The recruiting process can be a very difficult and time consuming process. The time, money and effort used in this process is a major business investment that must be justified by the result it delivers. With results measured by the quality of candidate you eventually hire after the entire process. Your company probably already has a laid-out recruitment strategy in place. Should you choose to engage the services of a recruitment firm like Net Gold, LLC, it is important to hand over effective elements of your strategy to ease the process for the firm. To effectively achieve this, it becomes necessary to keep an eye on important metrics within the recruitment industry. These metrics will be key indicators of the success level of your strategy.
As with everything else in business, cost is an important metric in the hiring process. From job postings, all the way to the point of resume processing and conducting of interviews, cost is incurred through the entire recruitment process. Measuring the cost of hiring a single individual, and comparing it against individual returns is a good measure of the effectiveness of your recruitment strategy. This metric is also a good measure of the impact of the use of concessions and benefits in attracting top quality candidates.
Time to Fill
Time is a very important metric to keep an eye on in your recruitment process. Time to fill is simply a measure of the number of days between your job postings and eventual filling with a candidate. While you’ll surely desire to keep this number on the low, it is also important to tinker with this number and ascertain how much time difference is best for your recruitment needs. If you choose to tinker, be sure to watch out for the quality of candidates you attract based on your various time limits. Track filling delays, noting its cause, effect, and possible areas of improvement.
Quality of Hired Candidate
Perhaps the single most important measure of recruitment success is the quality of the candidate you eventually hired to fill in a position. The other two above metrics naturally defer to the this as a base standard. How do you determine the quality of a new employee? This would be sure to differ in tune with the position being filled and the duties and responsibilities associated with that position. It is imperative that you fashion out a metric upon which you rate employee effectiveness.
Retention rate (the rate at which new employees are retained in the long term) is a good identifier of employee quality. Keep in mind that the time taken to fill a position and the cost of the entire recruitment process pale in comparison to the importance of quality. Getting a quality new employee is certainly worth a little extra in cost and timing.
You can measure the effectiveness of your recruitment strategies using the above metrics. Properly functioning parts of your strategy should be retained and improved, while non-functioning parts of this strategy should be completely removed and replaced. While these metrics are highly important, there are several other metrics that could come up with regards to your adopted strategy. Whatever your strategy, be sure to measure the effectiveness of its elements, and always keep an eye on the satisfaction of your employees with the entire process.
Net Gold, LLC is an elite Dallas recruiting and consulting solutions agency based in Dallas, Texas. We match quality job seekers with employers, based on your set-out standards. Contact us at email@example.com or reach us at 972-839-0415 to learn more.