Businesses need the right employees in the right roles to stay competitive, productive, and efficient. That is why many of them set clear and defined recruitment goals. Having goals can help recruiters work towards defined outcomes. However, on their own, goals do not ensure success – they require efficient and sustainable implementation. This is where corporate recruiting metrics come in.
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Important Metrics for Recruitment Goals
To help reach your recruitment goals, you need to define several key milestones or metrics along the way. These metrics serve as key measurements for progress towards your recruiting goals. They can also help with course correction, as well as measuring HR performance.
Almost every talent acquisition strategy has specific metrics. Goals such as hiring within certain budgets, making successful hires, and having more talent in the pipeline are all common examples.
If you have a specific goal, such as improving your tech recruitment, you need to develop specific criteria for success. The first step will always include gathering all relevant information from your existing recruitment efforts. This includes comparable information from centralized vs decentralized recruitment as well. Based on these efforts, you can begin to increase successful hiring for technical roles.
However, the following metrics could also help you keep your hiring performance high along the way:
Choosing High-Quality Candidates for Tech Pipelines
One of the biggest problems with tech hiring is not a shortage of candidates, but a shortage of high-quality candidates. There are plenty of tech candidates like developers, network administrators, and data scientists out there. But finding the right fit for your business can often be difficult. Especially when you have an open tech role that you need to fill fast. Hiring a bad candidate can and does often prove to be a huge setback.
Instead of trying to process a huge number of candidates, you could be better off creating a talent pipeline filled with high-quality tech talent. That way, even if there is an opening or a vacancy is soon to open, recruiters can simply reach out to pre-qualified talent in their pipeline for a suitable replacement.
Working with a staffing agency could help you tap into their pipeline to source the right talent as soon as possible. You can measure the success by comparing the timelines to fill a role before and after implementing this metric.
Reducing Recruitment Costs for Better Budget Utilization
Having a limited budget for an urgent role is the bane of every recruiter. There is often no way around it. After all, recruitment departments typically operate on fixed budgets, just like any other business function. Securing an increase in the budget can often be a long and uphill battle, but careful budget management is critical in and of itself. Your recruiting team goals should not have unnecessary budgetary constraints imposed upon them.
Inefficient recruiting is expensive and inefficient. With improvements like automation, using applicant management systems, and similar measures, HR departments can improve the money they burn on tasks that do not relate directly to hiring a new candidate.
With reduced inefficiencies in the department, recruiters have more funds available to devote to recruiting. And with a lower recruitment cost, they can make sure the budget is utilized in the best ways possible. Measuring this metric involves a top-down analysis of recruitment, and comparing it to the cost per hire.
Target Channels That Tech Talent is Most Likely to Use
Selling a product to an audience at large is always harder than selling it to someone already interested in it. It is also a much better use of your advertising and marketing budgets. You have to spend considerably less on convincing people who are more likely to deliver the outcome you want. The same applies to recruitment efforts.
A mortgage staffing agency could target interested candidates on a financial publication. Medical recruiters could see better results in advertising positions on medical websites or journals. Tech Recruiters would see far more success with their efforts if they narrow their efforts down to targeting the right channels.
Choosing these channels depends heavily on the type of candidate your business needs. In tech, for example, candidates are likely to frequent places like Stack Overflow. Advertising open positions on these channels may prove far more efficient than other types of online platforms.