Improve Your Talent Attraction Strategy
One of a business’s main priorities is attracting and retaining talent. However, this is a challenge that many companies face. Employers recognise the importance of a good talent acquisition strategy but haven’t developed a way to measure its effectiveness. So, how can you improve your talent attraction strategy?
If you fail to measure the success of your recruitment strategy, you will waste valuable time and money recruiting candidates with the wrong skills and cultural fit.
Here are some metrics you can use to improve your talent attraction strategy.
1. Time to Hire
‘Time to hire’ is the number of days between the beginning of the process and when a candidate gets hired. On average, the best talent is only on the market for ten days. Therefore, shortening your process gives you a better chance of attracting top talent.
To optimise your hiring time, you can measure how much time it takes to move candidates from each stage.
Here is an article on how to track and speed up your hiring time.
2. Cost per Hire
It is important to know how much each hires costs you. Such as, equipment purchase, onboarding, administration, and benefits. The cost varies on the role, company size, seniority and whether you use an external recruitment partner.
You can reduce your cost per hire by building a talent pipeline, using employee referrals, using social media to create an employer brand, and using ATS to streamline and expedite recruitment.
3. Qualified Candidates per Opening
A “qualified candidate” is anyone who passes the application screening process. Furthermore, this metric is much more useful than the total number of candidates. It shows recruiters how good the candidates they are attracting are. This is important because if you attract unsuitable candidates, you won’t fill the position with the right candidate. If you are aware you aren’t hitting the right cohort will allow you to adapt your talent acquisition strategy for the future.
Sourcing refers to the performance of the channels, job boards, or social media platforms where jobs are advertised. Companies need to know which of these channels performs best.
Candidates must be tagged according to the source when they submit their application or where the recruiter found the profile (LinkedIn, Employee referral, Internal, Facebook, Indeed, etc).
Understanding the most effective source of talent ensures the best ROI on time and investment spent on recruiting.
5. Quality of Hire
Quality of Hire measures the value new hires bring to a company. Hiring quality employees lead to less turnover, better productivity and company culture. Quality is difficult to measure so you might like to think about performance metrics instead.
Performance metrics include sales targets or achieving good customer satisfaction ratings, turnover and retention metrics, or the percentage of new hires promoted within a certain time frame.
Improving the quality of hire requires alignment with leadership to define the factors that make a quality hire.
6. Offer-Acceptance Rate
The percentage of accepted job offers is a good indicator of how well the hiring practices work. Candidates might decline a job offer due to external reasons such as counteroffers or reasons related to the company culture, unattractive compensation, or mismatched job duties.
7. Satisfaction Rate
Satisfaction ratings allow companies to understand how candidates are experiencing the hiring process. Companies can survey candidates and new recruits. It is important to know why interviews are being cancelled, or why you have high turnover rates.
You should establish a framework to measure your candidate’s experience. Build a survey that is easy and quick to answer.
By using a data-driven approach to evaluate your talent acquisition strategy, you will get a more holistic view of how it impacts the business strategy and how you can improve it.
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