The Ultimate Guide on Recruitment Metrics

Ever wondered why hiring the right employee is a tough process for most ? And why is that a bad hire can cost you a lot more than what you normally expect. Because, now the effort will be spent on new hires, more time to hire, more cost, and yes, the delay in the ongoing projects.

Today, businesses are spending thousands of dollars and investing hours to fill a vacant position. Of Course they need good quality candidates who can do the task most efficiently. And it feels bad when the candidate is not as good as you thought.

Recruitment is a war of talent. 

The point of concern here is that we may be missing out on the really important kpis that lead to a good hire. We are talking about the maximum number of hires that you as a recruiter want to do for your company. We do good hires of course, but if that percentage is less, then surely you need to think about your existing process and the gaps.

Every business wants to hire the right people for their roles. You are no different. You are not doing anything different from those 5000 other recruiters trying to get their hands on that “amazing Python developer” or that critical “Big data Analytics” mid senior level position.

How do you go about that ? The first thing that comes to mind is are you tracking recruitment metrics. And are you tracking the right recruitment metrics that your business is most related to. That’s your way to go about it. 

Let’s admit, every recruiter is hungry for that appreciation from management that you hired an excellent candidate who will aspire to close million dollar deals.

It is the priorities that are different for different companies. For some, time to hire is important, for others the cost they saved on every quality hire makes the difference every year. More or less, a quality hire is what everyone needs and doesn’t want to compromise upon.. 

But don’t you think over a period of time, some companies are compromising on quality of hire. 

The True Cost Of A Bad Hire - It's More Than You Think

As an important example to mention: Zappos CEO Tony Hsieh once estimated bad hires had cost the company over "100$ Million". Isn’t that too much?

It’s not wrong to say a bad hire's morale and productivity impacts ahead of monetary losses.

 A company I know once hired a function leader who didn't plan well and generally disrespected other team members' priorities. As a result, they lost nearly three key employees. It could have been stopped if planning was better.

Suppose, If you are a midsize company in AI, you definitely want to shine and be the best in your domain. So, what matters to you is definitely improving or rather optimizing some of the metrics that can help you redefine the HR department. 

Gone are those days when start-ups or midsize firms considered HR only for recruitment of a fixed number of people in a month. Now, with the advent of technologies like AI, big data as things have changed for many industries, there is no denying the fact that HR function is bound to be revolutionized. But are we doing our research, our analytics in terms of what is increasing our cost per hire, time to hire or how the quality of hire is changing.

As an assumption, let's admit that not every metric is important to the firm, however still there are some core metrics that you shouldn’t ignore if you want to climb the ladder and beat the cut throat competition. How does it feel if by focusing on recruitment metrics, you mitigate the chances of bad hire ( of course you can’t eliminate it totally). By decreasing the chances of bad hire, you save the additional time that you would have invested in hiring again. By doing this, the ongoing project work would not be stopped. By doing this, more effective business decisions are being made and the team feels motivated. 

You can find recruitment metrics, and how it is changing the recruitment efficiency altogether in the e-book titled “The Ultimate Guide on Recruitment Metrics”.

Here is the link to the e-book: https://lnkd.in/dbpWgpD