Posted on Thursday, April 7th, 2016 at 12:16 am
“Great vision without great people is irrelevant.”
Jim Collins, Author, Good To Great
Whether it’s a growing startup or a Fortune 500 company, a team with great people is crucial to building a thriving business. However, recruiting such talented minds is not an easy task. It’s in fact time-consuming and if you don’t measure your recruitment activities then you risk losing the hiring game.
Over here we’ll discuss important metrics to measure the success of your recruitment endeavors.
Number of Qualified Candidates
You will receive many resumes for a particular opening. But what matters is how many of them are qualified to receive an interview call. Mark Murphy wrote in Hiring for Attitude to “bring people on board who have drive and enthusiasm”. Technical skills can be taught but passion, motivation and commitment can’t be taught.
Time of Hiring Process
How long does it take to fill a vacant position? What’s the duration between the candidates appearing for the interview and the selected ones receiving the final call? Time is precious, so don’t take too long to hire the skilled candidates. Also, a vacant position means productivity loss.
Rate of Offer Acceptance
How often do candidates accept your employment offer? This is an important metric that helps you evaluate the success of your recruitment strategies. Also, it gives you a high-level insight into what attracts right people. Money is a huge incentive but it’s not the only factor that excites awesome recruits. According to a survey (https://hbr.org/2013/04/does-money-really-affect-motiv) the association between salary and job satisfaction is very weak. Company culture and interesting work play key role in getting great people on board.
Before you analyze your own offer acceptance rate, you might want to compare your performance with other organizations in your industry
This data is from the Recruiting Benchmarks Survey Report (http://www.slideshare.net/traslavina/recruiting-benchmarks-surveyreport) released by National Association of Colleges and Employers (NACE).
Cost of Hiring
What’s the total cost to hire a candidate? Check the advertisement cost, fee of recruiting agencies, time cost of the internal recruiter in screening the resumes and other hiring related tasks, time cost of the interviewer, drug record checks, and other background checks.
These metrics will help you understand the dynamics of the recruiting process. If you are keen to know about the best practices followed by the construction recruitment services, get in touch with us.