candidate relationship management

Talent CRM & ROI: What Healthcare Recruiters Should Measure

Talent CRM & ROI: What Healthcare Recruiters Should Measure

As healthcare recruiters seek every advantage in their efforts to secure top talent, many are finding that candidate relationship management (CRM) software delivers the competitive edge needed in today’s environment. An important step towards modernizing the healthcare recruiting function, implementing the right CRM makes it possible for healthcare recruiters to engage a broad range of prospective applicants, from senior-level administrators and IT professionals to clinical workers and healthcare aides.

However, once these programs are up and running, what’s the best way to measure success knowing the distinct complexities associated with healthcare recruiting? Employers in other industries often focus significant attention on a substantial reduction in time to fill given that the underlying premise of a CRM is the ability to engage and nurture a pool of talent that is qualified, interested and available. But is it realistic to expect huge time to fill decreases in an industry where these averages can range from 5.4 months for a nurse practitioner to 14.1 months for a physician?

Demonstrating Value by Looking Beyond Time to Fill

While a reduction in average time to fill should be included among a healthcare recruiting team’s CRM goals, it may not be the ideal metric to focus on initially as you work to demonstrate the ROI of your CRM to your organization’s leaders. Instead, emphasize several metrics across community growth and engagement, hiring efficiency, and candidate quality that also provide evidence that your candidate nurturing and engagement efforts are paying off.

Community Growth and Engagement

If your CRM program is relatively new, then most of your time will be spent growing your talent communities and testing various campaigns to see what works well from an engagement perspective. Here, you can track data points like month-over-month community growth, visits versus registrations and top sources of new community members.

In terms of member engagement, monitor the standard measurements associated with email-based nurturing campaigns (sent, opened, clicks, etc.) while also assessing the specific actions taken by talent community members such as visiting talent community pages or the career website. Don’t forget that your nurturing campaigns may also have a positive effect elsewhere. For example, a spike in social followers immediately after you send a campaign represents additional brand awareness and engagement ROI.

Hiring Efficiency

A good place to start as it relates to efficiency is to consider the impact the CRM is having on the percentage of candidates who decline an offer. You can even break this down further by isolating the percentage of first choice candidates who decline an offer. Ideally, when a CRM program is managed properly, applicants sourced through your talent communities will have been more engaged with your employer brand and the idea of working at your organization for a longer period of time and, therefore, less likely to decline a written offer than applicants sourced through other channels.

Candidate Quality

As with time to fill, it may take a while before you can rely on the conversion of talent community members to hires as your primary success metric. Alternatively, track the percentage of applicants sourced through your talent community that are sent to hiring managers for reviews. Or, compare talent community member rates of conversion to finalists and offers against the overall rates of conversion. After all, one of the best uses of your CRM is to encourage “silver medalists” to join your talent community so that you can stay in touch until another suitable opportunity arises. As this practice becomes embedded across your recruiting function, the impact should be evident in your CRM candidate quality metrics.

Talent communities play an essential role in converting leads into applicants, applicants into candidates and candidates into hires through personalized nurture campaigns and targeted messages, resulting in vastly improved hiring outcomes. For healthcare organizations, demonstrating the ROI of a talent community may require adjusting your reporting focus to reflect the unique conditions of the healthcare recruiting landscape.

Check out our recent E-Book for more insights on winning healthcare recruiting strategies, including why saying goodbye to the traditional recruiting funnel is critical to the success of today’s TA function.

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