Every company wants to ensure that new hires contribute to the bottom line. As hiring budgets get cut everywhere, recruiting managers are under greater pressure than ever to demonstrate a strong recruitment ROI and justify the impact of their talent acquisition efforts.
The reality is, recruiting top talent is always a valuable investment. High-performing employees can be up to eight times more productive, and early-career candidates often have longer tenures while delivering results comparable to senior employees. By carefully tracking and analyzing recruitment metrics, companies can:
Let’s talk about how you can make this happen.
Seasoned recruiters use several metrics to assess the impact of their recruitment strategies. The most popular ones tend to be easy to grasp conceptually and easy to measure. These are the metrics we recommend following:
This measures the cost of bringing a candidate onto your team. It includes all costs related to talent sourcing, screening, and recruiting, including:
This reflects the percentage of job offers extended that are accepted. A low acceptance rate may indicate issues in the hiring process, such as uncompetitive salaries or a lack of alignment with candidate expectations.
This tracks how long it takes to move a candidate through the hiring funnel, from application to acceptance. Top-performing companies reduce time-to-hire by 50% compared to competitors, ensuring they secure the best talent before others do.
ELTV measures net employee value to a company for the whole of an employee’s tenure. It considers the total of actions and interactions during that tenure, including activities that directly contribute to your recruitment ROI as well as intangible contributions like pleasant behavior or attention to detail. It’s a concrete way to measure how useful an employee will be over time—and, by extension, how much investment the company should make in retaining and training them.
With 87% of recruiters stating that talent acquisition has become more strategic, companies must refine their approach to hiring, retention, and workforce optimization.
The following best practices will help you enhance recruiting ROI and secure top talent efficiently.
Companies need a strong employer brand that resonates with job seekers to attract high-quality candidates. This means prioritizing authenticity and transparency in branding, career pages, and recruitment marketing.
For example, people tend to view generic statements about “life at work” with skepticism. Fortunately, there are alternatives, such as passing the mic directly to your employees for their input. CodePath’s employer partner, Salesforce, for example, has accounts on all major social networks devoted to connecting students with open opportunities at the company. It includes user-generated content from current Salesforce interns, tips on the recruitment process, fun memes about life at Salesforce, and more.
Actionable Tip
Feature real employee testimonials, behind-the-scenes workplace insights, and direct input from team members to build credibility.
Advanced recruiting analytics tools provide actionable insights into sourcing efficiency, candidate engagement, and hiring trends. Many platforms now include predictive analytics to forecast future hiring needs.
Recommended Tools:
Employee retention plays a critical role in maximizing recruitment ROI. While you can’t always prevent someone from leaving, it’s vital to set SMART goals around the retention strategies that are within your control. In fact, close to half of employees who quit stated that their manager could potentially have done something to change their minds about leaving.
Mutual of Omaha, another CodePath employer partner, saw a lot of turnover within the first two years of a new hire joining the company. To understand why, they partnered with Quantum Workplace to conduct employee surveys at multiple stages of the employee lifecycle.
They also launched pulse surveys for specific feedback on topics like post-pandemic work preferences and how equipped the company was to attract and retain top talent. By prioritizing strategic employee listening, leaders knew exactly what to do to get more people to stay.
The Results: Mutual of Omaha improved its retention rate to 86% by gathering employee feedback through targeted surveys and adjusting company policies accordingly.
What do your employees really think about working with you? The best way to know is by setting up opportunities to share feedback as soon as they start their candidate journey, along with regular check-ins after they’re hired. By encouraging them to speak up, you help them feel seen and appreciated, which can boost employee performance.
Several companies are nailing their employee feedback strategy. For example, Screwfix has a two-way feedback system in which employees provide bi-weekly opinions on anything, from day-to-day processes to workplace amenities. Google eschews the traditional annual performance review for ongoing goal-setting and reviews. The key? Employees set their own goals, with the support of their managers, which makes them more motivated to achieve them.
Best Practices: Implement structured onboarding surveys, quarterly check-ins, and transparent career growth discussions.
Business needs are evolving faster than ever, and companies need to build a reliable pipeline of candidates to keep pace with that evolution. The demand-supply gap, however, is a considerable one for specific roles. For example, According to the Bureau of Labor Statistics, jobs for cybersecurity analysts and software developers will go up by 35% and 25%, respectively, between 2021 and 2031 – compared to the average growth rate of 5%.
Case Study: One of the best ways to fill this talent gap is by establishing partnerships with agencies and partners that can supply you with vetted, high-quality candidates. For instance, CodePath seeks to close the tech talent gap by preparing 30,000+ CS students nationwide with AI-native technical skills.
Every CodePath student receives 500+ hours of technical training - in addition to their formal Computer Science coursework - which includes a combination of mentorship, group projects, and hands-on work experience. The goal is to train the students for job-ready excellence from day one, and the numbers bear this out – CodePath graduates are 200% more likely than the national average to secure full-time tech employment.
Talent investments today shape the leaders of tomorrow. CodePath connects companies with high-performing, early-career engineers who are equipped with real-world skills and industry knowledge.
Over 85% of CodePath interns transition into full-time roles, and 2,000+ companies, including Fortune 500 firms like Apple, Google, and Microsoft, have successfully hired from CodePath’s talent pool.
Ready to improve your recruitment ROI and hire job-ready tech talent? Connect with CodePath’s Partnerships Team to build a high-performing early-career talent pipeline.