How to Measure Your Recruitment Effectiveness
Are you measuring recruitment effectiveness? If not, do you think you should be measuring recruitment effectiveness?
I believe just like any other part of your business your recruitment process should be analyzed so you engage the best strategies and processes to get the best people in the shortest amount of time.
Here are some of the things I think you should be looking at an assessing:
Time to fill. This is one of the most common statistics you should monitor to determine the effectiveness of your process. Not hiring quickly can be very costly to an organization. Ask yourself do you have someone dedicated to ensuring 24/7 that applicants are being looked at?
Quality of hire. This can be a little tricky to measure; one of the things you can do is look at turn over. You might also want to survey the hiring managers to see how quickly they feel somebody is able to be integrated into the company.
Cost per hire. Measuring what it actually costing your company to attract and hire new talent may help you focus on retention of that talent and creating a great on boarding program.
Applicant satisfaction. This is usually something that we overlook, but it really should be analyzed to help keep your cost per hire down. A survey administered within the first 30 days of a new hire will help you understand the applicant’s point of view.
People often ask me whether they should outsource the recruitment process or not. The answer depends on how cost effective you are as an organization if you don’t outsource.