Hiring and retaining the right people is essential to the success of any business. It’s especially important in the oil and gas industries, where specialized knowledge and strong interpersonal ties on project teams are integral to the work.
Here are five metrics managers must track to understand and improve their hiring outcomes:
Time to Hire
On average, how long does it take to hire someone within your organization, from the date you post the job to the date the new employee starts work? Does it take longer in certain positions? If so, which ones?
Time is one of the biggest costs during the hiring process, as every day a position is open represents lost productivity. By tracking time to hire, you can identify and reduce inefficiencies. Your recruiter can help.
Cost to Hire
Time costs money in lost productivity, but other hidden costs are attached to hiring new candidates as well. What is the return on investment on each of your candidate outreach methods? Where do most of your new candidates come from, and how much are you spending?
Examining costs can help you focus limited resources on the outcomes that provide the best results, and give up methods that simply aren’t working for your team.
Applicant to Interviewee Ratio
When your company posts an opening, how many applications hit your applicant tracking system? How many of these are filtered through for your consideration? Of those, how many do you end up considering seriously – or scheduling interviews for?
Job postings tailored to the demands of the job and a fine-tuned automated system can ensure your applicant pool offers more qualified candidates, improving the quality of those you hire.
How many applicants withdraw their applications or say “thanks, but no thanks” when you finally contact them for an interview – or worse, with an offer? Where do most of the dropouts occur in the process?
Dropout rates provide rich insight into inefficiencies and other weaknesses in your hiring process. Companies that don’t track them, however, lose the chance to fix these problems.
What are your company’s compensation ranges for each position? How do these break down into benefits, wages, salaries, commissions and other compensation forms? How do they match up with competing companies?
While you don’t always have to offer the highest salary to attract the best talent, your overall compensation package must be competitive. By examining the numbers, you can find ways to make your offerings more attractive to top performers without breaking your budget.
At FootBridge Energy Services, our recruiters can help you create a strategic staffing plan that tracks necessary metrics and utilizes them to improve your hiring outcomes. Contact us today to learn more about our energy recruitment services.