Understanding Your Hiring Metrics in 2020
LinkedIn just released its new Future of Recruiting Report with insights into the hiring metrics that you should be tracking in the new year. In 2020, they are encouraging businesses to monitor “the direct business outcome of your efforts.” To help you achieve hiring success this year, we’re breaking down how you can utilize these essential hiring metrics.
Quality of Hire
While the quality of hire is incredibly challenging to measure, it can be one of the most effective ways to understand the value of your efforts. When you partner with a recruiting team like Johnson Service Group, we work to help you define your own metrics for success when it comes to a successful hire. From the start of our recruiting efforts, we strive to understand what it takes for a candidate to be successful within a specific role, team, and at your company as a whole. We apply those standards throughout our entire recruiting and hiring process.
Additionally, we keep in touch with our candidates and hiring managers after they’re on-boarded to ensure a successful hire.
Sourcing Channel Effectiveness
With a plethora of recruiting tools on the market, it’s essential to understand which channels are yielding the most value. While some sourcing and recruiting tools may appear affordable on the surface, when tracked against the quality of hire, you may find that they actually cost you MORE money in the long run.
Many companies use assessments to understand candidates better and how they may fit on a particular team. But when was the last time you measured the effectiveness of the assessment and interview process? Examine your hires over the past few years and study their assessments and interview notes. More than likely, you’ll be able to pick up on a few patterns. Is there anything in particular about candidates that went on to be rockstars? What do you notice about candidates that didn’t work out?
The better you understand your hiring metrics, the more effectively you can allocate your time and money. Need help with forming your hiring strategy in 2020? Talk to a Johnson Service Group expert to find out how you can hire the talent you need this year.