As you may have noticed the Social Recruitment Monitor is ranked by the SRM Index. In this first blogpost we would like to take the opportunity to explain why we chose to rank organizations by this new metric and how it is measured.
We’ve noticed that many organizations and platforms still measure the performance of employers using social media for recruitment by the amount of ‘likes’ on Facebook or the amount of ‘followers’ on Twitter. Often, these measurements lack in the understanding of engagement and interaction. However, we took a different approach while developing the Social Recruitment Monitor with the SRM Index, in order to help employers measure the engagement and reach of their social media recruiting efforts. As we believe an organization’s performance cannot be measured solely through the amount of fans, we developed an algorithm based on carefully weighted variables, which focuses more on engagement and interaction with the fans rather than size of a fanbase.
How is the SRM Index calculated?
The Social Recruitment Monitor provides an up-to-date analysis of likes, followers, comments, retweets, Engagement Ratios and Community Interactions, including a cumulative analysis of all this data resulting in the weekly SRM Index score. With the SRM Index you can evaluate your organization’s performance, and objectively compare it with national and even global competitors.
The developed algorithm behind the SRM Index, to measure the performance of recruiting via social media of any given organization, is based on popularity, activity and interaction, in which activity and interaction prevail over popularity.
- Popularity: Within this parameter we measure how popular you are as an employer as measured by the number of people who “like”/follow/view (or are fans of) your social recruitment activities.
- Activity: Within this parameter we measure how active you are as an employer in terms of how frequently you share textual and/or image-based content.
- Interaction: Within this parameter we measure how ‘social’ you are as an employer in interacting with your fans or followers and in encouraging them to interact with each other as part of a social media community. It consists out of two different variables: Engagement Ratio and Community Interaction.
Why should you use the SRM Index?
The SRM index provides you a useful performance metric because it takes various social metrics into account (not just fanbase). Also, it allows you to use the first-ever benchmark that gives you the opportunity to compare social recruitment efforts of national and global organizations. The monitor gives you unique insights and a clear overview of the weekly efforts made by other employers. Track, compare and analyze the weekly social recruitment performance yourself on www.socialrecruitmentmonitor.com or visit www.socialrecruitmentmonitor.com/about-the-srm-index/ for more information about the calculation of the SRM index.