How do you test and validate the reliability and validity of your recruiting metrics?
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The first step is to define your recruiting metrics clearly and align them with your business goals. You should identify what you want to measure, why you want to measure it, and how you will measure it. For example, if you want to measure the quality of hire, you should define what criteria you will use to evaluate the performance, retention, and satisfaction of your new hires. You should also specify the sources, methods, and frequency of data collection.
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Asking yourself the question, what am I trying to solve for?” can be a great way to truly create metrics of merit. I tend to default to offer acceptance rate, quality of hire, Candidate Net Promoter Score, and a thoughtful diversity metric. Similarly, aligning metrics that support your companies business objectives are a great way to show the impact of your recruiting.
The second step is to collect your data systematically and accurately. You should use reliable and standardized tools and processes to gather your data, such as applicant tracking systems, surveys, interviews, or assessments. You should also ensure that your data is complete, relevant, and unbiased. For example, if you want to measure the diversity of your talent pool, you should collect data on the demographic characteristics of your candidates, such as gender, race, ethnicity, or disability.
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In my opinion, data is valuable as this can help provide you insights when analyzed over time, how well the metrics you have put in place are working. It's not just a matter of stating you will be measuring Time to fill or applicants drop rate or sourcing channel but how would you use the information once you have it. Example, why are applicants drop rate from X sourcing platform more than another platform. Could it be ease of application, no mobile app etc...
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Not every company defines their metrics the same - as straightforward as tracking may seem; metrics are subjective. The obvious biggest metric to track is quality of hire. Is your process getting you the best person for the job? This should be your overall focus.
The third step is to analyze your data critically and objectively. You should use appropriate and robust statistical methods and techniques to examine your data, such as descriptive statistics, inferential statistics, or correlation analysis. You should also interpret your results carefully and cautiously, considering the limitations, assumptions, and errors of your data. For example, if you want to measure the time to hire, you should calculate the average, median, and range of the days between the job posting and the offer acceptance, and compare them with the industry benchmarks and best practices.
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You must also analyze the sourcing methods, platforms, and lead generating ideas you engaged with to engender results. This will identify how your metrics may have been effected for better or worse. Metrics are an important measure to success in both recruiting and overall business marketing, but it all stems from the above variables. Understanding these variables and how they relate to your metrics, allow you to formulate winning strategies.
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It is crucial to analyze ratios, as averages and totals do not truly tell you the story of quality. If your recruiter has 100 phone screens , 10 submittals and 2 hires, the quantity of phone screens is negligible because the recruiter's quality and ratios of Phone screens to Submittals and Phone screens to Hires ratios are poor. Ratios help you find the top quality within your team.
The fourth step is to improve your metrics continuously and strategically. You should use your data analysis to identify the strengths and weaknesses of your hiring process, and to generate actionable insights and recommendations. You should also monitor and evaluate the impact of your improvements on your metrics, and adjust them as needed. For example, if you want to measure the candidate experience, you should use the feedback from your surveys or interviews to improve your communication, transparency, and engagement with your candidates, and to measure the changes in their satisfaction and loyalty.
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