It’s a famous wording for businesses that ‘you cannot manage what you cannot measure’.
Similar concept applies for recruitment. Searching the correct person for a job doesn’t equate to a success. Hiring process requires time, money and company resources. In short, investment is needed in hiring. A primary services of staffing agency is to collate and analyze data to evaluate the candidates in different steps included in the hiring process. Many companies have their in-house staffing agency comprise of expert that’s normally known as Human Resource department.
The different companies have different hiring process. However, few barometers that primary services for staffing services is to monitor when it comes to metrics of hiring. Here are point listed in detail:
- Channel Effectiveness and Hiring Sources
Before the revolution of social media, the jobs were posted through classified ads on the newspaper. However, today the social media invention has made easier for the companies to post job ads and applicants to send their resume directly via social media page of the company.
It is significant to monitor that what kind of candidates are applying for a particular job opening, it observes the channel that is applying the most. Indeed, it’s the most effective tool that talent acquisition managers watch as the hiring metric.
What is metric? Firstly, it figures the traffic that’s bringing your job applicants more. Secondly, it helps you to find the best candidates out of it. For instance, you may get a lot of online applications for job, but it will not convert into actual hiring.
After knowing key metric, you should focus on sources that focus on allocating your workforce accordingly.
- Candidate Experience
Would go for a dinner at a restaurant that doesn’t have a good review? No, not at all!
Similarly, a candidate will never apply for your vacant positions after learning about your hiring and onboarding process as poor. Word of mouth is significant. Job seekers feedback is supposed to be positive for the candidates to apply for your company.
This terminology refers to the time job vacancy is open to apply till the time person gets hired. This hiring metric is important because many candidate don’t apply keeping a lengthy wait in mind. Even if they apply, in the meanwhile they receive call from any other organization that they have applied in.
- Cost per Hire
It’s obvious, hiring requires money!
When a company is spending money to acquire an employee with a no brainer can be problematic. For example, add placement expense, hiring tools, primary services for staffing agency fees and technologies. Hwoever, there are more expenses that cannot be calculated such as interview taking, a time is consumed but you can’t calculate in terms of money.
- Offer Acceptance Ratio
The most depressing moment for a recruiter is to find the right person and that person turns down at the time of offer. It is a usual thing happening in many small or big offices.
There are multiple reasons for that, such as time between the interview offer letters is too long. Secondly, the reputation of the company. Hence, it’s not surprising that a best candidate in your eye declines your offer. That’s why recruiters have to be careful while hiring candidates.