According to Cornell University researchers Clara Moon and Lingmin Li, one of the most widely tracked workforce metrics is recruiting - second only to turnover. Organizations having the strongest HR analytics are those with higher sales growth and net operating income growth than others that do not make an effective effort to understand recruiting analytics. Companies can increase their performance by using recruiting metrics wisely.
Key Recruiting Analytics
Source of Hire: Measuring the number of hires per source and the cost per hire for each source can be very informative. An effective process includes measuring applicant source ROI over time and using the intelligence gained to modify the list of primary sources.
Time to Fill: This metric measuring recruitment processing time starts with the initial requisition.
Cost per Hire: A metric measuring the amount a company invests to attract new recruits is indicative of the recruiter's effectiveness and organizational savings achieved.
Quality of Hire: A Recruiting Effectiveness Dashboard can track the quality of hire metric. Sometimes it takes several years of information for effective measurement.
Applicant Satisfaction: This metric is generated using a range of applicant surveys.
Tracking and Reporting Metrics
The first step in tracking metrics effectively is to choose those suited to your business. The entire organization must be in agreement on what each metric means and associated goals need to be defined. Staff should be trained in understanding and using metrics.
The second step in effective metrics tracking is to provide the recruiting team with essential technology for automated metrics. Companies can develop their own dashboards to control recruiting metrics. External metrics management providers also offer suites of tools.
The third step is to collect real time metrics and schedule regular recruiting performance reviews. Management reports including metric reviews, recruitment management reports and goal setting should be provided.
Effective Dashboards
Effective dashboards are represented with clear visual cues which make it easy to identify negative trends, spot inefficiencies, make informed decisions based in the business intelligence collected and easily identify both correlations and outliers. Some solutions are built on top of data marts that are designed and optimized for the fast retrieval of relational data. Interactive graphic views of data can be easily and intuitively understood and facilitate a more effective decision process.
CONCLUSION
Recruiting metrics not only provide efficiency guidelines for HR, but are also valuable when viewed on the corporate recruiting dashboard by senior management. Recruiting departments need to work with business departments to design customized dashboards.
If you are finding for a recruitment consultant Singapore job, you will need to obtain the CEI basic exam to be qualified to operate as a license recruitment consultant in Singapore.
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