Get the most from your talent acquisition strategies by keeping an eye on these metrics.
By Debbie Bolla
As the saying goes, “the proof is in the pudding,” and there’s no better way to understand the success of a business strategy than by tracking and analyzing a variety of specific metrics. This is the case for a talent acquisition and management strategies, especially in a tight candidate market.
“There are a few key areas that can show the ROI of talent acquisition strategies, including diversity of workforce, faster recruiting processes, lower candidate dropout rates in the recruiting cycle, and employee retention and engagement,” says Jill Vitali, division vice president and general manager of RPO operations for ADP.
Vitali recommends that organizations track their recruiting funnel rates and how long each step of the hiring process takes. This can show areas that are performing well and those with room for improvement. For example, a high candidate drop-out rate can be a signal of weakness in the interview process.
HR can also look at the ratio of candidates that view a job description compared to the number that apply for a role; the fluctuation in application volumes; and the quality of applicants to measure an organization’s success in attracting talent.
Internal data also plays a large role in understanding strategy. “Tracking internal data on employee turnover, new hire turnover, and average employee tenure is also a great way to measure if you’re attracting talent that is truly engaging with your organization as well as whether or not you’re offering employees the benefits and the culture they expect,” explains Vitali. “Seeing how these figures shift with roll-outs of new benefits or elements of an employer value proposition will give you the best measurement of the success of your efforts.”
And of course, the metric of all metrics is employee engagement. “Employee engagement is the top way to understand if your strategies are effectively engaging your employee population,” says Vitali. She says it’s key to perform pulse surveys to get a handle on employee sentiment, and for managers to connect with team members on a weekly basis. This will provide valuable feedback on if organizations are meeting employee expectations.