New Metrics to Yield Strategic Insights on Recruitment Success

November 2, 20158:31 am1070 views

In today’s data-driven world, new metrics are needed to fully measure recruiting success. ManpowerGroup Solutions proposes new model to align recruiting strategy with business mission. In a recently released whitepaper titled, “Recruiting Strategy Metrics: From Transactional to Transformational,” the findings explore the need for metrics that yield strategic insights, versus ones that simply establish a baseline and measure improvements over time.

Transactional metrics (such as time-to-fill, time-to-hire and cost-per-hire) remain important, as they allow employers to establish early success measures. However, many employers and recruiters have relied exclusively on these traditional metrics, resulting in missed opportunities to raise the bar. Transactional measures reveal quantity, not quality, which suggests the need for something more.

“As employers become more comfortable with the use of data, and as even more data becomes available, there is an opportunity to expand the traditional view of metrics to address much larger questions of employee performance, productivity and engagement,” said Susan Howse, General Manager, ManpowerGroup Solutions Australia. “Ultimately, data should be used to measure alignment with corporate culture, brand and customers.”

To incorporate the use of data in measuring recruitment strategy success, here’s a new model orchestrated by Manpower Group that consists of three distinct phases:

  1. Consolidate: Planning and preparation that focuses on establishing baselines and setting a company up for success. Includes the basic, common-practice transactional metrics that ensure the operation is running smoothly.
  2. Optimize: When recruiting strategy moves beyond the transaction and starts to look at issues that impact engagement, productivity and brand. Metrics are both quantitative and qualitative, and are linked to specific business objectives (including net promoter scores, candidate satisfaction, recruitment spend reductions, etc.).

See: Predictive HR Metrics: Smart Way to Use Data

  1. Transform: The place for vision, made up of radical and bold metrics customized to the specific needs of an individual company (such as improved perception of employer brand, awareness of employer brand, improved perception of the industry, etc.).

To identify that a transformational model truly exists, the following characteristics should be present:

  • Flexibility: Every initiative should have different metrics, depending on the pain points for the company or department.
  • Innovation: RPO can uniquely contribute to brand-building exercises; they should also be at the cutting edge of thinking about how they can impact the mission.
  • Agility: The RPO team should have the ability to pivot – if they’re unable or unwilling, they probably aren’t the right provider.
  • Multi-Speed Readiness: Solutions need to align with readiness in different areas of the business.
  • Feedback Loops: Any effective strategy should build in feedback loops, ensuring RPO providers have the information they need to evolve their approach as necessary.
  • Governance: A transformational recruiting solution needs to have support and guidance from the top.

“Transactional metrics will always have value, but in today’s data-driven world, they represent the floor, not the ceiling,” Howse added. “The real opportunity now is to take metrics to the next level and align them with employee engagement and productivity – now and in the future.”

Also read: 5 Recruitment Hacks You Can Implement Immediately

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