“If you can’t measure it, you can’t manage it”, so said the ‘father of management thinking’ Peter Drucker.
Any organisation that is serious about managing and improving its hiring strategy should be using recruitment metrics to inform their talent acquisition and selection strategy. Metrics and Key Performance Indicators can be used to support a team’s credibility and add weight to broader business discussions. In this insight, we look at where to start with analytics and ideas for where to improve.
Why should I use recruitment metrics?
Recruitment is more data-driven than ever before, with ever-increasing amounts of being gathered throughout the recruitment process. Recruitment metrics are simply the calculations used to turn this evidence into meaningful insights.
Where to start…
Recruitment teams have changing priorities, so a good starting point is to review what you currently measure and what you do with the information. The volume of data and metrics available to us to report on continues to increase, and there is a danger to keep adding to the list. More data doesn’t always equate to more actionable insights.
Work smarter, not harder
Who needs to see which recruitment stats and how are they viewing it? Spending hours producing report packs and masses of data that then sits on someone’s desk or inbox for two weeks before it gets reviewed is not giving an accurate and true reflection of your recruitment performance. Best practice recruitment analytics should be self-serve with users able to run their own reports and measure KPI’s in real-time, and share them with their colleagues.
Only 21% of HR leaders believe their organisations are effective at using talent data to inform business decisions. Gartner 2019
Defining recruitment metrics
In defining your measures of success think about the different aspects of your recruitment strategy - cost metrics, efficiency metrics, speed metrics, quality metrics. Can you report on:
Your hiring challenges
Time to hire
Quality of hire
Cost per hire
Most effective sourcing channels
Interview to offer ratio
Internal v External hires
Unless your recruitment and hiring goals are measurable insights that you review continuously, they are unlikely to support achieving your recruitment goals. If created correctly, your analytics will eliminate guesswork and promote collaboration with key stakeholders by sharing information for better business decision. Start by checking your data credible and available to those who require it.
Download your free dashboards datasheet for in-house recruiting here or click the button below.
Read how Marston’s used recruitment data to demonstrate an accurate picture of what is happening with recruitment across the PLC and can respond to changing business needs and provide detailed analysis in real-time.