Recruitment Metrics and Selection Tools –The need to improve requires tools to measure performance, efficiency, productivity, profitability and many others. They include quantitative analyses to determine efficiency of time and costs, while qualitative analyses pertain to productivity, retention, performance and efficiency.
Traditional metrics refer to “Time to Fill" and “Cost per Hire" and are still regarded as essential; but lately, other metrics have presented more significance for improving the methods used in getting the vacant positions filled. They present options that pose solutions concerning recruitment and hiring problems resulting before “Time to Fill" and “Cost per Hire" issues. The latest trend is "quality hire first before calculating time and cost".
The most common tools include but are not limited to:
Quality of Hire
Interview questions thrown at job applicants shall be based on surveys of performance appraisal standards used to evaluate the most recent batch of new recruits during the first 6 to 12 months of tenure. The recruitment manager shall gauge answers and qualifications by a scale of 1 to 5 by using a list of criteria gathered from said performance appraisal surveys.
Diversity of Hires
This refers to sourcing talents coming from diverse industry fields, pertaining to functions, sections, and levels of work experiences. Human resources often work as a team, and the effectiveness of a team likewise stems from the diversity of knowledge and skills possessed by the members, although there is the possibility that some industries have had historical records that create difficulty in attracting diverse candidates.
This metric provides indicators about the employers’ job offers. Accordingly, when it comes to staffing professionals, most offers extended by firms have a batting average of 80% to 90%. Based on a survey conducted by the National Association of Colleges and Employers, only 68% of offers for non-pro positions are accepted. Recruitment managers should therefore discuss the reasons why the applicant is declining the offer to determine areas for improvement.
Nonetheless, the most common reasons for low offer-to-acceptance-ratio are the
(1) Low amount of compensation offered;
(2) Lack of appeal or attraction in the workplace environment;
(3) Distance of assignment and unavailability of transport;
(4) Career growth prospects; and
(5) Job designation.
Source of Hire
This pertains to measure of evaluating the effectiveness of sources, from which applicants are shortlisted as potential candidates. The importance of the source should be driven by the percentages of previous recruits’ highest level of on-the-job performance evaluation results and their corresponding tenures.
This method refers to the development of a pool of candidates founded on relationships built with satisfied customers through effective Customer Relationship Management strategy. It lessens cost-per-hire and time-to-fill issues, since the potential candidates have actual and practical knowledge of what the company’s customers want.
Interviews and questionnaires to gather information on what satisfied employees consider as the main attractions in getting hired and retained by the company.
Image Credit: MPRI Sandra for Wikimedia Commons
Please proceed to the next page for information about the current techniques in managing employee retention during tenures.