Measurement should be the backbone of annual planning. But in our demanding talent acquisition world, it’s easy for it to fall to the bottom of our list of priorities. A 2016 LinkedIn Global Recruiting Survey revealed that “only 33% of recruiters feel like they are able to measure their impact on the business.”
As we head into Q1, and look forward to the rest of 2018, how can recruiters use metrics to develop a lean, structured approach to recruiting that guarantees success? If you're interested in diving deeper into how metrics can impact talent acquisition, register for our January 24th webinar: Planning for Success: Setting Your 2018 Recruiting Metrics and KPIs Strategy.
When it comes to Talkdesk’s analytical strategy, the key to success is measuring the three Es:
Step 1: Efficiency
At Talkdesk, the team consistently tracks funnel and hiring metrics. This includes basic metrics like number of hires by department, recruiter, sourcer, hiring manager, source, inbound source, referral source, and time period. These numbers are paired with critical information on cost per hire, total savings per hire, and a formula that lays out the recruiting cost ratio. For every dollar of first-year compensation, Talkdesk spends eight cents on activities related to acquiring the talent.
By incorporating funnel metrics like prospecting activity, and conversion rates at each stage of the funnel, the Talkdesk team is able to constantly identify ways to improve recruitment and rapidly update their process to make it more efficient.
Step 2: Effectiveness
To hire and retain quality talent, you need to measure the effectiveness of your recruitment flow. How is your candidate quality ranked? Are you tracking the percentage of written offers submitted to candidates that are accepted? Do you have an aggregate of rejection reasons, or numbers on employee retention at 90 days vs. 365 days?
Time and dollars are wasted on inadequate hires. In fact, Talkdesk considers churn within 90 days to be a mishire. How many mishires are clogging your system?
Shauna Geraghty, Head of Talent at Talkdesk, tracks metrics across eight effectiveness categories to create an optimal action plan. During next week's webinar, Planning for Success: Setting Your 2018 Recruiting Metrics and KPIs Strategy, Shauna will share the Talent Team self evaluation and performance evaluations that guide her process, as well as the key questions her team uses to compile hiring manager feedback.
Step 3: Candidate Experience
The key to measuring candidate experience lies in candidate feedback and new hire surveys. Talkdesk segments candidate feedback data across four categories: department, hiring manager, recruiter, and role. The answers to their ten question survey allows the team to track quality of candidate experience through every step of the journey. That knowledge is critical to identifying talent acquisition strengths and weaknesses, which is crucial information for annual recruitment planning.
But the data collection process doesn’t stop with candidates. New hires offer unique insight through new hire surveys, where they provide feedback about their interview and onboarding processes.
Transform Your 2018 Recruitment Planning
It’s never too late to upgrade your strategy and change your year. And we’ve barely scratched the surface here on the wealth of recruitment planning knowledge that’s about to be at your fingertips. Don’t miss your chance to learn how a top-performing talent team is taking measurements and transforming them into effective 2018 strategy. Register for our January 24th webinar: Planning for Success: Setting Your 2018 Recruiting Metrics and KPIs Strategy.