It's a candidate's market, and high quality talent is much more challenging to find and acquire than it's been in recent memory. According to a recent research report, it now takes about double the amount of time as it did during the Great Recession to fill the average position. In such a competitive talent market, recruiting leaders need to measure and analyze the performance of their teams in a never-ending search to build competitive advantage. Rigorous measurement can help individual recruiters improve their performance and enable organizations to make systematic improvements to their recruiting processes.
But many organizations don't track recruiter performance beyond basic operational metrics like time-to-fill or offer to acceptance ratio. HCI believes the metrics listed below will go a long way to creating a holistic view of your talent acquisition function's performance and maximizing business value.
1. Hiring Manager Satisfaction Rating
Hiring managers are one of the key stakeholders in the recruiting process. Their feedback is an invaluable source of insight into your recruiters' knowledge and conscientiousness as well as the recruiting process overall. Every time a requisition is filled, consider sending the hiring manager a short survey asking them to rate the hiring process from their perspective. Was the recruiter professional and well-prepared? Were the candidates she presented qualified for the job? It's a simple method to collect real-time performance data on recruiting staff.
2. Candidate Net Promoter Score
Net Promoter Score (NPS) is an essential input to any organization's marketing strategy and many are applying it to their human capital strategies as well. Whether you hire him or not, a candidate's opinion of your organization and his interactions with your staff (hiring managers, recruiters, schedulers, etc.) can have a significant impact on your employment brand. If you aren't tracking this information now, it's time to start.
3. New Hire Attrition Rate
There's nothing more frustrating than filling a position only to have the new hire quit before the ink on his contract is even dry. New hire attrition (i.e., quitting within the first 6-9 months of being hired) is a good (if imprecise) way to measure quality of hire. If a recruiter's requisitions have below average attrition for the industry, job type, etc., it is highly likely that she is finding candidates that are highly qualified and a strong match for your organizational culture.
While this list is by no means exhaustive, we hope it will get you thinking of ways to track recruiter performance beyond the basic operational metrics.
Want to learn more about analytics and talent acquisition? Register here for a free webcast with Adrienne Lo on how to design recruiting analytics to prompt action.