attracting high quality candidates and engaging quickly and efficiently. Typically, that also means you’re moving them quickly to hire.
Another generality we can count on is that virtual career fairs don’t tend to attract the job seekers who are applying to every last job out there. Rather, online recruiting events attract candidates who are serious about advancing their careers. Those candidates tend to be inquisitive and engaged. This higher engagement also translates into higher conversions to the interview stage.
While difficult to quantify, it’s key to monitor the strength of your employer brand. Start by investing in creating high quality content and implementing effective strategies to distribute that content so that it gets in front of the right candidates. If you use a robust recruiting platform like Brazen, you’ll be able to highlight all of your content (articles, employee testimonials, videos, etc.) right in the platform. You can host live videos with your hiring managers, which further builds a strong brand. And with Brazen’s new modern design, your brand will come across as modern and fresh.
You'll want to know how much your candidates are interacting with the content you've provided. We recommend checking number of views, which video sharing platforms like YouTube and Vimeo provide.
If you want to take it a step further, consider investing in social listening tools that help you learn more about what people are saying about your brand, for better or worse. Use that insight to revise your content strategy and respond to trends in your brand reputation.
Candidate feedback should be a no brainer but many organizations still don’t bother to ask for it. Successful virtual recruiting events involve measuring candidate feedback during the recruiting process and also after the final determination. This means asking for feedback after different stages, such as after the registration stage, after a virtual career fair or online chat event, after an interview, and then after either a job offer or a final rejection. Being transparent and communicating effectively throughout the recruiting process helps prime candidates to give us better feedback, as well as affording opportunities to ask for feedback along the way. (For employers using the Brazen platform, it’s easy to send out a survey to candidates after every event.)
The measure of success
Once you start monitoring these key metrics, you’ll have a baseline from which to plan future virtual recruiting events. With all of this data and feedback in hand, smart TA leaders will consider what they know about their candidates and make adjustments to improve their results, if only a tiny bit with each event. Ultimately, virtual career fairs are currently the best way for organizations to connect with top talent in every field, and hosting engaging, efficient events will set the winning employers apart from the competition.
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