If you’re not tracking staffing metrics, how can you tell what’s working – and what’s not? The answer is: you can’t. If you want an effective, highly successful staffing function, then you need to regularly track and measure it. But with limited time and resources, which metrics should you be focusing on? Here’s a look at 7:
#1: Candidate sources.
In other words, where are candidates coming from? If you’re investing a lot of money into a channel that’s not delivering, then why continue with more of the same? Instead, evaluate not only how many candidates you’re getting from each source, but also the quality of those applicants.
#2: The cost of each hire.
When evaluating cost-to-hire, look at all costs involved, from staffing agency fees to the time it took to interview, check references and verify credentials. Understanding this metric not only places a financial value on the resources required to hire new employees, but it also helps you better plan for the future.
#3: The time it takes to hire.
From the second you post your job advertisement to the moment the top-pick candidate says “yes,” how long does it take? Also, once they do accept the job, what’s the timeframe to get them on board, and up and running? If you’re seeing time-to-hire trending upward in your company, then it’s important to take steps to get it back in synch. For instance, evaluate time-to-hire across departments to see if one area or job type is taking longer to hire.
Another critical metric to track involves retention and turnover. If you have a low retention rate, it can cost your company in the form of lost productivity, lower morale and less revenue generated. So if you’re measuring turnover – and noticing that it’s higher than average in certain departments – it’s important to get to the root of the problem so you can improve retention rates.
#5: Application completion numbers.
How many people are starting to apply to a job – only to abandon the process halfway through? If it’s a lot, then your online application process is too long or too cumbersome. Either way, it needs work.
#6: Interview ratios.
Are you giving a lot of interviews, but not extending many offers? Then there could be a problem with your recruiting and screening process. You may not be posting and promoting jobs in the right places, or your job descriptions need to be more focused and effective. Either way, it’s an indication that you’re not attracting the right talent during the early stages of recruitment.
#7: Offer ratios.
How many candidates are you extending offers to – and how many are accepting? If it’s not many, then there could be a problem with your recruiting process. Either you’re taking too long to hire – and candidates are accepting jobs elsewhere – or they don’t like what they’re seeing when interviewing and considering your company.
If these metrics could use some help, but you don’t have the resources to invest in them, consider calling in a staffing agency. A reputable agency can track these numbers for you, and advise you on the next steps to take if you’re not seeing the results you want. In the end, you can make better data-driven decisions surrounding your recruiting and hiring process.
Ready to learn more?
Connect with the Kansas City staffing experts at Morgan Hunter. We can handle your entire staffing function for you, from recruiting and screening top quality candidates to evaluating metrics. With Morgan Hunter, you can get a key partner that can help you make better, more strategic decisions, increasing your competitive advantage in the process. Contact us today to learn more.