Recruiting needs to be measured and improved like any other business function, but some companies find it difficult to measure something that is part art and part science. In this week’s RPOA Weekly, we present HR analytics that you should consider to improve recruiter performance and ensure recruiting success.
What gets measured gets improved, and this is particularly the case for recruiting. Recruiting metrics measure the success of recruiters and the time taken to achieve it, and this article presents the major metrics that recruiters use. These include time to hire, cost to hire, source of hire, retention rate, acceptance rate, and other metrics that match to your company mission, including diversity of hire and demographic information. It breaks down the specific metrics into their basic and more advanced components, like time from advertising to interview, then offer, then acceptance, and items like revenue lost due to empty positions, cost of advertising, and others.
One of the ways that recruiters can go from average to extraordinary is by improving their ROT, or return on time. Return on time is the average hours a recruiter takes to get a submission, and this article suggests five ways that recruiters can improve their return on time metric. These include increasing your sourcing speed, cutting Boolean stings that do not produce, not spending excessive hours experimenting on new tools, doing accurate intakes, and using CRMs or email campaign software.
Recruiting is a mixture of art and science, and it can be a difficult field to quantify. This article suggests ways to measure recruiter performance and motivate recruiters by using metrics and creating a culture of success. Specific suggestions including measuring total submittals, the submittal-to-interview rate, the interview-to-hire ratio, and setting up one on one meetings with each of your recruiters to discuss successes, challenges, and any shortcomings that can be addressed early on.
How can recruiters make executives understand and appreciate the metrics that measure their work? This article discusses why recruiting metrics are often ignored by business executives, and six strategic categories of recruiting metrics that recruiters can use to show executives their value. These six include the positive performance increase added by more productive hires, the failure rate of new hires and the damage done by weak hires, the losses created by a weak hiring process, the opportunity costs of “missed” landable top talent, the cost of using excessive hiring manager hours, and the ROI of the overall recruiting function.
Measurements and metrics are a necessary piece of every business function, including recruitment and HR. That is the contention of this article, which reviews historical attitudes towards measurement in HR, and discusses what metrics are commonly used to measure recruiting performance. Some of the metrics mentioned are quality of hire, time to hire, and ROI, and the article makes the point that any measurements must be tailored to the individual business to be relevant and return information that is actually useful.