Time-to-fill. Cost-per-hire. Applicant-to-hire rate.
Sound familiar? These “transactional” metrics have been around for years — decades, even. But they aren’t the only important things to keep in mind when measuring the effectiveness of your recruiting strategy.
Times have changed. We have access to more data than ever before. This data can provide additional information that could be used to improve recruiting strategies. But very few employers are currently in a position where they can actually gather or use this data for strategic insights. You probably struggle with being measured against things outside of your control (like an employee’s experience post-hire). To help both parties, something new is needed.
Your standard, transactional metrics are still important, as they provide a baseline and key starting point for a recruitment strategy. They provide the numbers, but not the meaning behind the numbers.
ManpowerGroup Solutions proposes a new model that emphasizes the practical realities of recruitment, while also including some more “visionary” metrics that may be considered a little more radical than what currently exists.
Here are six additions to make your recruiting strategy more effective:
Flexibility — Every initiative should have different metrics, depending on the pain points for the company or department.
Innovation — To build brands and be at the cutting edge of thinking about how to impact your mission.
Agility — The recruiting team should have the ability to pivot. If they don’t or aren’t willing to, they probably aren’t the right provider.
Multi-Speed Readiness — Solutions need to align with readiness in different areas of the business.
Feedback Loops — Any effective strategy should build in feedback loops, ensuring recruiting teams have the information they need to evolve their approach as necessary.
Governance — A transformational recruiting solution needs to have support and guidance from the top. This includes executives from the supply side (recruiting team) and demand side (employers), who drive every aspect of the strategy and set expectations for the delivery on the vision.
Transactional metrics still have a place in today’s world, but there is so much more that can be done. The real opportunity now is to take those metrics to the next level and align them with employee engagement and productivity to get a clearer picture of the effectiveness of your recruiting strategy.