Metrics are essential to tracking and improving the success of any recruitment team, but with a dizzying number of tools and measurements on the market, it can be challenging for recruiters to know where to start. Asking the right questions up front can help recruiters take control and use data to make more effective talent acquisition decisions.
So Much Data, So Little Time …
Today, every ATS application allows us to drill down into recruiting data and record everything from time to fill to cost per hire to quantify the impact of recruiting efforts. Recruiters have more data at their fingertips than ever before.
While it’s easy to track raw numbers, the real value of metrics is in helping recruiters to evaluate and improve performance and see how effectively the function is serving the business. For instance, knowing how many candidates you source from a specific job board is interesting, but tracking the percentage from each source that makes it through to interview allows you to focus more resources on a proven way to attract more qualified candidates.
Interpreting the data to provide more valuable insights has become increasingly difficult and time consuming. Many metrics have become over-engineered and difficult to use, and measurements like quality of hire are notoriously tricky to quantify. In addition, there’s no standard set of measures that talent acquisition professionals agree on, making benchmarking more complicated.
Use Data to Drive Improvement
Every business is different, and no one simple metric will give you everything you need. It’s up to recruiters to ask the questions and identify the data and metrics that work best to improve their ability to hire the right candidates quickly, cost effectively, and consistently.
Being clear about what you’re trying to achieve is critical to choosing the right metrics. Whether it’s finding more qualified applicants, speeding up your hiring process, or filling your passive candidate pipeline, the key is to focus on the data that can inform decision making, rather than simply checking a box.
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Big data has fundamentally changed our industry and opened up great opportunities for us to measure and improve — but it can be challenging. Measuring everything is not a sensible option. Whether you’re just starting to track your actions, or trying to tame an overgrown metrics environment that’s bogging you down, focusing on the measurements that explain performance and provide actionable data — and letting go of the ones that don’t –is critical.
The key is to be clear about result you’re looking for. Pick an area you want to improve, consider the factors that contribute to that goal — and implement the metrics that can help you take action.
Want to learn more?
Royce Robbins, director of operations at Peak Sales Recruiting, will deliver an informative webinar on metrics and quality of hire on Wednesday, March 22, at 2 p.m. Eastern time. He will discuss how to identify critical recruiting metrics, how to remove subjectivity from the recruiting process, and more. Register here.