How Does Your Company Hiring Measure Up?
For many companies, the lifeblood of the organization is its ability to find and hire talented individuals. However, the competition to find and hire new talent can leave some companies in the dust, while others bound ahead. In order to stay keep up with best practice recruiting and hiring methods, companies and recruiters need to utilize the latest technological advances and most proven platforms to find and cultivate talent. One such technology is the Applicant Tracking System, which is integral to determining the true success of your hiring practices. Below are five metrics that can be used in conjunction with an Applicant Tracking System to see how your hiring measures up.
- High-Potential Talent
- Measuring for high-potential talent is synonymous with identifying what employees have the potential and aspiration to be successful leaders within your company. Once you have determined which employees meet your qualifications, it is important to determine how to best develop their talent.
- Candidate Reactions
- Candidate reactions should be measured during and after the hiring process. A recent CEB report found that 20 percent of candidates who have a negative experience during a hiring process will turn to social media to vent about their frustrations. Using surveys to measure what hiring tactics worked and what questions evoked negative reactions, will help you to better understand how to attract the right candidates to your organization.
- Employee Engagement and Retention
- In order to keep high retention percentages, employees must be engaged in their work. Focus groups, surveys, and one-on-one consultations with employees can help you to determine if your employees have a high level of engagement.
- External vs. Internal Hiring
- Knowing where to look for talent is a key factor in measuring the success of your hiring practices. Two of the most important factors to consider are: the success rate of external vs. internal hires, and the success of hiring vs. internal promotions. According to a CEB study, only 30 percent of organizations have a formal leadership development process. A lack of leadership programs can negatively impact internal promotions, which can lead to a lack of employee engagement, lower retention ratings, and a reliance on external hiring practices.
- High-Performer Turnover Rate
- A high turnover rate for a company’s top performers is bad for business. If an organization consistently loses its top talent, then hiring and company policy changes should probably be made. Asking the following questions can help you to determine if you are simply hiring the wrong type of individual or if their is something amiss with your current company policy. For example: what motivates top talent to leave; how long does top talent stay with your organization; do you have a leadership program; are there opportunities for advancement?
Measuring talent metrics, utilizing the latest recruiting technologies and platforms, and analyzing hiring data can help your organization achieve hiring success. Making informed talent acquisition decisions can lead to improved levels of employee engagement and retention, which can be used to improve your company’s performance management processes and lead to future successes.