In 2019, the world was completely different. Then, it was a candidate market, and recruiters had to work hard to get the best talent. However, a year later, this global COVID pandemic has fundamentally changed the way we work.
Organizations are freezing hiring, firing employees, accelerating recruiting – some even do all three. In 2021, organizations need to be increasingly strategic, which requires a metrics-driven approach that will allow HR to achieve its goals while managing valuable resources. So let us take a step back and focus again on what is essential to measure success.
Hiring Source
Perhaps the rate that changed the most after Covid-19 is the source of employment. This is an essential metric for employers who attract new employees through many different recruitment channels. Your most influential sources in the past may not be the same as they are today as social media use has increased rapidly, and candidate behavior among your target audience may have changed.
The hiring source metric is used to track the performance of your sources, which may indicate which sources generate the most or the best employees. Typical sources that are measured include a job site, social media channels, external job boards, and career fairs – but do not forget to include referrals in your assessment. This will help allocate time and resources better.
Hiring Time
Hiring time refers to the time elapsed between the posting of a job posting and its fulfillment. After reviewing your recruiting strategies following major labor market disruptions during Covid, you can compare actual hours of employment with hours of work before significant disruptions. This will indicate that your response is adequate. While some positions are inherently more difficult to fill than others, this data point provides insight into how quickly your company screens candidates, how effectively you evaluate and interview candidates, and how you respond throughout the hiring process. All these contribute to a positive experience for the candidate.
Hiring time measurement can help you understand the actual cost of filling a position, as productivity and revenues can suffer the longer a position remains open. This measure can be a valuable indicator of an inefficient hiring process but may not indicate which part of the hiring process is ineffective.
Demographic Data
While it is not an indicator, it is nonetheless an important thing to consider when analyzing recruitment. Building a diverse, inclusive, and friendly workforce is more critical than ever. Therefore, you will likely need to define a target audience for each job with recruiting marketing. Moreover, while there is no single metric that can be used to measure success in this area, it is vital to set goals for your various hiring efforts and monitor your progress.
As the number of remote workers increases, the target audience may change. The standard in your area is not necessarily a global standard. In addition, recruiters may need to deduce which cities or countries most of their global candidates come from.
Candidate Conversion Rate
Research shows that in 2020, 4% of applicants from all industries were employed. This means that four people were employed for every 100 applications received. Worldwide, the situation has remained the same since last year, but depending on the industry, the problem is different.
This recruiting data presents an important story regarding the effectiveness of your job listings. As there are more applicants and applications on the market, you do not want to wade through more applications than necessary. On the other hand, a lower conversion rate may mean that the application process is too cumbersome.
Hiring quality
This recruiting measure indicates whether the person who has been nominated to fill the position is good or bad for your organization. Even though it is one of the most important metrics to get for many businesses, it is the most difficult to measure accurately. There is no one-size-fits-all measure of hiring quality, but standard methods include employee retention, hiring manager satisfaction, and performance appraisal.
To begin measuring the quality of employment, talk to leaders in your organization and hiring managers to identify what qualities make “good” employment. For example, low grades can indicate insufficient engagement, which can cost the company significant amounts of money.
Retention
While there is no guarantee that every long-term employee is happy and committed, this metric does provide a sense of employee satisfaction over time. Unfortunately, due to the urgent need to accelerate recruitment to key roles, retention sometimes takes up the backseat to handle the fill rate. The consequences are usually felt in the future in terms of turnover and higher costs.
Your retention rate is simply the percentage of employees that stay on staff for a certain period of time, and the reverse calculation provides your turnover rate. Use predictive analytics to set clear goals for retaining new employees, and vice versa, filter out candidates with a higher risk of turnover.
Candidate Experience
Talent acquisition does not end with an accepted job offer. 20% of cancellations occur within the first 45 days, meaning you will start your talent search again. Using a recruitment metrics template to quantify a candidate’s experience will give you the insight needed to optimize specific areas of the recruiting process – from the first application and first interviews to assessments, digital communication, and more.
A practical, end-to-end onboarding process can help new hires succeed, make them feel welcome, and ensure they have received the appropriate training for their job. To gather clean, credible data for this variety’s recruiting analytical metrics, you can also adjust this metric and ask candidates to rate their overall experience from one to ten by asking for detailed feedback. An excellent cloud-based Applicant Tracking System can help you measure a candidate’s experience, including metrics like time to start, completion rate, and more.
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