You successfully led your company in the shift to virtual hiring this year, and your leaders see you more and more as a strategic advisor. Now, you’re looking for strategies to keep the momentum going. Could your recruiting metrics be the right opportunity? Bringing your data into focus with analytics can change not just recruiting metric outcomes but also the core of your recruiting metrics. Here’s how to put together a recruiting metrics dashboard that will earn you top marks.
Traditional recruiting metrics like time to fill, interview to hire ratio, and cost to hire are important because they provide visibility into how your process functions. Metrics allow you to spot trends and demonstrate improvement over time. They represent the way the hiring process has always been measured.
What if you also had metrics that could indicate each new hire’s economic value to your organization? That would be a very strategic approach to recruiting metrics. HR teams can provide this type of information to leadership using predictive analytics. Predictive analytics enables a change in the way your data and metrics are being used, and it can have measurable impact on your organization’s bottom line. For instance:
- Quality of hire is defined differently in every organization. For some companies, it is very formulaic based on the number of candidates submitted by recruiters, the number who are hired, and the number of those who do not leave. However, recruiting teams using predictive analytics can define the quality of hire in new hire productivity or sales revenue – whatever specific metrics they use to determine employee performance. Predictive analytics relates those post-hire performance metrics to pre-hire assessments, so recruiters can predict candidates’ future on-the-job success and use that as the basis for candidate selection and advancement. Read a short case study about the impact of predictive analytics on the quality of hire.
- New hire turnover is a critical recruiting metric in many organizations. Predictive analytics can indicate the risk of turnover for each candidate before they are hired. Using predictive analytics and pre-hire assessments allow recruiting teams to make data-driven hiring decisions that improve new hire retention. Read a short case study about the impact of predictive analytics on retention and turnover.
You can find out more about predictive analytics and recruiting metrics by downloading Using Predictive Analytics To Improve Hiring Experiences.
Candidate Net Promoter Score is a key recruiting metric
So far, your dashboard’s recruiting metrics cover your hiring process and the value of new hires to your organization. There’s a pivotal addition to make: your Candidate Net Promoter Score, an indicator of candidates’ satisfaction with your hiring experience.
The Net Promoter Score (NPS) was first created to measure customer loyalty to a company’s brand. Customers are asked a single question: “How likely are you to recommend this organization’s product/service to colleagues or friends?” Based on the score, an organization can tell how its customer base breaks down in terms of Promoters, Passives, and Detractors.
The Candidate Net Promoter Score (cNPS) puts a straightforward recruiting metric in place for candidate sentiment about the hiring experience – an intangible that in the past has been difficult to quantify. By adding a similar survey question to the hiring workflow, “How likely are you to refer colleagues or friends to work at this organization?”, organizations can benchmark their process against other organizations and demonstrate their hiring process enhancement over time. It can also be used to support a business case for modernizing hiring technologies and workflows.
Time to fill, cost to hire, and interview to hire ratio remain essential, but when you start to ask different questions of your recruiting metrics, it opens up a new perspective that can help your team bring more value to your organization. The step into predictive analytics is with an enterprise hiring platform. The Modern Hire platform integrates analytics, artificial intelligence, pre-hire assessments, and automation to positively impact every recruiting metric, descriptive or predictive. Request your demonstration today.