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How do you measure ROI for social media recruiting efforts?
Since much of the investment is intangible, how do you measure social media recruiting ROI? Is it all subjective?
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This is a great question and as Twitter becomes more integral to organizational communication with customers, potential employees, investors, and others, the need to understand ROI engaging in the social Media channel will only continue to grow.
To measure recruiting ROI, I would recommend the following equation:
Savings * (Inbound Social Media Activities + Inbound Non-Social Media Activities) - Social Media Outbound Activities (Cost) = Return on Social Media Investment in your recruiting campaign. Make sure that there's a benchmark start and end date to your efforts.
Given that recruiting is a cost function, I would measure all Inbound Activities relative to the cost of using another channel. If it's cheaper to Tweet a job post than post on a job board, then that cost difference is your "Savings".
We discuss these and other ways to evaluate Social Media ROI on our blog at http://www.terametric.com/blog
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