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October 9, 2020
How To Track True ROI of Your Recruiting Efforts With WayUp
Brian Mayer

At the core of our work, we help our clients to understand and improve the return on investment (ROI) of their early-career hiring efforts. This is a multi-faceted process that involves our industry-leading analytics suite and perhaps our most important tool: our Hire Reconciliation product.

Put simply, our Hire Reconciliation product, which is only available to WayUp customers, allows recruiters to fully understand how effective their recruiting efforts are in driving results and achieving their hiring goals. 

Why do we do this?

For years, even the most experienced marketing teams have recognized and grappled with the challenges of “last-touch attribution.” Instead, these teams are always looking for newer and better tools to move towards “multi-touch attribution.” In an e-commerce context...

  • Last-touch attribution is when you attribute any particular purchase to the last source that your customer visited from.  
  • Multi-touch attribution is when you divide up credit across every source the customer touched before eventually making the purchase, proportionally across how much impact each source had.

Why is this important? Imagine you’re selling shoes, and a new customer viewed and clicked on your Facebook ad 15 times. They saw your ad one last time on Google, and then clicked it and purchased. With last-touch attribution, it would seem like Google did all the work. However, in reality, Facebook was the more important factor in the purchasing decision. Moreover, both market and academic research have repeatedly shown that most customers need to view ads multiple times before taking action — so every view truly does count. 

Connecting the dots, this line of thought around multi-touch attribution applies to attract candidates to your jobs. Sadly, we’ve found that even the most well-funded and marketing-savvy TA teams haven’t considered how much this framework applies to their hiring efforts. To help close that gap, we built the only TA-specific, multi-touch attribution model on the market. This product, which is available to all WayUp customers, takes into account all of the unique circumstances related to hiring. The best part? Clients receive their offer and hire results without sharing any personal candidate data.

This is how it works: 

  • The WayUp Customer Success Manager works closely with the recruiter to get a full report of candidate activity from the client’s applicant tracking system (ATS). To ensure maximum privacy, this data is provided without exposing candidates’ personal information such as email addresses and phone numbers. Even better? No technical work is required on the recruiter’s part.
  • Using our own proprietary technology, we match the list of WayUp candidates to the ATS report provided by the client. To guarantee the best possible match and ensure the most accurate data, we take nearly every detail into account, including name, school, and application date.  
  • We provide a detailed report and analysis that highlight WayUp’s contribution to your hiring funnel. This can include: 
  1. How your candidates interacted with your employer branding content on WayUp before applying 
  2. How your key performance indicators (KPIs) for diversity hiring were impacted by WayUp’s Automated Concierge Sourcing and candidate engagement campaigns
  3. Which hires were sourced and/or influenced by WayUp 
  4. In-depth, end-to-end analytics, KPI influence, and more across all of your TA and sourcing vendors. In many cases, we can help validate sourcing tools’ claims, especially in regards to diversity
  5. And so much more! 

What you will discover

One of the most common things recruiters can learn when completing a Hire Reconciliation is how complex the candidate relationship is with their company. For example, a typical candidate will find out about your company on WayUp and Google it to learn more. Then, they’ll click back through to WayUp and watch videos to learn more about your company and culture. They’ll start to apply, but, if they’re on their phone, they may decide to wait until they’re on their laptop to apply directly through your company’s website.  

In this situation, when the applicant comes through your ATS, it will register that it came from your company website because that was the “last touch” before applying. The problem is that your website wasn’t the actual candidate source. Further, if you’re interested in learning more about what’s driving the most qualified and diverse talent to apply to your job posting, you must first understand where the candidate first discovered your company — and what touchpoints helped them convert into an applicant. That way, you can easily replicate this success, thus increasing brand awareness and, ultimately, helping you achieve your hiring goals. 

For this reason, we provide a full picture of how your candidates interacted with your brand both on and off our platform using a multi-touch attribution model that takes into account every way that candidates could find out about and apply to our client’s jobs. The typical candidate journey usually includes many interactions on WayUp, even though that information isn’t listed in your ATS due to the limited tracking ability of these systems.  

How can you get a Hire Reconciliation? 

Getting a Hire Reconciliation with WayUp is easy: All you need to do is reach out to your Customer Success Manager! 

Alternatively, if you aren’t already a WayUp customer and you're interested in learning more about how we can support you in achieving your diversity hiring goals, provide insights across your recruiting funnel, and help you understand your ROI, reach out to engage@wayup.com or fill out the form below to receive your own personalized (and free!) demo. 

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