There is always time and money on the line when it comes to filling your open positions quickly. Whether it be working with your internal recruiting team, or leveraging the help of an outside recruiting firm, there are ways to measure whether your partnership is successful or at minimum getting more successful over time.
When I work with clients, more often than not, the issues involving poor performance are not as much due to a lack of effort, but more a result of a lack of open lines of communication between the hiring manager and the Recruiter. A partnership is a two-way street, and as such, it does both parties a lot of good to communicate ahead of time about the goals of the hiring initiative as well as the criteria that will be used to determine its success. The more a Recruiter knows about your team and the qualifications for the role, the better the candidate will be that arrives at your doorstep.
Here are 4 data points you can use to do this. We’ve found them to be most helpful to assess a recruiting partnership over time. They should continue to improve as your recruiter learns more about your environment and what it takes for a potential employee to be successful within it.
4 Key Pillars:
- Hit Rate – This measures the number of candidates it takes to make a hire. If you’re spending a lot of time interviewing candidates, you might want to start paying close attention to your hit rate because we all know time is money at the end of the day.
- Days-to-Fill – This refers to the number of days it takes to fill a job. Having positions remain open for long periods of time is costing your company money and it can also impact your current team’s morale due to having to put in extra hours to cover the lack of manpower.
- Continuity – This refers to the drop off % of new employees hired within the first couple months of their start date. If it’s really low, that means your new employees are working out well. If it’s on the higher side or increasing over time, you might need to take a look at the reasons why because that’s not a good sign.
- Fill Rate – Simply put, how many jobs are getting filled? Are there niche positions that are more trouble to fill than others? Measuring this can help you devise new strategies for filling those spots.
Why are these 4 Key Pillars important?
In summary, they provide insight into the following questions…
- Is there mutual understanding of the job requirements?
- Are strong candidates being sent quickly and are they accepting the job?
- Is the hiring manager providing timely feedback and moving quickly through the hiring process?
- Are the candidates offered the job accepting the job?
- Are they working out well over the longer term?