We live in an era that allows us to gather data on nearly any phenomenon, including a vast range of metrics in hiring and human resources. As a result, it can be tempting to track everything.
Unfortunately, tracking “everything” is not much more useful than tracking nothing. Instead of having no data, we become buried in an avalanche of it. Identifying the metrics that provide useful, actionable information to improve hiring and retention becomes impossible.
Instead, it’s important to focus on the metrics that affect critical aspects of recruiting and retention.
Top hiring and HR metrics to track, analyze, and audit:
Applicant to candidate ratio
How many people apply for posted positions with your company? Of these, how many are filtered out by the applicant tracking system? How many of those who remain are viable candidates when viewed through a hiring manager’s eyes?
If your system gathers endless applicants but produces very few viable candidates, it may be time to change the applicant tracking system’s parameters, update your job descriptions, or otherwise revamp your process. Your recruiter can help you pinpoint the best approach.
Time to hire
On average, how long does it take your company to find the person they need, from the moment you know you need to hire to the day the new hire starts work?
Longer time to hire is closely correlated with reduced candidate quality and higher turnover. When you know how long it takes to hire successfully, you can employ strategies to streamline the process and keep top candidates engaged.
Candidate dropout rates
Once you have a pool of viable candidates, how many stick with the hiring process through the offer stage? How many drop out before you’ve had a chance to extend an offer?
Several factors can lead to a high candidate dropout rate, including an extended hiring process, tight competition for top candidates, and lack of communication. Your recruiter can help determine why candidates drop out and provide solutions to reduce this rate.
Once you’ve hired, how long do staff stay with your company? When they leave, do they move laterally into a similar role with a competing company, or do they accept a new position that also represents a promotion?
Turnover costs U.S. companies billions each year. Recruiters specialize in helping their clients identify reasons for high turnover and respond nimbly when a worker announces his or her departure.
At FootBridge Energy Services, our recruiters focus on helping clients recruit and retain their staff more strategically – from helping you shorten time to hire to improving your long-term staffing strategies. Contact us today to learn more.