One of the most important metrics for measuring the Return on Investment (ROI) of your recruiting tools is analyzing Sourcing Channels. When you measure these metrics over time, you’ll discover trends based on seasonality and more. Then you can invest in channels that actually deliver quality candidates – and are the most cost effective.
Recruiting quality candidates
What's the ROI of your recruiting? There’s a big difference between the number of applications you receive from candidates and the number of qualified candidates you add to your pipeline. Quality of Hire is a metric that helps you measure the value of physicians you recruit and hire. But to truly measure your ROI, it’s also important to analyze where your most qualified candidates came from.
Of course, most physician recruiters use multiple channels to source candidates: Doximity Talent Finder, job boards, direct contact with passive candidates, and more. There are a few key things to know about your job opportunities when calculating ROI:
- How many candidates came from each source
- How many qualified applications you garnered from each source
- Where the qualified candidate first hear about your opportunity
Sourcing Channels (aka "source of hire") simply refers to the efficacy of the different job boards or media you use to publicize your job openings. The reason for tracking this metric is simple – there are hundreds of options for sourcing candidates, but depending on your industry or your specific organization, certain sources will prove to be more effective or provide higher quality candidates than others.
Once you know which sources provide the greatest number of candidates, you can start looking at which sources produce the best quality candidates over time. Then you can focus your energy and resources on these channels. A sourcing channel that is effective – and proves to be a worthwhile investment – should include applications received, candidates who were hired, your screened-to-hire ratio, and percentage of total hires.
How to calculate ROI for Sourcing Channels
Doing the math is simple. To determine the ROI of your sourcing channels, count the number of candidates generated from that channel during a given timeframe and compare it to your other channels. Which channel is producing the most candidates? Volume isn’t enough. You need to take the same steps to count the number of quality candidates generated from the channel, too.
For quality of candidates, take the same steps but focus counting the number of "quality" candidates that were generated from the channel during a given timeframe.
The Power (and ROI) of Doximity Talent Finder as a Sourcing Channel
Doximity offers Doximity Talent Finder, a platform for physician recruiters to source and recruit great physician candidates. A license of 600 DocMails and two Job Posts costs about $1,000 per month (discounts are available), and while the cost seems high, the ROI proves its value. In fact, almost every recruiter we talk to tells us they couldn’t do their job effectively without Doximity Talent Finder.
Physicians use Doximity to network for career opportunities, connect with colleagues, market their practices and coordinate patient care. With Doximity Talent Finder, physician recruiters can zero in on the best candidates across the Doximity network, filtering digital CVs by past and present geographic ties, board certification, years in practice, current residents and fellows, and more. Physician recruiters can also create their own Doximity Talent Finder profile to market their organization’s brand, and collaborate across a team of recruiters and physician liaisons.
Doximity isn't a public job board or a database, it’s a network – a tool physicians are already using every day. Recruiters use Doximity Talent Finder for social recruiting. It's a way for them to identify physicians who could be a good fit, and offers options for custom personalized outreach that’s not invasive. You can discover and connect solely with relevant candidates – versus culling through broad social networks or CV databases.
Because Doximity Talent Finder is the platform that enables social physician recruiting on this massive network – the largest one in the country at nearly one million US-licensed physician members – it's changing the way physician recruitment is done, too.
Using Doximity Talent Finder, physician recruiters can:
- Identify Doximity member physicians using the most powerful search in healthcare
- Browse physician candidates in every specialty with over 30 unique career filters
- Promote your jobs with surgical precision using Doximity’s “best match” algorithms and professional network, and they're only available to verified U.S. physicians (no third parties)
- Contact candidates directly with DocMail, Doximity’s trusted messaging platform
- Promote your employer brand and more!
Doximity Talent Finder also works on mobile phones, letting physician recruiters work when on the go.
This is Part 4 of our Physician Recruitment ROI Series. Next up is To Measure Your True ROI, Consider Return on Impressions.
We also created a helpful tip sheet to keep key ROI terms and metrics at your fingertips: 11 Terms to Remember When Calculating Your Recruiting ROI. Simply click on the green button to download it now.