"If you can't measure it, you can't manage it", so said the 'father of management thinking' Peter Drucker. Any organisation that is serious about managing and improving its hiring strategy should be using recruitment metrics to inform their talent acquisition and selection strategy. You can use Metrics and Key Performance Indicators to provide a full insight into all aspects of your recruitment process in the quest for hiring perfection, support a team's credibility and add weight to broader business discussions.
Recruitment is more data-driven than ever before, with ever-increasing amounts of information gathered throughout the recruitment process. Recruitment metrics are simply the calculations used to turn this evidence into meaningful insights.
Where to start
Recruitment teams have changing priorities, so a good starting point is to review what you currently measure and what you do with the information. The volume of data and metrics available to us to report on continues to increase, and there is a danger to keep adding to the list. More data doesn't always equate to more actionable insights. Especially when the start and endpoints of measurement can vary greatly!
The best candidate sourcing results are by those recruitment teams who actively monitor & measure their sourcing channels….However, only around a third of recruitment teams consistently measure and monitor their performance. Source: UK Candidate Attraction Report 2019-20
Work smarter, not harder
Who needs to see which recruitment stats and do they digest it? Spending hours producing report packs that then sits on someone's desk or inbox for weeks before it gets reviewed will not give an accurate reflection of your recruitment performance. Best practice recruitment analytics should be self-serve with users able to create reports easily and measure KPI's in real-time and share them with their colleagues.
Only 21% of HR leaders believe their organisations are effective at using talent data to inform business decisions. Gartner 2019
Everything you need to plan, measure, monitor and improve your recruiting
The Recruitment Metrics Cookbook is stuffed full of 'recipes' that will have you cooking up a storm. Starting with metric definitions to be consistent, the start and endpoints, as well as the eight standard 'Time To' metrics to help give you a well-rounded overview of your time-based recruitment KPI's.
Measure the performance of your recruitment advertisement and candidate sourcing channels to see which sources are performing and which are failing to make the grade.
Ways to measure the efficiency of your hiring process, to help you spot bottlenecks that need removing.
Metrics that can be used as part of your Diversity & Inclusion programme to aid your hiring.
Ways that you can communicate your hiring successes to your leadership & executives.