Measuring Hires
When employers use Yello Sourcing to bring candidates from WayUp into the top of the hiring funnel, they often want to know how those candidates are moving through the hiring funnel and how many WayUp candidates are hired. Here at Yello, we call this process of data analysis “hire reconciliation.”
Our goal through this analysis is to give you the best sense of the ROI generated through your partnership with Yello Sourcing. Additionally, it’s helpful in starting a discussion about the various ways that your presence on WayUp provides value to your early career strategy. Read on for a deep dive into the hire reconciliation process.
Recruiting is Marketing
Here at Yello Sourcing, we believe recruiting is marketing. Recruiters ought to think like marketers and promote their roles and employer brand all year long to build and maintain an engaged pipeline. Concepts that come second nature to marketers, like (candidate) attraction, nurturing through content, and applying data-driven concepts like funnels and multi-touch attribution, can be used in a variety of ways to help recruit top talent.
One marketing concept that is relevant to candidate sourcing is multi-touch attribution.
Multi-touch attribution is a marketing effectiveness measurement technique that takes all of the touchpoints on the candidate journey into consideration and assigns some credit to each so that a recruiter can see how much influence each channel has on an outcome. When candidates are constantly connected to social media, various job searching platforms (like WayUp), and more, it’s likely that they come into contact with your brand multiple times before they submit an application. The return of in-person events also presents an opportunity to build relationships with candidates in person, and continue to nurture them through various touch points.
Developing a framework for understanding multi-touch attribution within your organization can help you understand which channels are influencing candidate behavior.
Reconciliation Process
There are a number of ways we can perform a hire reconciliation, depending on your objectives and the data available. In one example of a typical hire reconciliation, our team analyzes candidates marked “Ready for Hire” in your Yello Candidate Index or your ATS from the time roles go live through Yello Sourcing. They then cross-reference that list with the thousands of candidates who engaged with your company on WayUp over the same time period. Candidates can engage with your organization on WayUp by viewing your company profile, viewing or applying for an active role, or receiving a message from your team or our Candidate Engagement team.
After cross-referencing, a number of candidates will match from the two pools, and those are the candidates influenced to apply by their interaction with your organization on WayUp.
Yello Sourcing primarily helps fill your top of funnel for internships + co-ops and other entry level roles, but some of the hires WayUp supported are for roles that weren’t posted on the platform. Our team recommends including these candidates in the hire report because we often see messages on WayUp as a way to get your organizations and employer brand in front of candidates who may have never heard of you all before.
Candidates will often get a message about a role with your organization while on their phone, get back to their computer, search for you, and explore your website/careers page. While the candidate didn’t apply directly through WayUp in this example, we do believe that WayUp contributed to the candidate exploring opportunities with your organization, and that is why multi-touch attribution is so important to consider.
Getting Ready for a Hire Reconciliation
If you are a current Yello client preparing for a hire reconciliation, here’s what you need to be thinking about in order to share ROI with your organization. Hire reconciliation is a partnership between you and Yello. While we do the heavy lifting of data analysis, we ask for your partnership in sending us data from your ATS. Your data is crucial in enabling us to tie back to candidates in your Talent Network on WayUp so that we can create a picture of influence at every stage of your hiring funnel.
WayUp is a great place for candidates to apply for roles but it also helps build brand awareness with candidates who would’ve never otherwise heard about GAF and its culture, community, and opportunities.
