There’s no doubt that it’s tough finding the right talent in a candidate’s market. But right now, the challenges for talent acquisition are unparalleled by anything experienced in the previous few decades. Over the past four years, there has been a steep uptick in the number of job openings relative to the number of hires.
Closing this gap requires radical transformation in the way talent is acquired. Recent research by HCI and Kronos shows that 53% of organizations are planning to make major changes to their talent acquisition strategy in the next two years. According to the same research, high-performing organizations are more likely to inform this change in strategy with data.
Our research found that these high performing organizations, when compared others, are looking more intently at these five metrics to shape a better understanding of workforce trends and build a more effective talent acquisition process:
- Time to Fill
- New hire start date– Requisition approval date
- Applicant Persistence Rates
- Number of submitted applications/Total number of applications started.
- Cost per Hire
- The total of all recruitment fees, compensation, signing incentives, position marketing expenses, time expended by hiring managers, travel costs, and all other talent acquisition related expenses during a set period of time, divided by the total number of hires during the same period.
- Assessment Scores
- Raw scores, a weighted average of scores, or an index score for multiple performance criteria or assessments. Assessments could measure skills, personality, behaviors, knowledge, and/or cognitive ability. These tools are used to assess and select new hires and can inform recruiters about the quality of their sources.
- Time to Proficiency
- The length of time between the new hire start date and the date at which performance reviews equal or exceeds expectations.
These datapoints represent important milestones at each part of the talent acquisition process from sourcing and screening through onboarding. By monitoring trends in each, organizations can better identify and tackle weaknesses, leveraging these insights to build a more robust and seamless end-to -end talent acquisition strategy.
What metrics does your organization use to measure its ability to effectively attract, hire, and retain its people?
Learn more about the best practices of high-performing organizations for talent acquisition by registering for our research webcast.