The late business guru Peter Drucker – author of 39 books and celebrated by BusinessWeek as “the man who invented management” – remains one of the most widely known and influential thinkers on management. HR and hiring managers would do well to observe one of his most recognized axioms: “If you can’t measure it, you can’t improve it.”
At a time when your hiring process needs to be operating at maximum efficiency, measuring the key metrics associated with hiring is a must. It’s the only way to truly understand what’s working, what’s not, and how to fix it.
Key Metrics of the Hiring Process
The best way to start is by gathering information that provides a big-picture view of your recent hiring efforts. For instance, you should be tracking:
The number of applicants. If you’re not receiving the response you expected, consider where you might be going off track. Are your job advertisements written effectively? Are they posted in the right places? Is your online portal working properly? Is your application simple to fill out?
How many applicants receive interviews. If applications are coming in, but not enough candidates are progressing to the interview stage, ask yourself: Do we need to adjust the qualifications? Should we widen our search area? Or, are we simply being too choosy?
How many candidates show up for interviews, and how many move on. This is the age of ghosting. If candidates are skipping interviews, could you be moving too slowly in executing them? If it’s a second interview, is your decision-making process taking too long? Are you being flexible in the interview format, in person vs. virtual? Similarly, if a significant number of candidates are being dropped after initial interviews, you should consider whether your interviewers, questions, or format may need to be adjusted.
How many offers are made, and how many are accepted. Making too few offers raises questions: are you being overly cautious? Too picky? Does it reflect an issue at another stage of the hiring process? Having too many candidates get to the offer stage and turn you down generates other questions. Are the salary and benefits up to par? Are you offering flexibility in how and where work is done? Is your hiring process moving so slowly they’ve lost interest?
Improving Hiring Using Metrics
Collecting and evaluating these key metrics is the first step; now, you have an inside look at how well your hiring process is – or isn’t – working. From there, you can set goals that include hitting certain levels at each step of the process. Even better, you can identify where improvements need to be made, and kickstart that critical effort.
Often times, a fresh pair of eyes and a unique perspective can make a huge difference in revitalizing a system that’s not quite up to snuff. In addition to recruiting top-tier employees, Alaant offers Recruiting Consulting Services, in which our experts work with organizations to assess their hiring process and help them transform it into a well-oiled machine. Interested in learning more? Contact us today and let’s get the conversation started!
