How to Build Revenue Growth through Recruitment Marketing

How to Build Revenue Growth through Recruitment Marketing

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New research shows the adoption of talent acquisition and recruitment marketing best practices correlates strongly with positive business outcomes.

Strong recruitment marketing practices were shown to run parallel with more success across revenue, revenue growth, employer brand perception and candidate experience.

SmashFly Technologies, the enterprise Recruitment Marketing platform provider, announced the findings of its third annual Fortune 500 Recruitment Marketing Benchmark Research report.

This primary research analysed 20,000+ data points across 500 companies in 23 sectors, exploring if and how Recruitment Marketing strategies correlate to bottom line performance.

“The depth of research in this study is a first in the industry,” said Mike Hennessy, CEO and founder of SmashFly.

“By combining three years of recruitment marketing trends with business performance data, this report illustrates the firm connection between recruitment marketing best practices and the business success of companies that employ them.”

Smashfly collected data around 37 key criteria, allocating points for exhibiting certain practises, which allowed them to tot up the scores and group the organisations into five buckets; A, B, C, D and F.

Companies that got “A” are brand-led in all candidate communications, with a clear strategy in place for personalised nurture and those with “F” exhibited little to no adoption of recruitment marketing and provided a disconnected or fragmented candidate experience.

What does recruitment marketing currently look like in organisations?

Some key findings from the research include:

  • Organisations that have fully adopted recruitment marketing (“A” scores) show 62% higher average revenue per year than “B” scores, and 152% higher than those with “F” scores
  • When looking at average company revenue growth, “A”s and “B”s averaged a 3% growth rate; “C”s, “D”s and “F”s averaged -0.5%. Even more interesting: “F” companies had negative average growth at -5.8%.
  • Companies with “A” scores have a 15% higher Glassdoor recommendation score and over 6 times more reviews than those with “D” or ”F”
  • 76% of “A” ranked organisations have talent networks or talent communities

Although a growing number of Fortune 500 companies are using talent-centric marketing strategies, it is still less than half (46%) in total.

Among the Fortune 500, there are 66 market leaders that earned “A” scores for adopting recruitment marketing strategies to reach, influence and nurture their talent pipeline.

“In SmashFly’s third year of research, it was crucial to examine not only recruitment marketing practice adoption across the Fortune 500, but also the pace of adoption and how it correlates to overall business success,” commented Elyse Mayer, lead researcher for the report.

“We know the hype and publicity around transforming talent acquisition doesn’t drive change – a stronger business case, from the top-down, does.

Our intent is to provide practitioners with the benchmarks and insight that support a strong case for urgent change in recruiting.

Based on our findings, it’s clear that leaders in recruitment marketing see heightened success in other key business areas like employer brand, candidate experience and revenue.”

How are the best companies building relationships with talent?

Some of the ways “A” companies are innovating in their recruitment marketing strategies were revealed in the report.

  • The clear majority (91%) offer a job alerts sign-up, when compared to companies with “D” or “F” those figures fall drastically, to just 8%
  • Just over three quarters (76%) of “A”s with a talent network send personalised job recommendations, compared to 0% for Ds or Fs
  •  Of those with a talent network, 89% send monthly communication, compared to just 7% of Ds and Fs.
  • Almost all As (92%) also create a more memorable and personable experience for potential talent by featuring video employee stories on their career site.

“I think what this report shows, more than anything else, is that thinking differently and being brave enough to embrace change can pay huge dividends for a business and a brand,” commented Shaunda Zilich, Global Employment Brand Leader at GE.

“The best talent — the right talent — can read through a generic brand and marketing. But when you live your values — and your recruitment marketing reflects that — candidates respond.

We’re seeing the impact of that at GE and I’m sure other top performers in this report would say the same.”

How to get ahead of the pack with recruitment marketing

While most Fortune 500 companies offer the option to join a talent network, they aren’t leveraging them for maximum benefit.

Talent networks allow organisations to capture candidates who may not be ready to apply and nurture these leads towards some desired conversion point, yet a third (33%) of companies who capture this data never send communication after the confirmation email.

Of those that do communicate with their talent pipeline, only 41% send personalised job recommendations, and a mere 5% send anything other than job alerts, such as content about diversity or culture, positive PR or employer awards.

This highlights a huge opportunity to leverage simple recruitment marketing strategies to get ahead of your competitors.

Another uncomplicated way to get ahead, according to the research, is by increasing transparency into the application process, as currently only 41% of companies do.

Outlining application expectations for candidates builds a more personal experience they can trust in.

This trust can be developed by using evidence-based talent assessments in your recruitment process to show candidates that recruitment decisions are fair.

What’s more, leveraging feedback-based tools such as Predictive Index® also creates connection with candidates and delivers value to them through insights, creating a more memorable and positive candidate experience.

We’ve known for a long time that the hiring the right people is so much more than ‘luck’.

Clearly, as this report shows, understanding WHO you’re talking to and building your plans around HOW you’re going to talk to them is going to be so much more impactful than running the odd ad campaign.

The candidate experience – whether they are applying for a job, may do in the future, or have left and might come back – needs to be well thought out and playing to your brand strengths.

How is your organisation creating a memorable and enjoyable candidate experience?

How are you creating and nurturing relationships with the right talent?

We’d love to hear from you, share your experiences and recommendations below!

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