In today’s world, tracking business metrics is essential for leaders to understand where their organizations shine and where they need to improve. Monitoring these metrics on a consistent basis – and turning the results into real-life change – is what separates the good from the great. After all, metrics are of little value if you do not act on the results. A few weeks ago, we discussed the fundamentals of building a metrics dashboard. What better place to start tracking metrics than recruitment as it is the beginning of the employee life-cycle – and boy, are there lots to choose from! Here a few to consider:
Time-to-Fill is a standard metric that most, if not all, organizations want to track. This metric shows how quickly your recruiters are able to fill positions. The average time to fill can vary depending on industry, company size, and position – especially, if the position is specialized.
If you want to take Time-to-Fill a step further, consider tracking Time-in-Flow. This metric drills down into the steps of your process (e.g., application, prescreen, interview, offer, etc.) to see how efficient each stage of the process is (or is not). Here, you can easily find bottlenecks in the process and make quick changes resulting in a more efficient experience. Your ATS (Applicant Tracking System) should be able to break this data up for you.
First Year Quality of Hire
Hiring fast sounds great; however, efficiency is not the only thing you should be concerned about. Most often, quality of hire is more important in the long run. Unlike Time-to-Fill and Time-in-Flow, this metric takes time to assess (after the honeymoon phase is over!). Surveying managers about the quality of their hire at their 1 year mark is a great place to start. This can be as simple as one question such as “Would you hire this person again?” or a bit more involved – drilling down into any specifics of performance areas that you wish.
Candidate Net Promoter Score
Social media has changed how we communicate – allowing each one of us a voice where it might have otherwise gone unheard. You can easily incorporate this real-time feedback score into your hiring process with a Candidate Net Promoter Score metric. This metric is typically gathered during the hiring stage and can be as simple as “On a scale of 1-10, would you recommend this experience to a friend or colleague?” Having a stellar candidate experience in today’s job
market is critical. With unemployment at its lowest level in years, you want to make a great impression on your candidates (even those who do not end up getting the job). Reputations travel fast – make sure yours is a good one!
Whatever recruitment metrics you decide to track, make sure they are measurable and do not have too many. And the more you can automate the data gathering process, the better.
Need assistance determining what recruitment metrics to track? Contact us or give us a call at 703-587-5615. We work with our clients to help them uncover inefficiencies and make real change that has an impact. We’d love to do the same for you.