Rich Peterson knows there are loads of articles about how the metrics behind recruiting drive the hiring process.
Recruiting metrics provide us an opportunity to take a analytical approach to hiring by allowing us to quantify the hiring process. Tracking day-to-day details provide us a look at the big picture.
Almost all HR metrics record history. It has little value in the fast-changing business world where any of your numbers, positive or negative, could double next quarter. The best metrics cover your current time period. This is because every decision-maker really wants to know what problems or opportunities will occur over the next week or months so they can work to prevent them.
However, with all the new moving parts that are introduced daily to include in your tracking activities, we must not stray away from the basics. Sure, there are good arguments in all metrics like CPH (Cost per Hire). The danger lies in overly focusing on the transactional aspects of recruiting. All recruiters should be cost conscious, but cost per hire could have a negative effect by causing recruiters to shift their focus toward cost reduction and away from their real job, which is to produce high-performing hires. Basically, you get what you pay for.
The most important factor in Metrics is choosing the right metrics that make sense to your organizational goal and business strategy.
With that said, here are my picks for the top Recruiting and HR metrics that should be taken into consideration. Naturally, you can easily add or delete metrics on this list.
Open Requisitions by Recruiter
Source of Hire
Time to Fill
Time a Screened Candidate Pool is Referred to Hiring Mgr
Time Until an Offer is Made
Time Until Start Date
Cost per Hire
Closed Searches and the Reason for the Close
Selection Ratios. (Ratio is simply the number of people hired divided by the number of applicants.)
Manager Satisfaction and New Hire Turnover (Retention)
Quality of Hire(QoH)
Quality/Productivity of Hire
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