How do you know whether your hiring process is a success, or a failure? If you’re not measuring it and keeping a consistent process over time, you don’t.
At most companies today, hiring is a fluid and ever-changing process. Each hiring manager asks each candidate very different questions, in a different way, with a different impression of the answer. The positive or negative impression of a candidate relies heavily on the hiring manager’s own internal biases, making it impossible to measure accurately.
With hiring automation software, it’s a different story. You can create a completely consistent hiring process that gives every candidate the same questions and evaluates them fairly. Then, you can measure how those candidates perform over time, and tweak your hiring process for optimal hiring results. Learn how consistently measuring your hiring process can help you build a better team and give your business a big advantage.
What Gets Measured, Gets Improved
It’s a well-known fact in business that if you measure nothing, you will improve nothing. This is completely applicable to hiring, though very few companies measure every aspect of their hiring today. If you want to start improving your hiring effectiveness at your company, here are a few factors you can measure:
- Qualified candidates per position available
- Time it takes to interview
- Feedback timeliness of the hiring manager
- Offer/acceptance rate
- Performance of candidate once hired
- Turnover rate
Let’s delve more deeply into each of these metrics so you fully understand how and why you should measure each one.
Qualified Candidates Per Position
Your hiring platform should be branded for your company and provide a customized candidate process. The goal is not just to attract loads of candidates, but to attract highly qualified ones. Some of the things you can alter to increase the number of qualified candidates you receive include writing better job descriptions and using keywords that top-talent would be looking for in a position. By knowing and measuring how many qualified candidates are even applying, you’ll be better equipped to make changes to increase that number.
Time it Takes to Interview
Interviewing can take far more time than a company can actually afford. In fact, traditional hiring methods of face-to-face interviews and phone calls require days, if not months, to sort through candidates. This method is completely inefficient and you want to measure and then drive down the time to hire. With an automated hiring platform, you can interview more candidates in less time. Candidates can do assessments to evaluate their skills at the same time allowing you to see who is the cream of the crop quickly. And, you can save even more time by including video interviews in your hiring process in lieu of those pesky face-to-face ones.
Feedback Timeliness of Hiring Manager
How long does it take for your hiring manager to tell a candidate they are still in the running, or that they aren’t a good fit for the position? You want to keep this number as low as possible and measure it over time. Using hiring software makes this quick and painless too. You can save hours of sending emails and making phone calls with employer-branded emails that tell candidates what to expect at every stage of the process. As time goes on working with automated hiring software, you may find ways to make this element of recruitment even more efficient.
How many of your candidates that you offer position to accept it? Learning this number will allow you to get feedback as to why they may or may not have accepted, and improve your results in the future. You may learn that the job description didn’t fully fit what they were looking for. Or you could find out that they accepted a position with higher pay or less hours. Simply knowing what your offer/acceptance rate actually is gives you a starting point for what you need to improve it.
Performance of Candidate Once Hired
If the candidate gets hired and suddenly you realize they do not in fact have the skills necessary to perform their job, you can use that knowledge to alter your assessments, interviews and job descriptions. If however, the candidate performed exceptionally well in your online assessments and does in fact have the skills required, you may learn that your onboarding process could be improved. Measuring this metric can be a little fuzzier and harder to quantify, but is worth the effort.
Are people leaving your company within less than three or six months of being hired? If you’re noticing an uptick in turnover, it’s time to get to work in finding out the cause, and then do what is necessary to make the number go down. It takes a lot of time and money to bring a new employee on board, so retaining them once they’ve been hired is critical to your bottom line. It may be an issue in the hiring process, or it could be a cultural issue. But if you’re not tracking turnover, you’ll never know.
Know Your Numbers
Again, what gets measured, gets improved. When you take a look at every element of your hiring process and create assessments to determine where your bottlenecks are, only then can you streamline it and make it better. You may learn you have a lot to improve, or that you’re doing better than you realized. Wouldn’t it be better to measure your success to know either way? We think so.