Most training and development specialists develop a keen eye for talent and create strategic ways to fit the right person in the right position. Recruitment is a team effort that requires insight and technical know-how. Luckily there are metrics that can measure how you are utilizing your skills to attract and retain top talent.
This article, written by Adrian Cernat, the CEO of a recruitment strategy firm, offers the top five metrics for measuring the effectiveness of your recruiting efforts. This learning path explores three of the five selected hiring metrics listed in the article offering additional resources and activities to further your recruiting success.
In order to measure recruiting success, you should observe and measure everything from your job post, where it was listed, the quality of applicants, and their match to the position once hired. As the saying goes "We can't improve what we don't measure." It is critical to the development of your talent pool that you have a system that not only finds top talent, but also continuously improves its processes.
The activities below detail various methods and benefits to measure your recruiting efforts, along with suggestions for improvement.
Measuring Recruiting Success
Hiring Manager satisfaction scores can reveal several things. They can highlight factors that directly affect everything from your applicant pool to the speed in which you fill the vacancy. You have to be able to assess the needs of the position, accurately reflect the position, and then assess how the applicant can be best supported, training-wise, once they are hired. Your Hiring Manager satisfaction score can assist with all aspects of this process. The activities below detail exactly how this score is calcualted, what it informs, and how it impacts your overall business goals.
"The applicant-to-hire ratio is a useful hiring metric because it helps to shape the employer’s expectation of how intensive the hiring process will be. If a company wants to hire two sales representatives, and 100 applicants apply for these positions, then the applicant-to-hire ratio would be 100 to 2, or 50 to 1. In other words, for every 50 applicants, the job receives, 1 individual, will be hired." This metric helps you understand what you're up against during the hiring process and it also validates your process to accurately present the correct job posting to the proper pool of applicants. Since the goal is to find and retain top talent amongst your most qualified applicants, it is important to observe the labor market in your region and the needs of your organization in order to ensure your hiring needs are seen by your ideal applicant.
The Offer Acceptance Rate (OAR) offers interesting insights into the effectiveness of your recruiting efforts. By calculating the percentage of candidates that accepted your job offer, you can see how attractive and competitive your job offers are and how your organization is being perceived by top talent. The goal is to find that special point where the applicant's needs and your organization's needs are both fulfilled.
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