Creating a Better ROI in Recruitment by Leveraging Digital Technology
Today, there are so many intricate and moving parts in the daily life of a CIO. Without a handle on what is going on throughout the organization, it would be impossible to truly maintain efficiencies. Granule, detailed data is necessary in order to create appropriate plans and make changes that positively affect the business.
“Digital technology is necessary in today’s recruitment efforts to drive organization ROI and organizational change”
One area of the organization that must be researched and scrutinized is the manner in which the company is recruiting talent. People, your human element, are the life blood of everything you do in your organization. You need the right talent to run the business. There is a cost to locate the top talent, not to mention time that is lost while filling a position. When a new hire doesn’t work out, the additional time and expenses that are devoted to replace employee turnover rates can hurt not only your bottom line, but also the efficient way you need your business to run.
Digital technology is necessary in today’s recruitment efforts to drive organization ROI and organizational change.
How? Let’s start from the beginning.
Recruitment is changing. Just like any other part of your business, you have to keep up to date with the trends of today’s market in order to stay relevant, as well as come up with strategies that work in order to tackle today’s challenges.
According to McKinsey’s 2015 Global Growth Model study, there are 3 times as many workers as retirees from the time period of 2005 – 2015. By the year 2025, it will be a ratio of 1:1. What is the conclusion? We will be recruiting from a smaller talent pool.
Not only is the pool smaller, but keep in mind that each candidate you recruit needs to possess a “niche” set of expertise. At times, it may feel that your recruiters are searching for a needle in a haystack.
So, how do you find the needle? By leveraging digital technology in order to attract today’s digital job seeker.
First, your Search Engine Optimization (SEO) strategy should be a term used by more than just your marketing department. Your talent acquisition and human resource leaders should be considering how candidates find you on search engines, like Google. Did you know that 80 percent of candidates begin a job search by typing keywords on Google? This means your jobs need to be found at the top of search results, especially above your competitors’.
An easy, cost effective tool that boosts SEO is digital video. The presence of video on a web page ranks 53x higher on a candidate’s search results with no added pay per click cost.
Boosting SEO is just the tip of the iceberg when it comes to the benefits of turning a text job posting into a 60-second digital job video. It also creates better candidate self-selection. Have you ever considered how much time and resources are being taken up by your recruitment efforts in the sense of how much time is being spent sifting through candidates that are not a fit for the position? When attracting talent, you actually want to spend your time screening talent that fits the position that you are hiring for.
Candidates can improve their understanding of a position up to 300 percent by watching a video versus reading text alone, giving him or her a better understanding of the role, which in turn will help them choose to opt-in or opt-out of the application process. When your candidates have the power to self-select and identify if the role is truly a fit, your recruiters are able to better focus their time and efforts during the screening process.
If you look at today’s trends in general, one of the most popular internet activities worldwide is in fact online video consumption. Digital viewers in the US reached over 200 million in the year 2015. Not only that, but mobile phone viewers reached over 107 million in the year 2015. Let’s face it, when you are using a mobile device that can fit into your pocket, listening and seeing a video is easier to understand than reading small size text only.
Further, videos are more likely to be shared on social media, giving your organization an easy, efficient way to make your opportunities go viral. This will broaden your audience at lightning speed and completely cut the cost to advertise your opportunities.
The most compelling piece of recruiting with digital video technology for a CIO is the detailed metrics that are available. With the right technology partner, the detailed tracking metrics from digital videos give you insight on where a candidate is viewing, sharing and applying for your job opening. The data will show you the entire journey of your candidate including the time of day, day of the week and the referring website.
Digital video technology offers the granule data needed to plan and execute strategies based on facts rather than intuition alone. The proof is in the numbers.
A recent article published in Recruiter.com gave powerful statistics on how digital video technology can drive organizational ROI and make recruitment more efficient. Alexander Mann Solutions reported that with a global banking institution client, they saw video job ads yield a 500 percent increase in click-through and 50 percent more applications. They also saw a significant improvement in better qualified candidates applying. They reported that the video ads enabled them to reduce media spend by about 30 percent.