Using Analytics to Measure Hiring Success
Is your hiring process successful? The quality of a hire requires you to understand how to use the right metrics to determine the quality of a hire, and the level of success with the company. The first challenge is to understand how to define the metrics. These metrics should help to guide the acquisition strategy and allows you to define the process of hiring a new employee, including post-hire training.
Start by measuring the efficiency of your hiring process
Start With Efficiency
Always start by measuring the efficiency of your hiring process. Do you have a quality screening process to weed out the people that are not qualified to work for your company? Efficiency helps to measure the following:
- Time to fill
- Cost per hire
- Relevancy of hire
The majority of Fortune 500 companies do not have a quality-of-hire standard, in fact, only 33% reported they measure the quality of their hiring process. Understanding the quality of your hiring and recruitment process allows you to make the necessary changes to find the right talent to help your company grow.
There is no “one size fits all” metric as it is different for each company and all industries. Turnover, hiring manager satisfaction, employee satisfaction, and performance reviews will all come into play when selecting your metrics.
Tracking and Reporting
Let’s start with what you want to track. What is important to your company? Do you care about the amount of money you spent to recruit employees, or are you concerned about the length of time it took to find the employees? Setting your metrics will help you have a standard to measure what is working, and what needs improvement.
Tracking and reporting is more than knowing you hired the right person. It involves information about the career sites you used, how much time you spent reviewing resumes, and how the overall interview process was conducted. The results will help you improve the application process in the future.
Hiring strategy needs to focus on finding people who fit the company culture”
Set Up A Talent Acquisition Strategy
The hiring strategy needs to focus on finding people who fit the company culture. The talent strategy needs to align with the vision of the company. If you hire people that do not believe in your company message, you will fail to obtain the right talent. Here are some of the best metrics to use to find the right talent:
- Pipeline measure – This will show the strength of talent mapping and understanding your competition.
- Brand Equity – Surveys are an easy way to measure this metric.
- Time to Fill – How long does it take to fill critical roles? This is a metric that must be measured as it can impact the productivity of the company.
Analytics will depict how many website visitors come to your site daily
Measure Website Performance
Another way to help you understand the metrics of your hiring process is by setting up a Google analytics account with your website. The analytics will depict how many website visitors come to your site daily, which pages they click on, the amount of time they spend on the site, and what keywords and search terms they use to find your website. This will help you to establish the right connections with the customers on your website, and to see if the application process you are using is taking too long. Google analytics shows how many people are coming to your website from social media, which helps to show if your social media posts are effective.
To set up Google analytics, you must register your website with Google. They will send you a tracking code, of which you need to add to your website. Here are detailed instructions on how to do this. Once this is done, you can start reviewing the results through their reporting system. After the tracking is confirmed, you can set up goals related to anything you like. This is a great way to select goals related to the hiring process to help you find out how effective your current recruitment and hiring strategy is working.
Your final step is to get involved with dig data and social media. They play a critical role in the talent lifecycle and help you to understand contingent workforces. Integrating all data helps to see patterns, forecast correctly, and identify the talent profiles that you know will be game changers for your company.
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Hiring challenges can be time consuming! Try our 3 step approach to thinking outside the hiring process box and increase your qualified applicants today.
How to get more job applicants by amplifying your company culture’s unique difference.