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Published byPierce Gray Modified over 9 years ago
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Measuring Recruitment
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Key Considerations Degree of Centralization Size of the Organization Role of HR in recruitment Systems Maturity
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What Firms are Measuring Today 2001 Cost of Employee Behaviors (absenteeism, smoking, etc.) Turnover costs Employee Replacement Costs Economic Benefit of additional recruiting Economic Benefit of various training levels Economic Benefits of high, medium and low performance on a particular job 2006 Time to Fill Offer Acceptance Rate Training Investment (ROI) Cost of Hire Employee Replacement Costs % of employees trained % employee utilization Voluntary & Involuntary separation rates
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Hiring rate Hiring rate Executive satisfaction Executive satisfaction R.O.I. by employee R.O.I. by employeecategory Response rate (attraction power) Query response time Referral rate Acceptance rate On-boarding time Conversion rate on Internal referrals Candidate satisfaction (with recruitment process) Early days turnover ratio Job progression rate Internal client satisfaction Gap-to-Hire cycle Time % Appropriate closure Cost per recruit HR OPERATIONS STRATEGIC ALIGNMENT PROSPECTS RECRUITS
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Strategic Alignment Question How many Candidates do you need? Are you meeting Executive expectations? Are we getting our money’s worth? Metric Number of Candidates you need to find by level, role, and skill set. Satisfaction survey and interviews with key business leaders. ROI of recruitment activity in relation to avoided cost of turnover.
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Prospects Question Which methods for finding new talent are most effective? How long does it take to find the types of talent you need? Are we a preferred employer? How quickly do you respond to qualified talent? Metric Response rates for all recruiting tactics: web site, advertising in media and direct mail, job fairs or other events, referrals etc. Rate of talent acquisition by level, role and skill set (time to hire). Referral rate. Turnaround time for candidate inquiries received via Web site, email, phone, regular mail, referrals and events.
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HR Operations Question How do you decline candidates who are not appropriate while ensuring that they send you referrals? How can you decline them graciously? Are your internal clients satisfied with your ability to support their recruitment needs? How quickly are we filling positions? How much does it cost to support the recruiting process? Metric Time to decision and time to follow-through communication and appropriate closure. Internal Client Satisfaction Surveys and interviews. Cycle time from when the need is identified to start date. Aged “request” or “vacancy” reporting. Time and money associated with recruiting.
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Recruits Question Is our process recruit friendly and effective? How quickly do new recruits become functional in their role? Can you manage/handle their referrals? Are the new recruits staying? Metric Candidate satisfaction with the recruitment process (via surveys and interviews with new hires). On-boarding time. Job progression rate. Conversion rate. Number of repeat referrals. Early days (3-6 months) turnover ratio.
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How to Calculate Common Metrics Formulas necessarily differ from organization to organization and MUST consider both hard and soft costs that impact the organization most profoundly. These are just the “formulas” – creating the numbers that fill the formulas is the trick!
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Metric Accession Rate Cost Per Hire Cycle Time (time to fill) Offer Acceptance Rate Description New Hires + Replacement Hires Total Headcount __ Hiring Costs__ _ New + Replacement Hires Days to Fill (from requisition) New + Replacement Hires Offers Accepted Offers Extended
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