Standard recruiting metrics such as turnover rate, time to hire, and cost to hire have their place in recruiting and hiring analysis, but their value lies more in benchmarking than in meaningful measures of recruiting effectiveness. They don’t reflect current recruiting needs and only provide an estimate for future recruiting needs.
They don’t even analyze the real costs of recruiting, such as the costs of hiring the wrong person or the revenue lost from a long-vacant revenue-producing position. Some managers are skeptical about the value of basic metrics like these.
So how is a busy recruiter or hiring manager supposed to measure recruiting activity to report on effectiveness and opportunities for improvement? Try some meaningful metrics that change your recruiting analysis from rote routine into strategic planning that gives your company a competitive edge.
Delivering true value in the measurement of the recruiting and hiring process means going beyond mere numbers-hired and cost-to-hire. Recruiters must be able to use metrics that demonstrate how different aspects of the hiring process impact the business.
Create Business Impact Metrics
Create metrics that illustrate the impact of recruiting on the business and that are valuable tools for employers and recruiters alike to plan and focus recruiting activities. Find out what’s important to your company’s core business and develop metrics to measure recruiting impact on the things that matter, such as:
Use Predictive Metrics
Look at predictive metrics including forecasted unemployment rates, recruiting competition from competitors’ hiring or layoffs, and forecasted labor costs to better adjust and plan recruiting strategy.
Use Tactical Metrics
Tactical recruiting metrics look at specific areas of recruiting and the strengths and weaknesses in them.
Use Real-Time Recruiting Metrics
Create metrics that measure real-time recruiting impact.
Backward-looking or historical metrics like turnover, cost-per-hire, and time-to-hire metrics are lacking forward-looking impact. They should be your baseline recruiting history, but strategic recruiting metrics give you real control over effective and proactive recruiting activities.
Andrew Greenberg is the founder and managing partner of Contract Recruiter, a leader in On-Demand recruitment solutions.
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