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<\/p>\r\n\r\n\r\n\r\n\r\n\r\nOne of the most important things a business can do is attract top talent to help build its reputation. It\u2019s no secret that this is not an easy or simple process\u2014it takes years of hard work to build a strong culture, incentivize employees and strategize recruitment processes. We know that a strong talent acquisition strategy can help attract and hire amazing individuals, but how can we be sure we are routinely evaluating the effectiveness of this strategy to make sure we\u2019re meeting changing market and business needs?<\/p>\r\n\r\n\r\n\r\n
When you fail to gather strong data about your company\u2019s recruitment strategy, you can easily waste time and money recruiting and hiring the wrong people. In this article, we will explore the key metrics you can use to give insight into the health and functionality of your talent acquisition processes.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n\r\n\r\n
Hiring the right person for the job is no easy feat\u2014talent acquisition requires a lot of big-picture thinking related to how a candidate\u2019s goals and talents will fit into the role for which they are being considered. There\u2019s a lot of pressure to avoid losses by picking the right candidate the first time.\u00a0<\/p>\r\n\r\n\r\n\r\n
The numbers<\/a> speak for themselves:<\/strong><\/p>\r\n\r\n\r\n\r\n As you can see, there is a lot at stake and a lot that demands careful consideration when evaluating your talent acquisition strategy. Additionally, diversity, inclusion, workplace culture, and competition all play into a candidate\u2019s decision-making process, so how can we synthesize this into an effective talent acquisition strategy? The key is to start by identifying a few foundational aspects.\u00a0<\/p>\r\n\r\n\r\n\r\n Consider this: hiring and onboarding the wrong candidate can result in a loss<\/a> of as much as $240,000. Budgeting for what loss will look like if your first choice doesn\u2019t work out is an essential part of the hiring process. 43 percent of hiring managers admit to having made the wrong choice because of time restraints.\u00a0<\/p>\r\n\r\n\r\n\r\n To avoid such losses, start your process by considering these points:<\/p>\r\n\r\n\r\n\r\n When preparing to evaluate your current strategy, be sure to align your goals with your organization\u2019s overall mission. Develop a strategy map<\/a> and deliverables, and lean into a collaborative mindset that keeps the organization\u2019s overall success in mind.\u00a0<\/p>\r\n\r\n\r\n\r\n When it comes down to measuring<\/a> the success of your hiring strategy, what exactly are we aiming to measure now that we know our foundational goals and objectives? There are several crucial talent acquisition metrics and KPIs to consider:<\/p>\r\n\r\n\r\n\r\n Is your recruitment and hiring process financially efficient, or are you losing money in the process? This will help you budget for upcoming years and identify if you are experiencing significant losses due to turnover.\u00a0<\/p>\r\n\r\n\r\n\r\n Evaluate whether or not your recruitment process is efficient and productive. Are you losing out on top talent to competitors who move faster? Are you losing employees faster than you\u2019re able to replace them?\u00a0<\/p>\r\n\r\n\r\n\r\n How many candidates are interviewed before an offer is made? Aim for four to five interviews per opening.<\/p>\r\n\r\n\r\n\r\n What channels are you using in your recruitment process, and how much do they cost? Are you placing your company’s hiring notices on websites and platforms relevant to the sort of candidates you seek? Calculate the amount you spend against the success of your hires to inform your continued research on the best ways to recruit key talent.\u00a0<\/p>\r\n\r\n\r\n\r\n High employee turnover can signify something is wrong within your organization or hiring process. You can hone this in to include demographic factors as well, depending on what you need to measure. For example, are you noticing a trend in first-year employees leaving before a full year is up? Are you losing more employees of color than white employees? What does this information reveal to you?<\/p>\r\n\r\n\r\n\r\n Does the candidate fit your company\u2019s culture well? Do they have the leadership qualities you were looking for? What is the candidate\u2019s overall performance like relative to cost and retention? Undoubtedly, this is a difficult metric to assess, but experts recommend coming up with a numeric scale on which to measure them on these qualities.<\/p>\r\n\r\n\r\n\r\n This can be measured via survey to check in with hiring managers after a certain amount of time has passed since a new hire has started work.<\/p>\r\n\r\n\r\n\r\n This can also be measured via survey and can gauge things like how supported the new employee feels, what they think of your company\u2019s\u00a0 onboarding process , etc. All of this information will provide valuable insights if there are areas for improvement that are costing the company time or money.<\/p>\r\n\r\n\r\n\r\n Calculating the percentage of jobs accepted after offers are made gives a good idea of the overall health and effectiveness of the hiring process. Consider sending a brief survey to individuals who decline an offer so you can note any benefit, position or salary factors that are important to those you wish to recruit.\u00a0<\/p>\r\n\r\n\r\n\r\n You\u2019ve gone through and used these tips to measure your talent acquisition metrics and set KPIs\u2014what\u2019s next? You likely have a lot of information on your hands that you need to synthesize, share with stakeholders, and build into a strong strategy for the year ahead.\u00a0<\/p>\r\n\r\n\r\n\r\n We invite you to download our free guide, Building a Sustainable HR Strategy<\/a>, for a deeper dive into these topics.\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n Also read or watch:<\/strong><\/p>\r\n\r\n\r\n\r\n One of the most important things a business can do is attract top talent to help build its reputation. It\u2019s no secret that this is not…<\/p>\n","protected":false},"author":5,"featured_media":12016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[4002],"tags":[3185,4005,4006],"acf":[],"yoast_head":"\n\r\n
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Tips for Measuring Your Talent Acquisition Strategy<\/h2>\r\n\r\n\r\n\r\n
1. Cost of hire<\/h3>\r\n\r\n\r\n\r\n
2. Time to hire<\/h3>\r\n\r\n\r\n\r\n
3. Qualified candidates per opening<\/h3>\r\n\r\n\r\n\r\n
4. Sourcing effectiveness and cost<\/h3>\r\n\r\n\r\n\r\n
5. Retention rate<\/h3>\r\n\r\n\r\n\r\n
6. Quality of hire<\/h3>\r\n\r\n\r\n\r\n
7. Hiring manager satisfaction<\/h3>\r\n\r\n\r\n\r\n
8. New employee satisfaction<\/h3>\r\n\r\n\r\n\r\n
9. Offer acceptance rate<\/h3>\r\n\r\n\r\n\r\n
Next Steps<\/h2>\r\n\r\n\r\n\r\n
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