Like prospectors during the gold rush, recruiters everywhere are flocking to social networks in search of hires. But like the experience of many during the gold rush, getting results in not easy. Reaping the benefits of social networking requires engaging with those networks. There’s plenty being written about how to do so, but to know if what you’re doing is working, consider the following metric:
EE = (1-N) X (R/P)
Where:
EE = Effectiveness of Engagement, expressed as a percentage
Engagement, in this context, means getting ready access to employees’ networks, regardless of the mechanism for doing so. Virtually 100% of employees have social networks and connect to them using different means (networking sites are not the only way to do so), but only a certain proportion of employees may be willing to give an employer access, by either making the contacts available or agreeing to forward job postings to them.
N = The proportion (%) of employee networks that an employer or recruiter has engaged with.
R = The average number of qualified referrals received per month per employee
P = The average number of postings accepted by employees to their networks per month
So if an employer is engaged with 10% (N) of employees’ social networks, and on average each employee accepts 3 (P) postings per month, and produces 2 (R) qualified referrals:
EE = (1-10%) X (2/3) = 60%
If the same results are achieved by engaging with 50% of employee networks, EE = 33%
Engagement is more effective the larger the number of qualified referrals received for the same proportion of employee networks an employer is engaged with. However, this is not a bottomless pit. Research shows that beyond a certain threshold of postings, the volume of qualified referrals starts to flatten out and even reduce.
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