As a HR Manager or talent leader, your role is constantly evolving. Not only are you expected to multitask, establish processes, lead your team and communicate throughout all levels in your organisation, you also need to recruit the best people. Additionally, depending on how your industry and organisation has been impacted this year, you may have limited budget or resources to recruit effectively.
Being able to make data-driven decisions through recruitment metrics ensures you’re spending your valuable time and resources in the right places.
Choose recruitment metrics aligned with your organisation’s strategic goals and assess how new recruitment metrics can be better suited for this purpose.
Here are three new recruitment metrics you should consider tracking in 2021 and beyond.
According to Smart Recruiters, velocity of hire is fast replacing time to hire as a metric of choice. While time to hire is easily trackable and provides a useful general overview of your hiring process, it can encourage teams to speed up hiring without considering the nuances and resources it takes to hire certain roles. Don’t assess your recruitment speed in isolation by relying solely on time to hire.
Velocity of hire, on the other hand, measures the percentage of roles filled on time. If hiring is a strategic priority for the success and growth of your organisation, this metric helps you understand whether or not you can hire the right people when you need them. (If your capacity to fill critical roles is sitting below 50%, you’ll have your work cut out for you!)
Velocity of hire gives you and your executive team the ability to accurately plan and forecast to meet growth targets. Also, tying your team’s function to your organisation’s goals allows you to shape your long-term strategy and cement your position as a strategic leader.
Do you know how many applicants you need to make a hire? PageUp recommends knowing your applicant-to-hire ratio means you won’t need to advertise roles longer than necessary, or close them prematurely. You also won’t get stuck managing more applications than necessary or be limited in your ability to find the right person for the role.
Measure your applicant-to-hire ratio as a percentage. PageUp research suggests, as a general guideline, at least 25 applications are needed to make one successful hire (an applicant-to-hire ratio of 4%.) Note, however, this differs between industries.
How much does your organisation’s metrics differ to this benchmark? If your organisation’s ratio is significantly lower than this, you’ll need to do more work optimising your employer brand, sourcing channels, job ads and/or screening processes.
In an employer-driven market with many candidates looking for opportunities, some organisations may mistakenly believe posting ads on generalist job boards is enough. While this may get roles filled, it isn’t necessarily the best strategy to secure top talent.
Even in the current market, organisations are still competing for top talent. So where are the best places to reach them?
To ensure you’re getting your opportunities in front of the right people, assess how effective each of your sourcing channels are. First, assess the number of applications you receive per channel. Next, identify the channels which resulted in successful hires.
For example, you may discover you’re receiving the majority of applications through a particular job board; however, the majority of your successful hires come through your careers site, or employee referrals.
When used well, recruitment metrics help you evaluate your processes and ensure you’re bringing critical talent into your organisation, when you need it. As your role continues to evolve, we recommend tracking these more sophisticated recruitment metrics to gain richer data and inform your strategic decision making.
If you’re looking to improve your candidate screening process, get in touch with us at Alcami Interactive to request a personalised demo.