How to Measure Recruiting Performance.
Metrics that measure the success of a hiring process are important in gauging the effectiveness and efficiency of a company’s recruitment process.
However, for many corporates, understanding the performance of a hiring process and indicators of the same is a big challenge.
This is because most of these companies hire just for efficiency and to minimize hiring costs, which usually does not leads to quality hiring.
So, how then do you measure the performance of a recruitment process and what are the KPIs for the same?
- Time taken to fill the position
This is an important hiring and talent acquisition process KPI. It focuses on the efficiency of aspects such as the number of, and time taken during applications, job posting and advertisement, CVs and Resumes review, candidates screening, shortlisting and interviews.
The longer the time taken, the more likely it is that there are problems in your company’s hiring process, which can impact productivity and hiring quality.
In that case, you can engage the services of external HR consultancy and recruitment firms that can help you fill your vacancies faster thus more efficiency, success and higher performance of the hiring process.
- Quality of hire.
This metric reveals alot about the success and performance of a company’s hiring process. This is influenced by the hired candidates’ job performance, how well they fit into teams, employee retention and engagement.
This performance indicator can help a hiring company increase performance and know where to source for the best candidates, whether from Recruitment firms or otherwise.
- Measuring prehire quality. Employers can focus on specific sources of hiring problems stemming from the pre-recruitment process, before they impact quality of hire.
- Measuring post-hire quality. Figure out when the hired employees become fully productive, how they ranks among peers, and whether or not they are a cultural fit.
- Cost and efficiency of the recruitment platforms and processes used.
Determine if candidates came from online recruitment platforms, university graduates, online job boards, or social media sources like LinkedIn. Then optimize that platform to increase performance and efficiency of your hiring process. Recruitment platforms and social media channels like LinkedIn have metrics and insights for such KPIs.
- Candidate satisfaction
This can be achieved through post-hire follow up and advisory e.g. through surveys and seeking feedback on the hiring process through employee engagement post-hiring.
This leaves a lasting impression on candidates and makes them more likely to want to accept an offer. It may even encourage them to apply to another open position if they do not receive an offer then.
- Your satisfaction as the hiring company/manager/department/platform
Just as it is important to measure how satisfied your candidates are with the hiring process, you’ll want to measure how happy you are with the employees you’ve hired.
When hiring managers are not satisfied with the new hires, it could indicate that your selection criteria aren’t relevant to the roles.
You can measure your satisfaction as the hirer with a survey or a short interview.
Quality hiring means using technology and other efficient platforms and hiring processes, to streamline talent assessment and matching of the right skills to the right jobs for hiring corporates.
It essentially entails focusing on the quality of hiring KPIs, and tracking the return on investment of the hiring process.
In order to get an indication of how successful your hiring process is overall, scale the above key performance indicators, average the scores of all hires and include the turnover rate.
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