Posts Tagged ‘time to hire’

Big Data on War For Talent

12/06/2014

Which talent acquisition strategies actually save most time, what ones cut the most cost? Here’s aggregated data across 571 employers who are members of Direct Resourcing Strategists on the ten most successful strategies to save time and cut costs. Simply request the report on time saving and cost cutting strategies and I’ll send it to you

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Why you need a real recruitment metric

07/11/2010

Management Information, or MI, was one of the biggest issues highlighted in the October 2010 survey of members of the Direct Resourcing Think Tank.

Assessing the business impact of the Resourcing Department is key for the careers of heads of resourcing – and indeed their immediate bosses – so what MI would their CxOs and Senior Management want to see?

A Newman Group survey threw up the most-used MI

http://www.slideshare.net/beeshields/talent-acquisition-2008-survey-and-analysis-of-the-changing-recruiting-landscape-presentation

Top came open vacancies, then time to fill, volume of hires, cost per hire, internal placement, offer to accept, interview to offer, decline to offer, and lastly diversity.

The Newman Group clients have missed the point. DRTT members, being taxed to influence CxOs and Senior Management, all agree that a different metric – Quality of Hire – is the key criterion of judging their own performance and giving shareholder value.

However, QoH is a bit of a Holy Grail, because these same businesspeople say it involves measuring the performance of new hires, ensuring that all the skills & competencies that drive performance are present in new hires, that new hires are a good cultural fit, that retention ratios are good. Some have even linked Quality of Hire to succession planning, on the grounds that a quality hiring process will predict when business-critical roles will become vacant and will already have created a pipeline of replacements. All legitimate arguments, and all making QoH more fiendish to measure, less tangible even, though somehow more holistic. Never mind the width, feel the quality, they say.

This is not a counsel of despair, because what you measure you can improve, and if you continuously improve, you improve your  Quality of Hire, you make a bigger  impact on your business, and get the attention of your CxOs and Senior Management.

(A word of advice: if you tell your CEO that your Cost per Hire is just your advertising, recruitment agency, and recruiter salary costs, then you might get some of her unwanted attention!)