Are you overwhelmed by data? Too much of anything can be detrimental to your recruiting process. Metrics measurement and data analysis are now the norm in talent acquisition — for sound reasons. Recruiting teams can gain greater insight into their investment of time and money on recruiting roles, as well as how successfully they source ideal candidates, simply by utilizing tracking metrics.
Nowadays, the vast amount of data points you could be calculating may actually hinder your progress on more important projects. Even worse, if you aren’t careful in selecting which metrics to share with senior management, they might receive unnecessary information that does not further their business objectives.
So, how can you ensure that the metrics you track are pertinent to your organization’s frequently changing goals? Consider whether a metric has potential actionable outcomes and if it offers the opportunity for improvement in regards to recruitment. If so, then it is likely an effective measurement of success. Here are some of my favorite metrics.
Assessing candidate satisfaction is a great way to understand how successful your hiring process truly is. To gauge their opinion of the experience, employers often seek feedback from candidates through surveys. Key questions you should ask include: Did we offer an accurate description of the role? Was communication efficient and effective? Did any issues arise during the recruitment period – if so, what were they? Gathering this kind of insight can be invaluable in further optimizing your company’s recruiting efforts for future applicants.
Why is it valuable?
It’s clear that the candidate experience is becoming a key priority for talent acquisition leaders. As an example, recruiters at A.P Moller-Maersk are learning how to interact with candidates in order to offer a transparent and authentic representation of their company culture. Similarly, Selfridges has added more personal interactions so applicants feel appreciated – it’s all about the human touch!
Employers must pay more attention than ever to their reputation, as the growth of employer review sites and social media have made it easy for job seekers to share negative experiences. Studies reveal that when a candidate has had an unpleasant experience with a company they will not only leave but also broadcast this information widely. By keeping tabs on candidate satisfaction you can identify any issues quickly and make the necessary changes in order to turn them around.
Cost per hire
To calculate the cost of new hires for your organization, simply add up all related expenses from a given period and divide that sum by the total number of recruitments during said time frame. These expenditures may include salaries paid to recruiting team members, fees charged by staffing companies and advertising costs.
Cost per hire became less important in recent years amid a fierce battle for talent. As the economic climate continues to evolve, cost per hire has become a necessary metric once more. The price can be quite substantial – as high as $4,700 according to SHRM – so recruiting leaders must show they are taking all necessary measures to keep expenses at bay.
The initial step to reducing cost-per-hire is assessing your expenses with the help of American National Standards Institute’s [ANSI] metric for ascertaining cost per hire. It’s a wise decision to identify where you are investing substantially and explore ways that won’t affect performance while cutting back costs. Take this opportunity, as well, to develop your talent pipeline if hiring has been slowed down currently; use it judiciously in order to build connections with prospective candidates. Making acquaintances broadens your network immensely and minimizes expenditure on finding applicants when recruitment begins again!
If you wish to evaluate your recruitment and selection process’ efficacy in terms of diversity, Candidate Diversity Metrics can provide valuable insight. This assessment takes into account the breadth of potential job applicants from underrepresented groups, as well as their respective sources, taking a multi-faceted approach which includes analyzing the pool via various metrics such as those pertaining to who is hired for a given role.
As a growing number of employers come to recognize it, diversity in hiring is not only the right thing to do but also presents significant benefits for their business. Studies have shown that companies with varied workforces tend to outperform those without; on top of this, job seekers will often take into account an employer’s commitment to workforce diversification when considering employment opportunities.
To advance diversity and inclusion, it is essential to track its metrics. As Joan C. Williams and Jamie Dolkas stated in the Harvard Business Review, employers need a “metrics-based approach” that can reveal issues, establish benchmarks, and evaluate progress for it to be successful.
It is important for employers to understand that the success of diversity and inclusion initiatives depends on the engagement of their employees, who should feel empowered to provide feedback. Employers need to create an environment where all employees are treated with respect and can feel safe expressing their opinions and ideas. Tools such as anonymous surveys, focus groups, or even team activities can help employers assess how well their initiatives are being received and implemented.
Hiring manager experience
To measure the success of your sourcing and vetting services, consider implementing a hiring manager satisfaction metric. This will help you gain insight into how satisfied managers are with all that you do! Keep in mind, this is an entirely subjective assessment based on surveys–not numerical figures or metrics.
Your survey will include questions for hiring managers to rate you on your comprehension of the job prerequisites, the caliber of potential employees presented, and how rapidly and effectively you responded. I also like to provide as many qualitative data points as quantitative. The qualitative data helps me better understand the scores and will often help recruiting leaders devise success strategies to improve critical points in the hiring process.
Nurturing strong connections with hiring managers is indispensable; the collaboration between recruiters and hiring managers has been described as the most significant factor in talent acquisition success. The top-notch recruiters, claims Josh Bersin – Global Industry Analyst and Founder of The Josh Bersin Company – “establish solid relationships with their respective Hiring Managers while being completely aware of the requirements for which they are recruiting.”
For recruiting leaders who want to be seen as trusted allies and strategic advisors, developing a strong collaboration with hiring managers is essential. Rather than simply following orders from the higher-ups, you should demonstrate that you understand their business objectives and aid in selecting strategies for staffing decisions. It’s also a great way to let your primary client know you’re listening and iterating the process to better meet their needs.
Measuring the performance of your recruitment team is critical for success. Recruiting metrics provide insight into how well your team is performing, enabling you to identify areas of opportunity and make changes that could result in a more effective recruitment process. Tracking these metrics allows you to optimize processes and maximize the value of your recruiting efforts, improving quality of hire, reducing time spent on recruitment activities, developing better strategies for sourcing candidates, and ultimately creating a competitive advantage in the talent landscape.