In the business world, anecdotal evidence of recruiting success is rarely enough. You often need solid data to determine whether your efforts are yielding sufficient results, given the amount of energy and resources needed to find great talent.
Certain metrics are ideal for measuring recruiting success, allowing you to ascertain which approaches are most cost-effective based on the achieved results. Wondering which KPIs you should be monitoring? Here are four of the most crucial:
It is hard to call a recruitment effort a success if the new hire’s manager or supervisor isn’t satisfied with their performance or capabilities. If they’re not happy, it suggests there is a disconnect somewhere in the hiring process, resulting in a less than ideal candidate being chosen.
While a person’s level of satisfaction can be somewhat challenging to gauge, providing them with feedback mechanisms, such as surveys, can be an excellent start. This will give you a better idea of whether your recruitment efforts are bringing in the right type of professionals, or if something needs to change to locate those higher quality candidates.
Recruiting always costs money. Whether it is the price you pay to place an ad, the salary of the person managing the recruiting process, the price for tests, or any other investment made along the way, these combined reflect your total cost of hiring.
Typically, you want this number to be as low as possible while still producing the desired result.
Time to Hire
The number of days between first releasing a new position and the day the person officially starts on payroll is considered your “days to hire.” Usually, you want the period to be a short as possible while still resulting in a quality hire.
Often, upper level or niche positions will have higher days to hire metrics than entry-level roles, based on the smaller talent pool. However, you still want to monitor this metric continuously, as an upward shifting number suggests your recruiting approach may not be as effective as it once was and that changes may be necessary – as well as managing expectations!
Days to Accept
This is similar to days to hire, but reflects the period from when the position is first advertised to when a candidate says they’ll take the job.
Why track these separately? Because this removes the delay associated with a candidate providing two weeks’ notice to a previous employer, coordinating their relocation, and other factors that can skew the days to hire metric.
Both of these metrics are valuable in their own right, so one shouldn’t be abandoned if you want to see the entire picture.
If you are interested in learning more about these metrics or want to see how working with a reputable recruitment process outsourcing partner can improve your recruiting success, the professionals at Solving IT can help. Contact us to speak with one of our skilled team members today and see how our RPO services can benefit you.