Have a love/hate relationship with your metrics? Metrics can indicate new initiatives are working well, but they may also reveal when recruiters need to work harder for results. In this digital age, recruiting metrics matter. They’re an important tool for analysis and improvement of your hiring process. They can also generate hard evidence of TA’s value to the bottom line of the organization. But what about recruiting metrics that matter to your candidates? Are you measuring performance by how well you deliver on candidates’ expectations? In the age of the candidate, these may be the recruiting metrics with the highest value.
How do you identify recruiting metrics that matter?
Though there are nearly two dozen common recruiting metrics, only a handful are of concern to your candidates. To identify these, start by understanding the kind of hiring experience that can impress and delight modern candidates. Fast and easy are two of the characteristics candidates want most. If you don’t think so, just look at candidate drop off rates when the hiring process is slow and overly complicated!
Transparency is another candidate priority. They prefer to be kept in the loop, and to understand what’s next in your hiring process. Based on the expectations of today’s candidates, some of the recruiting metrics that matter most are:
- Time to fill – Don’t let your process drag it out. Let candidates know quickly if they will move on.
- Interview to hire – Candidates don’t want to be one of ten candidates being considered. If you advance them to the interview stage, they want to be one of two investing the time in your hiring process.
- Post-interview satisfaction – How would candidates respond if asked about their experience with your hiring process? Would they recommend your company to their social network? Nearly three-quarters (72%) of candidates who’ve had a poor hiring experience have shared their negative impressions online.
- First-year turnover – This metric provides insight into how closely the impression candidates form of your organization and employment experience aligns with their everyday experience on the job once they’ve been hired.
What if you don’t like what your recruiting metrics reveal?
If you’ve focused your dashboard on recruiting metrics that matter to candidates and the results are less than stellar, take heart. You’ve given yourself a baseline for measuring improvement, and hopefully gained insight about where in your hiring process to concentrate your efforts.
Innovative hiring technologies can help you move your process and your metrics forward. If your goal is
Faster hiring: Video interviewing platforms that offer on-demand video and voice interviews, and automated scheduling cut down on hiring delays and enable you to respond to candidates faster. Some platforms now include workflow automation and an integrated dashboard that helps recruiters prioritize their day and stay focused on the candidates who need attention.
Identifying top talent faster: Technologies like on-demand text enable candidates and recruiters to engage efficiently on basic qualification questions. Imagine being able to identify candidates in your applicant pool quickly who can work weekends, have a valid driver’s license or meet other basic requirements. With on-demand text, you can spend more time with the right candidates and reduce your interview to hire ratio by up to 70%.
Smarter decision making – Pre-hire assessments provide additional data points about candidates that can help you and the hiring team make smarter hiring decisions. Some pre-hire assessments are standalone, while others are integrated with interviewing platforms to offer a combined interview and assessment experience.
Enabling candidates to give feedback – It’s a high-value strategy. Candidates appreciate the opportunity to give input and be heard. Plus, they’re a rich source of intel on your hiring experience. Post-interview online surveys are just one of the many ways you can collect this information and create another point for candidate engagement.
Are there emerging recruiting metrics that matter to candidates?
Diversity hiring matters to candidates, and it is an area where recruiting metrics are still being defined and redefined. Eighty-five percent of TA leaders and recruiters say they’re under pressure to increase diversity in hiring. And, with 44% of candidates reporting they’ve experienced discrimination in their job search, the pressure to remove barriers to diversity hiring such as unconscious bias is also rising. Interviewing technology that enables unbiased candidate review is one of the solutions.
With new technologies and different generations in the workplace, ways to measure diversity are likely to evolve. Traditional diversity metrics such as demographics and representation may not be as acceptable to younger recruiting professionals who think of a diverse workforce in terms of a range of opinions, experiences and personal identities.
It’s clear that measures of success in recruiting need to adapt along with new solutions in the ongoing struggle for talent. The recruiting metrics that matter to candidates are those that will matter most to organizations, too.
Independent third-party research commissioned by MoDERN HIRE with TA leaders, April 2018.