Developing recruiting metrics isn’t easy. There’s no existing industry standard, and many HR departments lack good tools for pulling and analyzing meaningful data. As an HR leader, you have to know which metrics lead to good outcomes, like “candidate fits our culture,” and how this fosters measurable, meaningful business changes. This is especially true for sales organizations that are interested in helping their teams hit sales quotas.
With time and experimentation, you can identify those key performance indicators (KPI) that indicate recruiting success. You can also find ways to express—with numbers—what good recruiting looks like.
5 Types of Recruiting Metrics
At the recent Talent Insights event, Maya Josebachvili, Greenhouse Software’s VP of People and Strategy, shared five categories in which organizations can develop effective recruiting KPIs.
These metrics help you understand where you source your best recruits. They tell you which campuses to visit for recruiting, which social networks to monitor, and which publications give you the most bang for your buck when you place job ads. You want to measure things like which sources give you the most recruits, which source refers recruits that stay around the longest, and which sources give you high-quality recruits.
When you’re choosing interviewing metrics, look for both qualitative and quantitative information. Quantitative metrics—cost of the interviewer’s time or hiring speed—can measure interviewing efficiency. Other metrics like candidate ratings of your interviewer can help you evaluate interviewer effectiveness. Qualitative information includes a candidate’s written feedback about how to improve the interviewing experience.
Hiring metrics are the most straightforward. They include measurements like number of offers, offer acceptance rates, and number of actual hires versus the hiring goal.
4. Activity and Effort
Activity and effort metrics tell you which recruiting behaviors pay off. They dig more into predictive analytics and ask more multi-faceted questions, such as “Which activities turn screening interviews into an offer based on historical pass rate?”
5. Team Performance Management
Team performance metrics set goals for your recruiters and help you determine which ones are most effective. For instance, you could measure the average sales time per candidate for each recruiter.
A Point to Remember
Let’s be blunt—you should never assume that the person who wants your data is asking for the right report. Not all executives are data scientists, so always offer suggestions about which KPIs to look at and how often to look at them. Also, when you present the information, explain what the numbers say and why. Many bosses will appreciate your initiative—and secretly welcome your guidance.
Image credit: Quinn Dombrowski from Flickr Creative Commons