Do you know how effective your company’s recruitment campaigns really are?
A lot of businesses don’t track the information or even know where to start when it comes to measuring how successful their recruitment and retention is, and this can obviously cost time and money.
To get started on this, there are various things that you can monitor to get a good handle on how your recruitment is working and what you can do to find even better talent and keep them with your company.
Measuring recruitment success
The first thing to explore are your current recruitment strategies and methods of hire, and how break them down to highlight potential areas for improvement.
Key Performance Indicators (KPIs) to look at include:
Average Time for Hire
How long does it take on average to make a hire within your business? Track this from the moment you start a campaign to a successful candidate joining your team.
If the data shows that it’s taking quite a while to recruit the right people, video interviewing is a great way to find them more efficiently. Candidates can arrange interviews to suit their schedule, which can help to save time as they don’t need to travel to you and there’s less chance of wasted hours
if there is a scheduling clash. There is also the ability to spend less time screening candidates who don’t quite live up to your initial expectations, and this makes the entire recruitment process quicker and much easier.
Average Cost of Hire
How much does it cost on average to hire new staff? This can include things like costs of advertising, any agency fees you might run up, relocation costs and time spent by staff. Anything that directly or indirectly relates to the cost of recruiting new staff members should be included here to give you the full picture of how much you’re spending per hire.
Video interviewing is a really easy way to cut the costs of making a hire by making better use of recruiters’ time and taking away the need to pay travel costs for candidates to attend face-to-face interviews.
Where do most candidates find your campaign? i.e. how are you pushing out the jobs – is it to an existing candidate base or are you considering pushing out roles via sponsored social media posts for example.
Measuring retention success
Recruiting top talent is only half of the story. For your business to go to the next level, you need to be able to keep hold of truly great hires too.
The next step is therefore to look at how well your company is retaining staff members and see if you can spot any patterns here that can be rectified for the future.
Some of the key things to assess include:
• Keeping track of the number of vacancies your business has at any point
• Turnover rates
• How long staff members stay with your company on average
• Typical promotion journeys
These metrics will help you see how effective your recruitment strategies are for long term staff retention.
Measuring quality of hire
The overall success of any recruitment campaign is obviously to know that you have hired great people who are geat assets to your team. You can do this by tracking the performance of new hires but this won’t always tell you the full story as to whether they are the right people for the job(s).
Quality of hire can be tricky to measure easily as a lot will depend on the priorities for your company. There unfortunately isn’t a one size fits all metric for tracking this, but it can include things like turnover rates, cultural fit, performance and employee engagement.
You can also take things a step further by using surveys aimed at management and relevant staff members, to be completed once new recruits have been with your company for a set time – say 6 to 12 months into the role, for example.
Some of these indicators are subjective but they can give you a benchmark to use to assess future hires.
How you go about recruiting new staff members is one of the key things you can do to improve quality of hire for your business. Video interviewing is being used by a growing number of companies to bring top talent to their team for this reason.
And armed with these yardsticks, you can see how well your recruitment is working for you right now and where you can improve and learn lessons to make it more effective.
You may decide to make some changes and to a large extent, this is what you are trying to achieve with your measurement; to see where you can potentially do better to recruit and retain the best candidates.
Let us help you increase the success of your recruitment strategies and improve your KPIs.