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If you cant measure it, you cant manage it. This phrase, coined by the nationally recognized consultant and author Peter Drucker, holds true across virtually every aspect of business. In todays recruiting environment, measuring the right things is more important than ever. With candidates searching for and applying for jobs from a multitude of sources from all over the world, creating highly effective recruiting strategies has become extremely complicated and challenging.
Any recruiting professional who experienced the cost of a bad hire knows firsthand the value of better intelligence during each phase of the recruiting process. In a recent survey of nearly 2,700 employers, 41% of participants estimated a bad hire costs at least $25,000, with 25% estimating a cost of at least $50,000.1 And those costs dont account for lost productivity, hits to morale, and possible subsequent legal issues. The heart of the matter is this: Better company performance requires the best talent, which comes from the best recruiting. To fully understand your recruiting effectiveness, you need metrics across the entire hire to retire process. Simply measuring time and cost-to-fill is no longer enough. Instead, you need to measure the effectiveness of each stage of your hiring process, from marketing the jobs all the way to the long-term performance of those that are hired. Tracking the right metrics, and adjusting whats measured along the way, is what ultimately drives meaningful results. Consider a scenario familiar to many recruiting professionals: Your company just opened a new facility that needs to be staffed with highly specialized people quickly. Your recruiters scramble to fill positions without the necessary information and resources to attract, engage, and select the best candidates. Although the positions get filled somehow, the consequences of bad hires, attrition, and sub-par performance can take its toll for months, or perhaps years, to follow. Odds are there is little disagreement in your organization on the need for metrics. What is probably confusing, however, is exactly which metrics are most valuable. For example, data on candidate traffic from a particular source may be interesting, but it becomes valuable and actionable only when you combine it with hire data from the same source. If a source is producing high traffic, but low hires, then the action would be to dig further and consider changing the investment in that source. In such a situation, you would want to identify those aggregators who are driving traffic without corresponding results and shift resources to adjust your strategy. The following ten metrics and bonus metric cover several recruiting areas and have been shown to drive better recruiting results.2 Here are the top metric categories your organizations should be thinking about:
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Recruiting execution requires the right metrics for each critical activity: Attracting and engaging talent and measuring results
Career site performance: Monitoring and measuring your candidates first impressions Own your source: Creating and cultivating a talent community Use of free sources: Search engine optimization (SEO) Know your social media performance: Embracing the power of social media effectively Be mobile-friendly. Get moving on mobile
Source: careerbuilder.com, More than Two-Thirds of Businesses Affected by a Bad Hire in the Past Year, December 8, 2011 SuccessFactors client results
Key Metric #8: Percentage of candidate traffic from each search engine (e.g. Google, Bing and Yahoo!). Metric #8 benchmark: 80% of job board traffic comes from Google, Bing and Yahoo!, with Google accounting for 85% of SEO traffic.
Key Metric #9: Growth in candidate traffic from search engine sources over time. Metric #9 benchmark: In January, 2011, SEO generated 697,000 candidate careers site visits; in January, 2012, SEO generated 1,993,000 candidate visits.
Know your social media performance: embracing the power of social media effectively
Not all social media is created equal. Facebook is a prime mover in this space. Although Facebook delivers fewer candidates, they tend to be higher-quality candidates than LinkedIn. Facebook is an important sourcing component that can contribute greatly to quick placements and better recruiting productivity. If you havent already, start thinking about how to include Facebook in your recruiting source mix. Key Metric #10: Applications-per-hire by social network source. Metric #10 benchmark: Facebook takes, on average, 31 applications to get to a hire, versus LinkedIn, which takes, on average 268.
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