Have you ever seen the film Moneyball?
In it, Billy Beane – General Manager of the Oakland Athletics – builds a winning baseball team on a shoestring budget, utilising the power of data and informed decisions.
And while your organisation probably isn’t trying to win the World-Series, there are tangible benefits of monitoring certain metrics in your recruitment process – including those of your recruitment partners.
So, which metrics should we turn our attention to?
Take a look below for some of the most important ones, in my opinion, for hiring managers to track:
Time-to-Hire:
According to research from the Josh Bersin Company, time-to-hire rates have gone to record high levels, suggesting a disparity between the supply of qualified candidates and the demand for their services.
In the findings, businesses are now taking an average of 44 days to fill a vacancy, up from 43 days a year ago. This equates to many vacancies going un-filled for over two months before a suitable hire is found. And as we all know, time without a suitable candidate in-situ is money wasted.
If you’re looking to use data to your advantage as a hiring manager, why not try monitoring your time-to-hire across each department in your business? You can then use outliers to investigate slow hiring processes, skills-bottlenecks, and gaps in your talent acquisition team.
Diversity & Inclusion:
The need to monitor diversity and inclusion goes way beyond any legal compliance and should look to help your business benefit from broader perspectives, understand potential customers better, and even stimulate business innovation; a 2017 study found that companies with above-average diversity scores showed higher innovation revenues.
A short (optional!) questionnaire submitted during the hiring process to potential hires can really showcase important information around candidate selection. And a thorough exit-interview process will provide answers if any candidates from diverse backgrounds felt your business’ culture was worth sticking around for.
Candidate Experience:
Do you value your employer brand?
Of course, you do! So why don’t you monitor what your potential hires think about it?
This is such a fantastic metric to track, although it’s admittedly a bit difficult to quantify. Yet in a world where time-to-hire rates have sky-rocketed, as a hiring manager you need to make every effort to ensure candidates are happy with your processes.
Collect feedback from all your candidates, especially rejected ones, and book in quarterly meetings to evaluate what’s in the pot. A poor candidate experience is a vicious circle you don’t want to be stuck in, and as Steve Jobs once said: “A-players hire A-players; B-players hire C-players; C-players hire D-players.” So don’t be a C or D player!
These are just three of the key metrics I would recommend you monitor going forward. Of course there are far more to consider, such as your attrition rate, cost-per-hire, and the number of applications received.
Here at the Liberty Recruitment Group, we’re able to provide our agency key metrics with ease using our state-of-the-art CRM system, whether that is Commercial, HR or Finance recruitment.
If you don’t have access to a similar system yourself, don’t worry, you can make do with an excel spreadsheet and some quick maths; and you can always let us take the hassle away from you by contacting us on 023 9387 6666 (or by email to hello@libertyrecruitment.group) for a chat in confidence on how you can become an A-player!
