Measure Hiring Results
There is a vital link between recruitment and business success.
Recruiting analytics and reporting help demonstrate the impact of talent acquisition efforts, enabling continuous process optimization and securing greater organizational support.
Demonstrating the Impact of Hiring: Measuring Success
What gets measured, gets improved. What doesn’t get measured, gets ignored. This is why it’s essential to identify and monitor recruiting analytics before, during, and after hiring.
Far too many organizations make the critical error of not connecting recruitment and overall business objectives, when in fact, reframing the narrative in terms of how changes (or lack thereof) to your hiring process, resources, or tools contribute to overall business success can help talent acquisition teams garner greater support for process optimization.
In this chapter, we will explore why the best way to do this is with detailed recruiting analytics and reporting, and how to:
- Determine what recruiting metrics are most important to track.
- Identify how you’re going to track these metrics.
- Regularly monitor the most important metrics for a better understanding of what is and is not working throughout your existing hiring process, and to ensure you can consistently optimize and improve.
“Hiring success means you’ve got the right people in the right roles at the right time. And so the metrics that you want to focus on, the ones that you might want to prioritize getting a little bit better on, or really doubling down on during this period of time should most closely align with where the biggest problem is that you’re trying to fix or the need you’re trying to solve.
For example, if you are looking at high volume recruitment, because you have to rapidly scale or ramp up to deal either with growth or reopening, the metrics you want to take a look at are those surrounding how you get more candidates in at the top of the funnel.”
SmartRecruiters, Senior Director, Employee Experience
Best Practices and Related Resources
Key Metrics to Track
Measure Hiring Effectiveness
A solid strategy begins with an understanding of which metrics are most indicative of your organization’s success.
This may include a variety of conversion metrics such as time-to-hire, cost-per-hire, candidate satisfaction, apply-to-hire delays, candidate drop-off points, job offer rejection trends, source performance, and recruiter efficiency, to name a few.
Here’s how and why to analyze some of the most common:
- Analyzing time-to-hire involves identifying recruiting bottlenecks, forecasting systems or process breakdowns, and optimizing your process (reviewing sourcing channels, tools, workflows, etc.) to improve that which is not working or slowing you down.
- Cost-per-hire requires meticulous tracking of all expenses and optimizing spending through detailed data analysis, which will ultimately demonstrate ROI through correlations with employee performance and retention.
- Candidate satisfaction is measured by actively gathering candidate feedback on things like communication and interview experience and acting on it to build a more positive employer brand.
Analyzing Metrics to Improve Hiring
Analysis and Improvement Based on Data, Not Gut Decisions
By leveraging conversion metrics at each stage of the hiring process, you can make more data-driven decisions and changes when necessary.
This includes tracking the most common candidate drop-off points and trends regarding your interviewers or screening process, all of which will allow you to refine things like your job descriptions, application process, hiring software, or interview strategies.
When it comes to reporting, integrating with an ATS can also be a huge help, allowing you to collect data at every hiring stage for hyper-targeted improvements. Every small change matters.
With detailed analysis, organizations can lessen process inefficiencies, reduce hiring costs, and improve the overall candidate experience, ultimately leading to better hiring outcomes.