There are many factors in play when it comes to hiring and retaining employees. Talent acquisition involves effective marketing strategies, long-term goals, and proactive searching. Recruitment metrics are essential to optimizing your hiring process because you need to understand what works and why. It’s the key to getting the right employees into your business.
There are certain metrics that you should be looking at. With how many things can be tracked, it can be difficult to know which to focus on. Some of them are more valuable than others. Here is some helpful information to get you going in the right direction.
Why You Need To Track Metrics
Here are some great reasons for tracking your talent acquisition metrics:
Constantly adapting and figuring out what works is crucial for bringing in and retaining the best people to help your business grow and succeed.
Monitoring the success of your talent acquisition initiatives helps you keep tabs on the market. When you adjust your talent acquisition process, you need to understand the job market. Changes happen all the time and it is important to keep up.
The market is always evolving, and you need to continually monitor how candidates search, what gets them engaged in the application process, and most importantly, why they do or don’t take the job.
Using the Right Types of Reports
Seek out the right kinds of reports that will make your job easier. To find the right people for your business, you need to know where to look. You may find them in a variety of places, including job boards, referrals, social media sites, and other networking outlets.
Tracking your applicant sources is a Key Performance Indicator (KPI). Not only will it tell you where your candidates are coming from, the real insight is determining which sources are attracting the most qualified candidates. You need a report that will break down the number of applicants who come through each channel and the results of those applications.
This kind of information will help you plan and budget for future recruiting. You can maximize the most effective channels and get rid of the ones that aren’t working. Focusing on the ones that bring the best candidates will allow you to use your time, money, and energy more efficiently.
Overall Qualified Candidate Rate
Do you currently track how qualified your candidates are? You need to know which of your job posts are doing well and the caliber of candidate they attract .
Just looking at the total number of candidates will not tell you much. Instead, look at the number of candidates who made it past the initial screening. If you end up with a low number of qualified candidates, you need to take a closer look at your postings.
One issue could be that the job description itself is not written well. You may need to adjust it to make sure it clearly outlines the skills needed for the job. The problem could also be that your job posting is being advertised through the wrong channels or the way it is advertised is attracting the wrong candidates.
Consider the people you’re trying to attract and where they are looking for job listings. Be sure your description is clear on the role of the job and what’s expected.
Your Onboarding Process Length
Be aware of the time it takes from placing an ad to when a suitable candidate is confirmed.
If you want a more in-depth understanding than the number of days it takes, there are additional timelines that you can consider. You could track the time between the first contact and hire, the time until the candidate starts, the average time to hire, or the length of time the process takes.
These metrics are helpful in determining where your hiring process slows. Moving quickly through the hiring process is a benefit for both the candidate and the employer. So once you identify the sluggish stages, you can review and brainstorm ways to make them smoother to get through. This will save on administrative costs and help to avoid losing candidates.
A large part of talent acquisition is retraining your employees. You worked hard to get them in the door and it is important to keep them. Having a high turnover rate is expensive and bad for your business.
Once you identify that you have a high turnover rate, you can take action to improve it. You need to solve the problem quickly. It could be an issue with your company as a whole, or in the candidates you attract. It’s most likely some combination of the two, and the more data you have on your employee lifecycle, the better you can identify where issues are coming from and how to resolve them.
You need to understand what your employees want from you. It is important to communicate with your employees to know what they want and need from their careers. Is being hired to fill a position enough? Most employees want to evolve and develop within their career.
If these needs are not met, they may begin to look around for another job. Be sure to keep an open mind during the interview process and see if the goals of the possible candidate align with the company and if the two can grow together.
Need Help Streamlining Your Hiring Process?
Because talent acquisition is such an integral part of your business, you should trust the professionals to ensure that it all runs smoothly.
At Balance Point, we can help you develop reliable hiring practices so that you will always discover the top talent in your industry. Make your hiring process even better and download our FREE guide.