It’s not only back to school for the fall semester for students, but for companies, too. According to the National Association of Colleges and Employers, more than 99 percent of organizations are participating in on-campus recruiting this autumn. Just like college students are preparing for their classes, forecast your company’s return on investment for acquiring top talent.
Here’s how you can better evaluate your fall early-career recruitment strategy.
Key Performance Indicators That Help Measure ROI
Keep track of your team’s key performance indicators throughout the fall semester. This will help you make any adjustments you need before the end of the year — and inform major course corrections for the spring (if necessary). Here are two KPIs to monitor:
- Number of Candidates Per School — How many top candidates are your core recruiting universities actually delivering? If you have historical data, you can compare this fall to previous ones and see if any trends emerge.
- Number of Diverse Candidates Per School — Do you target an institution to hit diversity hiring goals? Here’s your opportunity to see if that tactic is yielding the results you need.
Besides these two KPIs, do an informal audit of this year’s early-career class. Talk to your organization’s program managers to learn more about the results your strategy is producing. Were there any areas of concern last year’s class had that need to be addressed? Did those employees come from similar schools — or the same university? If so, reconsider which institutions you’re targeting.
Being proactive can lead to a positive ROI and a strong early-career recruitment strategy.
Another critically important aspect of your early-career recruitment strategy: How do on-campus candidates compare to digital ones?
According to NACE, the average cost per hire for companies that do on-campus recruiting is $6,275. For organizations that don’t, their cost-per-hire is $2,027 — a drastic decrease. Apart from cost, digital recruitment can help you attract and engage candidates you otherwise would have never met. If, for instance, your core schools aren’t producing enough diverse talent, you can reach other institutions. But it takes more than just engagement. Facilitate those relationships and ensure they have a positive candidate experience once they’re submitted their application.