You may have grown tired of listening to ‘metrics: what cannot be measured cannot be managed’. Until recent years human resource management, specifically recruitment are not areas of work that one would associate with metrics driven management. In effect, recruitment as a work stream has also lost out – in effect, it has never really been given its due. With recruitment metrics, you can then demonstrate the actual value of the recruitment process and quantify its contribution to business.
The primary and obvious objective would be to see if a company is getting
- A clear picture of the costs incurred in recruitment
- What are the actual – business impacting outcomes from the costs
With the above, a hiring manager can see if the money being invested in recruitment processes is producing target results over a period of time. Business (sales, production) impacts recruitment and, recruitment in turn has a stronger impact on the results produced by business. There are methods by which the impact of recruitment on business can be measured in a collaborative manner.
Most important would be the possibility of identifying risks and arriving at patterns that lead to risk situations in recruitment.
Here is a list of factors that recruitment metrics should cover:
- Time
- Cost
- Time taken by hire to achieve productivity
- Retention of hire (average tenure versus actual tenure of hire in question)
- Efficiency (which aspects of the job order has the hire fit well, and not fit)
- Primary goals achieved by the hire
- Secondary – additional benefits delivered by the hire
- Internal customer satisfaction (hiring manager – business manager)
- Net return on investments from the hire
Jeremy an important point about the amount of data that we all get into and how human resource professionals shun metrics as “math”. It becomes easy to get into a data puddle – underlining the importance of getting to the right metrics, driven by the right data parameters. Check out his video here…