Quality is measurable—even in recruitment. While recruitment is primarily about people, metrics play an undeniably significant role in helping uncover how you must take better care of your candidates and increase the return-on-investment (ROI) of your clients and your business.
But quality is an elusive metric to measure. That’s why only 33% of businesses report that they are confident in measuring the quality of hire (QOH), and only 5% of them believe their QOH strategies are top-notch. These numbers indicate that the remaining 77% of businesses don’t know the value of recruitment metrics or don’t know how to measure them.
The good news is, you don’t have to fret before meaningless recruitment reports anymore. Technological advances have opened countless resources and tools at your disposal to help you define recruitment metrics that matter, which will positively affect your recruitment brand value. Data, for one, is an effective way to determine your performance against your recruitment metrics. A data-driven approach to recruitment is needed to measure the effectiveness of the service you provide and succeed in the game of talent acquisition.
Why You Should Define Recruitment Metrics and Measure Your Quality of Hire
Defining recruitment metrics is essential in gathering insights on the effectiveness of your hiring process. Each metric is meant to measure the time and money your client invests and your team spends on hiring practices while also analyzing conversion rates and turnovers of the hires you onboard. They provide data on which process is working optimally and which isn’t. Unless you have full insight into the health of your recruitment process, mistakes can easily blindside you and escalate into major issues right under your nose.
Remember that metrics are not just for your process but also for your recruiters. It’s crucial to understand what areas they need improvement on and what winning strategies should be replicated throughout the rest of the team.
There’s a different recruitment metric for each factor you want to gather information on, but one of the most important metrics recruiting teams are prioritizing is quality of hire.
Quality of Hire: A Crucial Part of Recruitment Metrics
Out of the many metrics you can use, quality of hire is considered as the Holy Grail of recruitment metrics, and for a good reason, it is the most effective means to track performance and ROI. In fact, LinkedIn reports indicate that 88% of business leaders say that this will be the most important metric over the next five years.
Such statistics aren’t surprising, considering that this is the metric that shows how well your recruiters are selecting the right people for the job and how much the candidate contributes to the company’s long-term success. When executed well, it can help you answer pivotal questions like: Will this hire generate a return on investment, or will it just double the cost of hiring with a premature turnover? As a staffing firm entrusted with onboarding top talents, that’s a question you should be able to answer confidently.
Great Recruiters know that you can’t measure what you don’t know. With our software, you can measure the very thing that’s most important for your business—attracting and hiring the right people. Quality of hire is essentially the looking glass through which your success is measured, and we can help you get the relevant insights, so you can answer critical questions as and when you need to.
How Recruitment Metrics Can Improve Your Quality of Hire and Candidate Experience
Measuring the quality of hire and boosting your recruitment brand value is easier said than done. In fact, a LinkedIn report indicates that only 48% of businesses currently track their quality of hire. We know how much this is essential to your business, so we’ve made it our mission at Great Recruiters to help you measure your success easily. Our experience management platform will take you a step closer to success by doing these three things for you:
1. Create a more efficient recruitment process and deliver a better candidate experience.
Candidate experience is basically the impression your candidates will have of you throughout the application. Whether they get hired or not, delivering top-notch candidate experience is vital to boosting your recruitment brand value. The efficiency of your hiring process and the impression your recruiters make is at the very heart of this. Making lasting impressions on candidates is the starting point to attracting top talents and setting yourself apart from the competition.
This is why Great Recruiters makes it a point to help you monitor each step of your hiring process through candidate feedback at specific touchpoints. Our system automatically sends review requests to candidates throughout their journey to ensure that your team is creating the best experience possible. You’ll know what exactly your candidates feel during each interaction with your hiring process and recruitment team. This structure allows for transparency between you and your candidates and allows you to have significant control over the experience you deliver to candidates and clients.
As we help you improve your candidate experience, we also help boost your quality of hire. By giving your candidates exactly what they need and want during the recruitment process, you make a lasting impression that encourages top talents to accept your job offer instead of going to your competition. This provides you leverage when competing for quality talent who is deciding between multiple job offers. In the fierce world of talent acquisition, this edge can make a difference between a costly turnover and beneficial ROI.
2. Keep your recruitment team in top performance.
Consistent monitoring of your recruitment team’s performance can help yield positive improvement to your overall hiring process. As the frontline of your recruitment brand, equipping them with tailor-fit development will pose undeniable benefits, but you will only be able to do this if you know what they exactly need.
Because Great Recruiters uses candidate feedback, you gain valuable insight into the kind of candidate experiences your team delivers and easily make adjustments in the approaches they use to improve the effectiveness of their service. This system allows accountability throughout the entire process, so you get to see what practices your team is doing right and which ones need development. You can spot mistakes before they escalate and redeem relationships before they turn into negative reviews.
But we don’t just provide you with real-time data; we also promote recognition and healthy competition within your recruiters through our weekly recruiter leader boards. We believe that positive reinforcement is as important as feedback, and that’s why our platform is designed to offer both. You can easily tailor-fit the development your team needs while fostering a positive culture of recognition to improve motivation.
With our automated review platform, capturing feedback from your candidates and clients is made easy, and identifying whom you can train and whom you can promote is made more transparent. The kind of accountability and insight Great Recruiters provides is what you need to keep your team in top performance without all the laborious administrative tasks.
3. Provide long-term value for your candidates and clients.
As a recruiter, candidate placement isn’t where your job ends. Your clients need to see a positive ROI on hiring costs by expecting talents that are not only skilled but also are good job fit. In the same vein, your candidates should also like their new job and find fulfillment in the new position. Matchmaking is only one part of the overall staffing management business. Providing long-term value through the right placements with efficient and cost-effective means is the true essence of recruitment.
Great Recruiters allows you to build better relationships with your clients and customers. Because you have insight into what they really feel and think, it provides you the means to listen to what your clients want in a candidate and what your talents want in a job. Delivering long-term value starts with aligning your service with what your customers truly need. As you do this, your quality of hire inevitably improves, and turnovers are less likely to happen. You also become better stewards of the trust your candidates give you and the precious resources your clients are hoping to multiply through you.
Measure Your Progress and Achieve True Success as a Recruiter
Using Great Recruiters is a winning choice for automating your candidate feedback and gathering valuable data for measuring your recruitment success. Our platform lets you get ahead of the game by letting you know what your candidates think about your hiring process and recruitment team. Best of all, it allows you to make better match-making decisions as you listen to what your candidates truly need in their career journey and let you achieve true success as a recruiter.
We’re all about making the best solutions easy, so we’ve made sure that our experience management platform can be set up with just a few clicks. All the data you need is consolidated in one platform so you can get the information you need in the fastest time possible. Track your team’s performance, quality of hire, and recruitment efficiency all in one place.
Want to find out how easy it is to gear your recruitment for future success through Great Recruiters?