Although our goals may differ when it comes to our recruiting KPI's, most of the metrics we use to measure performance are widely adopted.
Not only do we want to see what we are doing well, but it is crucial that we also flag the areas that aren’t. Maybe it is your offer acceptance rate, drop off rate, or decision time.
By reviewing our hiring processes in various forms, we can better understand efficiency, particular strengths, and weaknesses as a recruitment team and as individual recruiters to ensure future success.
So, what are the top metrics that we should be adopting in 2021?
Let's start with an obvious one, as quite possibly one of the most adopted of them all.
With the help of technology, we can determine the time that a candidate entered the system, accepted an offer and were hired. We can also see the efficiency in particular areas of the recruitment process, whether that be at the stage of application, screening, shortlisting, interviewing or onboarding.
Even though we, of course, have to consider that our time to hire may differ business to business, whether that be two weeks or two months, we should all have an attainable time to hire goal.
This will improve the quality of our hires, the cost of those hires and ensure we are competitive in our field.
Although having a higher volume of applicants is always sought after, this measurable target is no use if the quality is not sufficient, this will only cause further strain on our other KPI’s.
But what is important to remember is that quality is something which can be exclusively measured, as one business or role may differ to another. For example, culture, ethics, skill set, retention and job performance are all good measurables.
If we fail to measure and improve the quality of hires, the recruitment process will become extremely expensive.
It is also worth noting where those quality hires are attained.
With this KPI, you can find out exactly where quality candidates are entering your talent pipeline to focus your efforts there and equally to optimise the areas which are not. Is it through social media, online job boards, word of mouth or referrals?
By determining these talent acquisition metrics, we can decide who are our best performers and the screening methods we used to acquire them, helping to ensure the future hires we make also deliver these results.
And it is not hard to do either. You can easily use tracking tools on your website, or ask candidates as part of their application process.
Candidate experience is another metric not taken lightly in the recruitment world as a poor candidate experience has direct effects on success and reputation.
To measure this, you need to make direct contact with candidates. For example, ask them to fill out a survey or get them to score their experience 1-10.
What is worth noting is that newer hires will be more willing to impress, and so not give a true representation of the experience. Equally, frustrated candidates may refuse to fill it out altogether, but post it to their social media profile or on a review site like Glassdoor. This is why it is crucial to closely measure this KPI and entice candidates to provide their feedback directly.
If a company does experience bad feedback from candidates, it could be for multiple reasons. Such as bad communication, long applications, or a lack of feedback. Have a read of our Top 10 Tips to Improve Candidate Experience.
This metric is crucial for 2021, especially if increasing diversity is one of your top KPI’s.
Adverse impact is the negative effect of an unfair and biased selection process.
If bias does exist within the hiring process against minority groups whether that be the LGBT community, women or over 40’s they are shown to be hired 80% less compared to highest selected demographics according to the fourth/fifths rule.
If you do measure this metric accordingly and make improvements where necessary, it will reward by improving work performance, work culture, and future business success.
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Need support? Feel free to contact Rikin Suchak directly on 0115 786 0443 or email opportunities@source-talent.co.uk.
