Did you know that HR teams that work with hard data are viewed 4 times more positively by their managers? Yet, only a third of recruiters measure their recruitment process.
As companies prepare for 2021, it's time to review the past year. How many candidates visited your career site? How many CVs did you screen? How many candidates did you interview? Did your new onboarding process work as expected? How difficult was it to hire this year? How many candidates did you have to interview before finding the perfect fit? How many employees left the company? Those are a few among many questions recruiters and their managers need to ask themselves to evaluate the success of the year for the HR department and know what and where to improve to steer performance.
#1. Measuring success
The same way sales and marketing use metrics and conversion funnels to monitor their performance, HR’s success can and should be measured. Measuring recruitment activities allows businesses to build a detailed picture of what works and pinpoint steps to improve their recruitment process. Hiring top talent in an efficient and cost-effective way is an integral part of the HR function but also a challenge. Human Resources professionals can pick from a variety of Key Performance Indicators (KPIs), and each recruitment being different, context is key in defining which to use.
#2. KPIs: where quantitative meets qualitative
Recruiters have always worked with figures - number of CVs received, number of candidates interviewed, number of recruitment - but this is not our point. How to use qualitative data with quantitative data? Let’s take the number of CVs received per application. Without context, this number cannot really be qualified. What are figures worth without the proper interpretation? And what qualitative value should be associated with a static data? However, as soon as you correlate the number of CVs received with the number that were selected to continue the process, the value of the metric changes completely. This opens new questions such as “is my job ad precise enough, are the skills requirements clear, etc.?” and allows you to adjust accordingly.
#3. What to measure, how and why?
From defining a recruiting need to onboarding new hires, recruitment success is measured over time. So which KPIs should a recruiter choose? In addition to the traditional quantitative data (offer acceptance rate, time to hire, turnover rate, recruitment costs), qualitative data, such as monitoring where applications come from or managers satisfaction, may also be included in your KPIs. This will allow you to identify the strengths and weaknesses of your process and implement actions for each pain point. For example, how can we reduce prescreening time on highly sought-after positions? How to ensure that the candidates' skills and motivation best match the requirements? There are valuable tips to follow and increasingly innovative tools that will certainly help you improve your recruitment process.