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Here are today’s HR and workplace news headlines from Workology Go Podcast. I’m Jessica Miller-Merrell. The Workology Go Podcast is sponsored by Workology.
Ep 42 – Metrics That Matter in Recruiting & Hiring
Due to the available data, information and resources we have now at our fingertips as talent leaders, recruiting is less of a feeling and more of a science behind hiring. The expectation from our hiring managers and business leaders is that there is a ratio, number or metric that helps to predict our success in hiring and recruitment.
But what metrics are the most important in recruiting? It is time to fill, cost to fill, source of hire, quality of hire, or some other metric? Is there a metric that predicts the most success than others in terms of hiring success and efficiency?
There are so many articles and resources on how to improve your processes and hiring, yet so many of them don’t go into understanding the current recruiting process. These are important before you start tweaking and changing your hiring strategy.
Today’s featured article comes from Talroo and is titled, “5 Important Metrics Must You Measure When Recruiting High Volume.”
I wrote this article for Talroo after I received a number of questions from recruiting leaders on how and why they should measure their recruiting efforts. In my recruiting background, I’ve worked in all types of recruiting environments and the metrics are the most important in taking a big-picture view to understand where opportunities lie. In this featured article I talk about high volume hiring, but I wondered what about other areas like healthcare. Jason Hopkins shares about recruiting metrics in other industries like healthcare and positions that aren’t high volume.
Well, some of the traditional ones are still valid. You know, here we measure time to find. So when we present our first qualified candidate to a hiring manager, we do time to fill. So that’s for us. That’s defined as when someone says yes and we start background check healthcare. Background checks are much more intense than my experience in tech. So we also do a time to hire. So that process, the background process, then we do time to start, which is ultimately what our leaders care about is button seats open when a lack of position opens all the way to those time to fill time to find all that together. It’s time to start. When are they actually showing up? But also in there? We measure quality because anytime I say time to find people go, oh, well, someone’s just going to send someone so that they can get that. No. We measure how many people we send. What’s the conversion rate for the folks that we send to how many people get hired. And that’s very, very important for us so that we can be efficient. And so some of the basic things that are there that have always been there. But we’re also looking at, again, from the marketing component, we’re measuring our source of hire very closely. When you think of the average third party vendor, they have a quote unquote, brand component where you put out information about who you are, likes the shares, you know, the comments. But then there’s always either a database or job posting or whatever it is. And so when we’re making investments as a company, we need to know where is our source of hire and what value. Any third party vendor is creating for us, whether it’s on the higher side or they just purely for getting the word out and the jaw and adjusting our investments accordingly. So again, it’s more than just measuring the ultimate end, I guess, or our ultimate goal or production or bringing someone in. But it’s measuring everything up through the funnel to make sure that we’re using all of our investments efficiently.
It’s measuring those investments you’ve made when building candidate funnels that is most important whether you are engaging candidates using job boards, career fairs, sourcing, or social media. I think most of us do a combination of all these things which is why it’s not just the metrics we mentioned above that matter but the candidate journey they go on from the moment they begin to express interest to the point that they are hired by source or campaign that I think add the most value. This allows us to really understand the unique journey and measure the results of those efforts that can make the best use of our recruiting investment dollars and budgets.
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