Yesterday’s Advisor featured the first seven of SaaS talent acquisition solutions provider iCIMS; today 8 through 10. Did they get it right?
Here are the rest of the metrics from iCIMS’s white paper, Top 10 Must-Track Metrics in Talent Acquisition:
8. Quality of Hire
Most of the other metrics pale in comparison to metrics that measure the quality of hire. Recruiting is pretty much pointless if the hires don’t meet quality standards, no matter how fast or how much appreciated.
Furthermore, this feedback can help recruiters fine-tune their work for the managers involved, iCIMS says. They also suggest standard surveys for this purpose, again for searchability and reportability.
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9. New-Hire Turnover Rate
Calculate by dividing the number of new hires who separate from the company (including terminations or voluntary quits) during a given period (could be month, year) by the total number of employees during that time period.
As iCIMS says, regardless of their level of performance, a new hire can hardly be considered a success if he or she voluntarily quit within the first few months.
Of course, if your new hire turnover is mostly due to terminations, you’ve got a problem with your selection process.
Best-in-class onboarding can make a significant difference in retention, says iCIMS.
10. Onboarding Task Completion
iCIMS quotes the Aberdeen Group, saying that companies with best-in-class onboarding see a 92% employee retention rate, vs. 31% retention for companies with substandard onboarding processes. iCIMS recommends automating the onboarding process so that important steps are not forgotten.
Recruiting metrics is just one part of the recruiting process. Another is the channels through which you recruit. And the big one everyone is using? Social media.
The fact of the matter is, many of your potential candidates’ day to day experiences revolve around social media, but using social networks as a recruiting channel is new to many organizations—which means they need to adapt and use new tools in order to effectively deliver content, job postings, and branding material. But it’s worth it—posting job openings on social media can increase candidate applications by 30% to 50%! And with a little strategizing, it’s easy to take advantage of. Want to learn more? Start with the free white paper from iCIMS®, Scaling Up Social Recruiting: Three Steps to Successful Social Media Recruitment.
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It’s getting to the point where a business can’t afford NOT to have a social media recruiting strategy in order to stay competitive. This best practices report demonstrates how employment branding, candidate experience, and the constant interconnectedness of social media can come together to give organizations the edge in the recruiting game—and provides three steps to point you in the right direction.
- The importance of carefully strategizing the online presence of your company’s employment brand
- The ins and outs of attracting both active and passive candidates via social media
- The best times of day to post to popular social networks in order to maximize exposure
- Why it’s important to consider how easily your content is shared
- And much more!