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The Two Types of Data You Need to Track to Attract and Retain Top Talent 

by | Aug 22, 2022 | The Great Reneging

As the saying goes, you cannot grow what you do not measure. Therefore, you cannot expect to grow a successful employer brand if you don’t collect data at each stage of the candidate experience.

As the current hiring crisis continues, employer branding is essential to attract and retain top early-career talent. According to Glassdoor, the overwhelming majority (92%) of employees would consider switching jobs if offered a role with a company that has an excellent reputation. What’s more, a strong employer brand presence can reduce your cost per hire by half, while a negative reputation can cause a 10% increase in your cost per hire.

As the Great Reshuffle continues, attracting top talent doesn’t just mean presenting competitive salaries and benefits packages. Instead, your company needs to position itself as a place where recent grads can launch a successful career, gain access to mentorship and networking opportunities, and make a positive impact in their communities or the world in which we live. So, how do you communicate all of the above to your talent community? By developing a rich content strategy that connects with candidates at each stage within their journey.

Collecting the right data arms your employer branding team with the information necessary to refine the candidate experience. By knowing which metrics to track, you understand which pieces of content lead to the highest engagement within your talent community — and hopefully, a higher conversion rate

The Two Types of Data Every Hiring Manager Should Be Tracking 

In order to create (and improve upon) a candidate-first experience, hiring teams should track two types of data: by-journey and by-candidate. Fortunately, the Scholars platform automatically measures both, thereby preserving recruiting resources and bandwidth.

1. By-Journey Data

By-journey data tracks the aggregate number of applicants who engage within a certain step of your candidate journey. Over time, these metrics help you determine which pieces of content best resonate with your audience (or, conversely, which low-performing deliverables could be swapped out for another piece of content).

The Scholars platform automatically tracks engagement rates across a number of mediums, allowing you to see how many people clicked, downloaded, viewed, or otherwise interacted with a piece of content. If you see your engagement rate take a nosedive, it could be a clear sign you need to tweak your candidate journey (more on this below). 

2. By-Candidate Data 

By-candidate data tracks individual engagement as they move throughout the talent pipeline. This data is invaluable when reducing renege rates and early-career turnover, as it shows which candidates are most invested in the opportunity. 

The Scholars platform tracks metrics such as how often a candidate views a long-form piece of content, how long they watch a video, and how frequently they participate in meetups, surveys, and feedback requests. In addition, Scholars shows hiring managers how many times a candidate interacts with a specific step within the candidate journey and their overall progress. Over time, you’ll be able to predict which candidates are excited about the role, and which pose a risk of reneging on an offer.

4 Ways to Leverage Scholars Data to Attract and Retain Top Talent 

Data is a tool — it’s a way to help you better understand your talent community as a whole and each individual candidate. But data on its own isn’t enough to execute a successful candidate engagement strategy. Instead, you need to use these metrics to see where you can tweak different stages of the candidate journey, ideally reducing turnover, while boosting employee retention. 

Here are several ways to leverage data collected on the Scholars platform to transform your candidate journey:

1. Consider a Different Medium 

Humans absorb information differently, which is why it’s important to use a variety of mediums within your candidate journey. In a recently-published guide on employer branding, LinkedIn advised hiring managers to create a “blended” candidate journey — one that layers different content types within the hiring pipeline.

The Scholars platform goes beyond simply tracking your open or click rate, thereby enabling you to use a variety of media in your candidate journey. If you notice your engagement rate is stagnant, consider mixing things up — create a list of podcast episodes, record a video from your CEO, or host a virtual webinar between an incoming cohort and former interns.

2. Allow Space for One-to-One Connections 

Today’s Gen Z candidates are the first generation of digital natives and are perfectly capable of recognizing a blast email. Therefore, it’s important to blend mass communications with one-on-one connections, allowing your talent to meet mentors, future managers, and hey — even each other.

If you notice a dip in engagement across your talent community, perhaps it’s time for some face-to-face interaction. Organize a meetup, happy hour, or afternoon wellness retreat to get candidates excited about their new role. Or, if you notice an individual candidate suddenly stops interacting with your content altogether (an early sign of reneging on an offer), hop on a call. See if there is any guidance, resources, or feedback you could offer to re-engage the applicant. 

3. Show Off Your Company Culture

Your content strategy shouldn’t be a stagnant list of onboarding documents and recommended reading lists. Instead, your candidate journey should paint a clear picture of what a day in the life looks like, and whether the individual is a good fit within your company culture.

According to Jobvite, 60% of recruiters state that culture fit is of the highest importance when making a hiring decision. As the Great Reshuffle continues and employees search for a positive work environment, LinkedIn reports there’s a 67% boost in engagement when a job post mentions company culture.

While this might be a tough pill to swallow, consider this: If your engagement rate takes a plunge, maybe the subject matter has been a bit…stale. Switch things up by showing off your company culture, thereby getting candidates excited about being part of your team.

4. Place Mental Health a Top Priority 

Today’s early-career candidates aren’t just looking for a paycheck. They’re looking for a place where they can build a successful career while maintaining a positive work-life balance.

According to the Employee Wellness Trends for 2022 report, mental health is a must for attracting top talent. In fact, the overwhelming majority (90%) of companies surveyed increased their investment in mental health programs this year.

If you’re looking to increase event participation throughout your talent community, think beyond the stereotypical happy hours and mixers. Think of group activities with mental health as a focal point, offering a meditation workshop, yoga flow, or even a group hike for your recruits.

Leverage Scholars’ Data to Improve Your Employer Brand 

As the Great Reshuffle continues, maintaining a strong employer brand is a must if you want to attract and retain top talent. To develop a candidate-first experience, you need the right metrics to guide decisions within your hiring team.

Fortunately, the Scholars platform goes beyond tracking opens and clicks to paint a clear picture of candidate engagement — both at the journey and individual level. With Scholars, you can see which pieces of content generated more clicks, downloads, or views, and which candidates spend the most time at each stage of the candidate journey.

Scholars is built by Gen Z candidates, for Gen Z candidates, helping to prevent early-career turnover. To see how you can use Scholars data to transform your candidate journey, schedule a free demo.

About Scholars

Scholars helps companies build engaging candidate experiences at scale. Create personalized journeys for all of your candidates from application through onboarding.

About Scholars

Internships and early-career jobs are unlike any others. They are often accepted months, if not years, in advance of the start date leaving plenty of time for candidates to change their minds and decide to work elsewhere, costing your team time and money.

There are two ways that have been proven to decrease renege rates for any company: keeping candidates engaged by sharing personalized information and helping them make connections with their future teammates. Companies use Scholars to accomplish both of these at scale.