Earlier this week, we presented a webinar with HR.com about using metrics to accurately measure your hiring success, and how tracking those metrics can help you drive powerful results towards your business goals.
The webinar centered around demonstrating the success of your hiring efforts through meaningful metrics. We first outlined some of the most common hiring metrics that HR departments typically use to measure hiring success – metrics like time to hire, offer acceptance rate, or cost per hire. What a lot of these metrics have in common, however, is that they’re narrowly focused on the mechanics of the hiring process. They show how efficient your hiring process is but not necessarily how effective. They provide a measure of short-term hiring success, but not necessarily long-term hiring success.
We then outlined some of the longer term metrics that employers should use to demonstrate hiring success, metrics like turnover/retention, employee performance/productivity, and sales revenue. A lot of these come down to “quality of hire,” which is unfortunately a difficult thing to track, and is something that many companies, both large and small, have difficulty measuring in a consistent, long-term way.
Next, we discussed how predictive hiring tactics can help move the needle on the success metrics that matter to your organization. Predictive hiring helps employers increase their batting average when it comes to hiring the right people for the job, and this leads to tangible improvements in your business outcomes.
And finally, we dove into some real-life examples of how companies used metrics to come up with strategies to drive hiring success, and how they were able to demonstrate that success through dramatic changes in the metrics.
