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Metrics can be used to transform turning numbers in to business strategy, by informing the decisions you make. In direct recruitment, it’s about using these numbers to source the best talent.
If you’re struggling to find candidates with the skills that you need, it may be time to focus on key metrics to assess the hiring process, and find out where there is room for improvement.
Paying attention to these numbers can make a huge difference in what can be a tough recruiting process. So, Webrecruit looks at what embracing this reporting can do for your business, and how it can help you to source better talent.
Focus on Number of Applications Received
How many applications are you receiving per job vacancy? Does this figure need to increase? If you aren’t getting enough applications through, you’ll need to take a look at your recruitment strategy.
However, if you are receiving all the wrong candidate applications, this also indicates further room for development. If this is the case, look at where the flaws may be, for example the job description.
Think about quantity vs. quality. More applications don’t necessarily mean better applicants coming through.
Reduce High Turnover Costs
If you’re hiring the right people with the right skills, the less likely it is that you will have to continue to invest in finding new employees.
This is where the use of metrics reporting steps in, to help you to improve your HR business processes through retaining better talent.
Figuring out what your spend is on hiring individuals enables you to discover if you are using enough resources, or should be investing more. This cost-per-hire metric therefore helps to indicate the most cost-effective methods for your hiring process.
This can be done by individual hiring managers, by looking at previous employees hired. Ask yourself, which source is giving you talent that stays longer?
Discover the Sources of Top Talent
Using recruitment analytics such as ‘application by source’ allows you to identify where good candidates are coming from, and where the best resourcing channels lie.
It’s important here to track and measure each of your talent pools, from social media to job boards. Once you know which of these sources are most effective, you can adapt your spending accordingly.
Reduce the Time of Your Hiring Process
If it’s taking you a long time to find your next best candidate, it’s worth focusing on your time-to-hire.
Successful implementation of the key findings from this metric means you hire quality candidates, and quickly. Remember to consider the amount of steps within your hiring process, and seek to identify if you are spending too much time on acquiring candidates.
Time-to-hire also allows you to plan ahead, by helping you to understand the time periods for your average recruitment campaigns.
Make Candidate Quality the Centre of Attention
Quality-to-hire measures that all important impact of hiring an individual. This formula requires internal benchmarks, and will vary depending on your organisation, but will allow you to assess a new employee’s performance.
This can be monitored over the first six months of the new employee starting, and HR will then be able to assess if that individual can perform at the expected level.
Conclusion
Tracking your hiring progress and setting baselines for the above metrics is crucial when looking for your next employee. The aim is clear in that you need the best people, but it’s all about using your reporting effectively.
Look to set a standard for the business in terms of where you would like to be for each metric. Then, seek to track all key metrics in order to monitor the effectiveness of each campaign.
Want to learn more? Check out some of Webrecruit’s top resources:
6 Recruitment Metrics you Need to be Using
Recruitment Software Terminology Explained
4 Simple Measures to Take to Future Proof your Recruitment
5 Ways That Reporting Can Transform Your Hiring Process
4 Recruitment Reports Every SME Needs to Know
