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Use metrics to drive recruitment

2018-05-13 16:00:54

It's June, the mid-year review for most corporate recruiters, when all sorts of data and indicators start to come into play. But in normal times, especially when pushing a new idea or project, it's easy to overlook this because it's too cumbersome to list the data. In fact, metrics can be very helpful here, too. For example, if you just describe how creating a great workplace helps in recruiting, you may not win colleagues' agreement, but add data and metrics, and the effect will be a big difference. Indicators are used not only to measure performance, but also as benchmarks for action. If your plan is to open a new job, historical metrics can determine when to start hiring, which channels to use, how much to advertise, how to configure initial training, and so on. Outside parties are also interested in your metrics. In the example above, if a new factory opens, how many new jobs will it bring to the area? In this process, whether there are other business opportunities and so on. When listing data, it is important to show the correlation between numbers and operations. Otherwise, it is like your restaurant can cook a good dish, but the lack of quality service, or can not win the praise of customers. Metrics must be tied to business goals. The application of the recruitment index lies in the recruitment field, and there are many useful formulas for calculating the index. If you can make good use of it, it will also bring you many new surprises. Some commonly used calculation methods are listed below to illustrate. Per capita recruitment cost =(advertising fee + agency fee + employee referral fee + travel fee + materials + recruiter salary)/ Recruitments per capita recruitment cost is mainly used for scientific reasoning of recruitment cost, but sometimes it can also be used as the basis for cost budget. For example, a consultant has signed a new contract and needs more staff. Using this metric, they know how much more they need to invest in hiring once they accept the program. Brain drain cost = separation cost + per capita recruitment cost + job vacancy cost + learning curve loss (Separation cost includes termination payment, unemployment compensation, exit interview, legal fees, temporary employee costs, etc.) This metric is rarely used in a recruiter's annual review. But once you identify attrition costs, hiring managers can see how much an additional hire in their department will cost. Trust me, that number will surprise them. If you have this metric, it will give managers a better understanding of the investment a company makes in each employee, so they can better weigh the pros and cons of training and firing an employee. Employee attrition rate = Monthly Employee attrition/Monthly Average employee *100% Employee attrition rate is mainly defined as the status of employees in order to better monitor the enterprise. Attrition rates typically apply to full-time employees, not part-time, seasonal or temporary employees. There are various reasons for employee turnover, which cannot be simply equated with employee satisfaction. It is necessary to analyze the psychological motivation of employees at all levels in a more comprehensive way, and provide targeted solutions, so as to enhance the sense of belonging of employees, retain talents, and realize the common development of employees and enterprises. Average recruitment cycle = Total number of days to fill recruitment needs/Number of recruits The average recruitment cycle is also an important part of the recruitment work assessment index. For the managers of the employing department, it can help them arrange their work more rationally. For example, if it takes us an average of three weeks to fill a position, when a new employee is hired, it takes us another two weeks to make him fully productive. This data suggests that when a job opens up, the hiring department may not be fully productive for five weeks. When you begin to define the metrics for your calculations, you need to consider the best way to collect your data. The first step is to decide who is responsible for collecting the data. This should be communicated to the department staff and let them collect. You need to tell them why they are doing the work, and what specific data they need, so that there is a chance of a successful outcome. The second is to prepare the "infrastructure" needed to collect data, such as record forms, computer systems, etc. Third, determine the starting point of the indicator. Going backwards to capture historical data is a difficult task. Fourth, choose a distribution period, such as weekly, monthly, quarterly, or annual. On this basis, it is possible to carry out reasonable comparison and analysis. Fifth, and most important, find the points that managers expect to see - this is the perfect opportunity to demonstrate value. When presenting data, make your report as easy to read as possible. Hiring managers don't always know all the jargon and the usefulness of indicators. One hiring director I know used a "traffic light" next to indicators. It's really not complicated. Metrics are a necessary part of hiring, and if you start simplifying and arranging your data next to business results and goals, you're sure to get the results you're looking for.