For 2015, we are making a new resolution for all of our HR friends out there, and taken little by little, it's pretty simple: Learn the Metrics Behind Your Goals. Knowing what to measure and when to measure it is going to define your HR team as a crucial addition to the company's success. When it comes to recruiting, there are dozens of metrics that you could report on, but with help from a comprehensive survey to our audience of HR professionals, we have hand-picked just the top 10 most important metrics.
Today, we will focus on the very first one: Time to Start. This metric refers to the amount of time it takes to bring a new hire on board from the moment that you first publicize the open position. It is important to distinguish that this means the new hire's first day on the job, not the day they accept the offer. In some articles and publications, you may see this referred to as the Time to Hire, but it is essentially the same thing.
This is probably the most important recruiting metric to focus on since it not only relies on the efficiency of the recruiters and the sourcing channels used, but it also determines the success of your overall recruiting strategy. Job vacancies within an organization can mean a loss of productivity until that position is filled, so the longer the time to start, the longer your organization is lacking in that area.
Of course, the time to fill a position is going to vary based on the job level, and perhaps the specific skill set that is required. As time goes on, however, HR should be able to determine an average timeframe across all positions, and work toward reducing that time. To get a clearer picture of how to improve this duration, the metric can be further broken down into intervals of time among each of the different steps in the recruiting process:
- Time until a potential candidate was sourced
- Time until the potential candidate was either screened in or screened out
- Time until the candidate was interviewed
- Time until an offer was accepted
Ultimately, companies who have a strong talent management strategy will have a shorter time to start than those with a weak or nonexistent strategy.
Throughout January, we will post a blog for each of these top 10 recruiting metrics, and would love to receive any feedback from you on whether or not you are currently measuring these at your organization. Do you have any crucial metrics that you believe should be considered in a recruiting strategy?
Click here for the complete SmartPaper on Top 10 Recruiting Metrics HR Should Care About.
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