When it comes to determining the effectiveness of your recruitment strategy, how do you measure success? It all begins with setting recruitment sourcing goals. Using a combination of quantitative and qualitative goals for candidate sourcing will help you to refine your recruitment strategy in real time in order to meet the evolving needs of your company. To get you started, we’ve compiled a list of select metrics and objectives to consider when creating recruitment sourcing goals.
Set Recruitment Goals Based on Business Needs
Every company is different, and recruitment needs can vary from hiring a few individuals to hiring hundreds or thousands. For example, does the company hire a large cohort of interns, entry-level professionals, or seasonal employees at specific times of the year? Is a long-term executive search on the horizon? Are certain departments expanding and hiring for roles across all levels? Each of these scenarios would require its own approach and recruitment resources. Understanding business needs at the outset is essential to setting recruitment sourcing goals.
Determine the Cost of Vacancy
A lot of roles have an opportunity cost, where the company loses out on potential revenue for as long as a position remains unfilled. Some roles, such as in sales or marketing, can have a clear measure for driving revenue, such as a monthly quota. Other roles may have an indirect cost of vacancy, such as shifting more work to other employees or preventing the company from taking on additional clients or projects. Knowing the cost of having a position unfilled can help you to allocate time and resources to sourcing candidates for certain roles first.
Set a Goal for Time to Fill
Another quantitative metric to review when setting recruitment sourcing goals is “time-to-fill.” In other words, how long does it take between posting a job and successfully hiring for that job? Time-to-fill is a great way to measure how efficient your sourcing process is. Take a look at your previous time-to-hire for filling similar roles, and set a new goal based on business needs, cost of vacancy, and what a feasible timeline looks like based on past recruitment experience.
You may be able to reduce time-to-hire by using virtual hiring events such as those facilitated by Brazen’s virtual platform. Virtual events, such as career fairs and information sessions, allow you to source a lot of candidates in one place, communicate directly through text-based or video chat, take notes in real time that can be used for follow-up, and seamlessly move candidates through the recruitment pipeline. If you are seeking passive candidates who might be interested in attending your virtual events or applying for an open position, you can also use Brazen’s Sourcing Marketplace to further expand your reach.
Determine the Number of Qualified Candidates Who Are Applying for an Open Role
Screening is an important part of the recruitment process and helps to identify applicants who are most qualified for a position. A higher percentage of qualified applicants--perhaps those with the skills, experience, or strong interest in your company--can be a good indicator of how clear your job description is. If you have a higher percentage of applicants whose professional backgrounds are not a good fit for the position, consider tweaking the job description, seeking new channels for posting the job, or updating recruitment criteria to better reflect what you’re looking for. To attract top candidates, you may also want to evaluate your employer brand and adjust communication materials to highlight benefits and culture features that will make candidates excited to work for the company.
Consider Your Diversity Initiatives
Recruitment sourcing goals may also include diversifying your talent pool to include more candidates of nontraditional or underserved backgrounds. This might include adding new universities such as women’s colleges or HBCUs to your target list for internships and entry-level recruitment, hosting information sessions and recruitment events tailored for diverse candidates, or partnering with professional organizations for historically underrepresented groups. A few such groups include the Society of Women Engineers, National Association of Black Accountants, and TechLatino.
Measure Offer Acceptance Rates
If you have a candidate go through the recruitment process, how likely are they to accept an offer? Take a look at your previous recruitment results and calculate your offer acceptance rate. Consider calculating this rate a few times to see if it varies across your organization. Are certain roles, departments, or levels of seniority more likely to have higher acceptance rates? For example, you might find that your engineering candidates are more likely to accept an offer than data science candidates, or that marketing candidates are the most likely to withdraw from the application process before receiving an offer. Use this information to find weak spots in your recruitment sourcing or interviewing strategy, and adapt as needed.
Take a Look at Employee Retention
Likewise, keep track of how many candidates are reneging on offers or leaving after a few months—thus starting the recruitment process all over again. Some studies have indicated that it costs employers 33% of an employee’s annual salary in order to hire a replacement. This suggests that retaining employees is just as important as recruiting them, as high turnover can lead to increased costs from recruiting or lost work opportunities. Brainstorm ways to keep new employees engaged before their first day, and then throughout their onboarding and tenure at the company.
Evaluate Your Cost-Per-Hire
Recruitment comes with a price tag, which may include costs associated with sourcing, writing and posting job descriptions, hosting recruitment events, reviewing applications, interviewing, and finalizing offers. Cost-per-hire takes these factors into account and can also help guide budgetary decisions during recruitment. However, it is important not to neglect the quality of a hire in favor of adhering to a strict cost-per-hire.
Solicit Feedback from Candidates
Who better to provide feedback on the recruitment sourcing process than the candidates themselves? Ask candidates and new employees for feedback on the recruitment process to understand where they found the position they applied for, what resonated with them, and if any areas of the job application process could be improved. You can also see what candidates are writing on Glassdoor about your recruitment process.
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