Recruiting metrics
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Recruiting Onboarding & Retention Managing Talent Performance Management Developing Leadership Employer Branding Enhancing Employee Engagement RG PM TI RG: Revenue Growth; PM: Profit Margin; TI: Total Improvement High Impact Strategic Recruiting Metrics S tudies reveal that 65% of the time the hiring process is the deciding factor whether we onboarded an average hire or a great hire. To get a good talent in place organizations make blue prints of apt hiring metrics However, hiring metrics are many Which are the ones that matter to establish a good hire versus a bad hire? F H inancial impact of hiring a top performer is 10 - 100x the persons compensation Finding & Hiring Quality Talent has never been more critical Competition, Economic Uncertainity, and High Costs mean that you’ve got to make sure you recruit the right people for business success iring a single top performer has the potential for adding $ 1 M to $ 10 M to a company’s revenue each & every year that the new hire stays with the firm Cost to Hire Time to Fill Hiring - Manager Satisfaction Turnover Rate Acceptance Ratio Sourcing Channel Mix Candidate Experience Quality of Hire Reqs/Recruiter Time to Fill No of Hires/Period Cost of Hire Functional Time-to-Fill Internal Placement Percentage You can’t pick your data but you must pick your recruiting metrics Metrics are proxies for what ultimately matters & some metrics are more equal than others.They should provide the ability to slice data in new ways to quantify bottom-line impact The recruiting function becomes its metrics Metrics are what you measure And what you measure is what you manage to Beware of the Vanity Metrics They are like dandelions - may look pretty, but like weeds- use up key resources and add no value Metrics are only valuable if you can manage to them Knowing the difference between your Data and your Metrics Research conducted by Boston Consulting Group demonstrated that recruiting has the highest business impact on profit of any talent management function Top Recruiting Metrics from a study by the Newman Group & ERE Offer -to-Accept ratio Interview-to-Offer ratio Decline-to-Offer ratio Diversity Time-to-Fill by exempt/non-exempt reqs 70% 69% 60% 57% 47% 47% 45% 44% 35% 33% 29% Real-Time Metrics Predictive Metrics Labor Costs Sourcing ROI New Hire Failure Rate Talent Opportunity Forecast Level of Candidate Availability Recruiter Competition Unemployment Rate Quality of Hire Referral Hires Cost of Vacancy % of Hard to Fill Roles Target Firm Hires Offer Acceptance rate % Hires by Need Date Turnover of New Hires Historical Metrics Top Benchmark Firms with Best-in-Class Metrics Driven Recruitment Practice Hiring Manager Satisfaction Employer Brand Strength Time to Hire Recruiters Cost Ratio Performance Impact of New Hire Diversity Hires in Leadership roles 3.5x 2.0x 5.5x 2.5x 1.9x 4.4x 2.2x 2.1x 4.3x 2.4x 1.8x 4.2x 2.1x 2.0x 4.1x 2.1x 1.8x 3.9x 1.8x 1.6x 3.4x Recruiting Metrics That Matter A Good Recruiting Metric Should be Capable of 1 2 3 4 5 6 7 Telling a Story Selling Initiatives, Supporting funding requests Confirming or Debunking Assumptions Benchmarking Performance & Results Establishing Expectations Determining ROI Data Driven Decision Making Analyzing the data is the easy part The hard part is deciding what data matters. Apt metrics can drive specific recruiting behaviours & measure accurate results with a quantifiable performance impact Right metrics can enable a focus on the causes and not the symptoms of recruitment success Source/Credits Author Pradeep Sahay www.ere.net- Dr John Sullivan blogs.hbr.org - Know the difference between Data & Metrics www.dullesshrm.org - Recruiting Metrics JoemanjiArts/Shutterstock The matrix of metrics that is best suited for any organization depends on a range of aspects involving its business goals. While a one size fits all approach is ill advised, the set of strategic and tactical metrics exhibited below provide a good construct for forward looking organizations to quantify the financial impact of their hires
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High Impact Strategic Recruiting Metrics
Transcript of Recruiting metrics
Recruiting
Onboarding & Retention
Managing Talent
Performance Management
Developing Leadership
Employer Branding
Enhancing Employee Engagement RG PM TIRG: Revenue Growth; PM: Profit Margin; TI: Total Improvement
High Impact Strategic Recruiting Metrics
Studies reveal that 65% of the timethe hiring process is the deciding factor whether we onboarded an average hire or a great hire.
To get a good talent in place organizations make blue prints of apt hiring metrics However, hiring metrics are many Which are the ones that matter to establish a good hire versus a bad hire?
FH
inancial impact of hiring a topperformer is 10 - 100x the persons compensation
Finding & Hiring Quality Talent has never been more critical Competition, Economic Uncertainity, and High Costs mean that you’ve got to make sure you recruit the right people for business success
iring a single top performer has the potential for adding $ 1 M to $ 10 M to a company’s revenue each & every year that the new hire stays with the firm
Cost to Hire
Time to Fill
Hiring - Manager SatisfactionTurnover Rate
Acceptance Ratio
Sourcing Channel Mix
Candidate Experience Quality of Hire
Reqs/Recruiter Time to Fill
No of Hires/Period Cost of Hire
Functional Time-to-FillInternal Placement Percentage
You can’t pick your data but you must pick your recruiting metrics
Metrics are proxies for what ultimately matters & some metrics are more equal than others.They should provide theability to slice data in new ways to quantify bottom-line impact
The recruiting function becomes its metrics
Metrics are what you measureAnd what you measure is what you manage toBeware of the Vanity MetricsThey are like dandelions - maylook pretty, but like weeds- use up key resources and add no value
Metrics are only valuable if you can manage to them
Knowing the difference between your Data and your Metrics
Research conducted by Boston Consulting Group demonstratedthat recruiting has the highest business impact on profit of any talent management function
Top Recruiting Metricsfrom a study by the Newman Group & ERE
Offer -to-Accept ratio
Interview-to-Offer ratio
Decline-to-Offer ratio Diversity
Time-to-Fill by exempt/non-exempt reqs
70%69%60%57%47%47%45%
44%35%
33%29%
Real-Time Metrics
Predictive Metrics
Labor Costs
Sourcing ROI
New Hire Failure Rate
Talent Opportunity Forecast
Level ofCandidateAvailability
RecruiterCompetition
Unemployment Rate
Quality of Hire
Referral Hires
Cost of Vacancy % of Hard to Fill Roles
Target Firm HiresOffer Acceptance rate
% Hires byNeed Date
Turnover of New Hires
Historical Metrics
Top Benchmark Firms with Best-in-Class Metrics Driven Recruitment Practice
Hiring Manager Satisfaction
Employer Brand Strength Time to Hire
Recruiters Cost Ratio
Performance Impact of New Hire
Diversity Hiresin Leadership roles
3.5x 2.0x 5.5x
2.5x 1.9x 4.4x
2.2x 2.1x 4.3x
2.4x 1.8x 4.2x
2.1x 2.0x 4.1x
2.1x 1.8x 3.9x
1.8x 1.6x 3.4x
Recruiting Metrics That Matter
A Good Recruiting Metric Should be Capable of
1
2
3
4
5
6
7
Telling a Story
Selling Initiatives, Supporting funding requests
Confirming or Debunking Assumptions
Benchmarking Performance & Results
Establishing Expectations
Determining ROI
Data Driven Decision Making
Analyzing the data is the easy partThe hard part is deciding what datamatters. Apt metrics can drive specificrecruiting behaviours & measure accurate results with a quantifiable performance impactRight metrics can enable a focus on the causes and not the symptoms of recruitment success
Source/Credits AuthorPradeep Sahay
www.ere.net- Dr John Sullivanblogs.hbr.org - Know the difference between Data & Metricswww.dullesshrm.org - Recruiting MetricsJoemanjiArts/Shutterstock
The matrix of metrics that is best suited for any organizationdepends on a range of aspects involving its business goals. Whilea one size fits all approach is ill advised, the set of strategicand tactical metrics exhibited below provide a good construct for forward looking organizations to quantify the financial impact of their hires
