High-growth companies are thinking about talent more strategically to attract and retain top performers. Talent managers need a seat at the table to play a critical role in improving talent acquisition. Recruiting quality talent has become a holistic and integrated function.
C-suite executive teams are becoming more proactive in looking at the Key Performance Indicators (KPI) that drive business success. It is important to understand and measure recruiting metrics that tie into business objectives. Building a strong talent brand and recruiting process will deliver results and improve your recruiting KPI.
There are more than 6.2 million job openings, during the lowest unemployment rate in 50 years. However, there are still an estimated 7 million unemployed Americans needing work. Reconciling this situation has been difficult. There are two fundamental problems businesses face. Finding qualified workers to fill the job openings and unemployed workers complain they can’t find a job that pays enough.
Be strategic about addressing recruiting problems that are coming down the road. Top-level executives must become more involved with understanding and managing corporate talent.
5 Recruiting Metrics that Matter
Time to Hire
The time to hire metric should be a leading indicator that determines recruiting forecasting rather than efficiency.
Source to Close
Source to close measures how quickly you close candidates once they enter your interview pipeline.
Monitoring stage conversion rates allows your Talent team to identify where candidates are dropping out, and why.
Instead of simply measuring the number of candidates a source provides, you must also measure how far candidates from a particular source get in the interview process.
Quality of Hire
Companies should consider the monetary value a high-performing employee contributes to the organization.
Businesses that outperform their competition know that strategic talent management is essential in building the right workforce necessary for future growth. These executives use analytics and diagnostic tools to track recruitment drivers. How will your recruiting activities address these talent objectives to move your company forward?