Keeping tabs on these metrics will ensure you are informed as to how your business is doing on the talent management front. I have also included some tips for how to simply and quickly implement these metrics within in your organization, whether large or small.
From the time you advertise your vacancy, how much time passes before the successful candidate starts? Not just before they accept your offer, but until they are actually on board?
Companies with strong talent management processes have faster hiring times than those without.
Of course, the exception is any market that is short of suitably talented candidates; if you have strict hiring standards, it may take longer to find the appropriate person.
Compare the time to hire across different roles and aim to lower the average as time goes on.
It’s important to track where your candidates came from.
If you’re smart about your recruiting, you will have multiple channels from which to source your potential candidates –another one on LinkedIn; some direct contact with passive candidates; and a pool of potential employees connected to your careers pages either on Facebook or LinkedIn. But always be sure to tke note of your most trusted source
Every job vacancy needs to know:
These metrics need to be kept in a database that can be cross-referenced over periods of time. Keeping tabs of this metric will save you money in the long run as it will highlight the effectiveness of your various channels.
If one channel is proving to be ineffective, you have justification to shut it down. Similarly, if one channel seems to be producing a higher than expected ratio of qualified candidates, you can focus more resources in that direction.
It’s a no brainer that the cost of every hire should be measured but have you considered all costs involved in a hire? Recruiter fees, whether internal or external, are straightforward. But what about the time it took the manager to interview?
You should consider these factors when calculating the cost of hiring new employees:
Now that you’re seeing the true extent of the costs involved in hiring a new employee, it’s important to look at your retention rates.
Thousands of dollars per year can be drained from your budget with low staff retention rates. The costs don’t just come from direct expenses associated with hiring a new person but also in the loss of productivity around the resignation, rehiring and retraining processes.
Remember the cost of losing an employee can be as high as 3-4 times their salary. Retention rates are best looked at from a cross-sectioned perspective. What is the turnover rate for a specific role?
Compare that to the turnover rate across specific departments. Try checking the turnover rate by pay grade. i.e how many resignations vs terminations has each department / role / pay grade had? A proper analysis of this metric should be performed every 3-6 months and graded across a period of time to show trends.
Larger organisations will need to keep track of the number of vacancies the organisation has vs the number of vacancies that have been filled recently.
This metric could be measured either per month or per quarter and the result should go alongside the ‘time to fill’ ratio.
A company managing their talent acquisition will have a low amount of open vacancies when compared to positions filled.
It’s great to be in a position to make an offer to a rock star candidate. Unfortunately, if they then turn it down for something else, you are back to square one.
This process costs you time and money, as well as morale, which is why this is such an important measure. How many formal offers did you have to extend before you ultimately filled the role?
This measure can go alongside your ‘cost of hire’ metrics.
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