When it comes to recruiting, organizations have a wide variety of methods to measure effectiveness. Does it come down to time to fill? Is quality of hire the most critical? There are two important things to remember when it comes to measuring talent acquisition. First, each company is going to have a slightly different way of measuring based on unique structure, industry, and goals. Second, these are bigger than recruiting challenges—they can often impact the business at a deeper level.
In an upcoming webinar sponsored by Jobvite and for the first time publicly, we will look at the top five recruiting metrics that were uncovered in the 2015 Brandon Hall Group Talent Acquisition Study. Those metrics include:
- Quality of Hire
- New Hire Retention
- Time to Fill
- Hiring Manager Satisfaction
- Cost Per Hire
“We can backfill any open position in two weeks or less.”
That statement was uttered dozens of times in my experience recruiting for government contracting organizations. In that sort of instance, the most important figure that my leaders cared about was time to fill. Retention and cost were good to understand, but they didn’t solve problems for our customers. The major pain point was having fully-staffed roles at all times, and that’s why I paid particular attention to time to fill.
Other companies focus more heavily on quality, retention, and managerial needs. The thing to remember is that it’s dependent on the organization, not a one-size-fits-all approach.
The second factor is the importance of these areas to the actual business operations. Think time to fill is simply a recruiting issue? What about the missed customer opportunities? What about the increased wear and tear on the team members picking up the slack? Those will lead to hard costs for the organization.
The more we focus on solving business problems through talent acquisition tools and strategies, the better we will be able to meet the needs of the organization.
I hope you will join our webinar and learn more about how these metrics can support your talent acquisition strategies. What metrics matter the most in your business with regard to your talent acquisition efforts? Do you struggle with any of these five areas?
—Ben Eubanks, HCM Analyst, Brandon Hall Group