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Staffing Metrics That Matter: A Guide for Fresno HR Professionals
Recruitment, like any other critical business indicator, needs to be strategically planned and executed – and accurately monitored for success. To make effective, data-driven hiring decisions, you need to know which metrics to track in order to deliver desired results including productivity, profitability, diversity, and an ongoing positive ROI.
So, which staffing metrics matter the most?
While specific needs may vary from case to case and business to business, here are some common metrics that consistently prove helpful in optimizing your hiring outcomes:
Time to Fill
This is the total amount of time it takes to source and hire a new employee. By shortening time to fill, you can also improve performance on other metrics including cost, increase your hiring managers’ productivity, and gain insight into the success of your overall candidate experience.
Time to Hire
Similar to time to fill, this metric is narrower in scope, as it measures the time it takes to move a candidate through the various stages of your hiring process. It also helps gauge your recruiting team’s efficiency in identifying and sealing the deal with qualified talent.
Source of Hire
Using this metric, you can track which channels and sources are driving the best ROI in attracting job seekers to your open roles. For example, it may be your careers page, job boards, social media platforms, or employee and other stakeholder referrals. Data from your applicant tracking system (ATS) can help – so you direct more resources toward your most valuable sources.
Offer Acceptance Rate
How many candidates accept your job offers, compared to the number who receive them? A low acceptance rate can help you zero in on issues that may not have been clarified otherwise, such as uncompetitive salary or benefits. This metric is a good general indicator of how well you have “sold” a candidate on your opportunity.
Attrition Rate
This is the rate at which your company loses employees during any given time period. A similar metric is first-year attrition rate. Replacing top talent can be costly, so it’s important to keep a pulse on how to keep this rate as low as possible.
Applicants Per Role
With this metric, you can determine the demand for and interest in your open roles based on such data as number of applicants per role, location, or hire. You may also want to track how many candidates abandon your application process or elect not to apply after reaching a certain stage of consideration.
Cost Per Hire
This is the total amount you spend on recruitment annually, divided by the total number of hires made. To best way to leverage cost per hire is to analyze how much it costs you to recruit for each individual role, as well as where you are allocating funds both internally and externally.
Each position you fill is another building block in your company’s recruitment and competitive success. To learn more about developing the strategy and specific metrics to meet your unique needs, contact the PrideStaff Fresno team today.
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The Impact of Social Media on Recruiting: Insights for Employers
The way people in general, and job seekers specifically, consume content has change dramatically in recent years. This means the way you communicate key business messages – including job opportunities and your employer brand – also needs to keep changing, to stay on pace with the world. With that in mind, it’s critical to stay abreast of the latest and best practices in social media recruiting.
- Close to 80 percent of candidates use social media in their job search. Seventy percent of hiring managers surveyed said they had successfully hired via this approach.
Social media recruiting can benefit your company in numerous ways, including:
Boosting Your Online Job Visibility
By virtue of its vast reach, social media offers an unmatched opportunity for you to identify and engage with a large, diverse talent pool in an efficient and timely manner. When your content is interesting or useful to candidates, they may interact with your brand or amplify the value of your posts by sharing them.
- This includes attracting passive candidates. Although they may not be actively searching for new career opportunities, many still use their social media profiles to stay updated on industry developments and keep a quiet eye on companies that may pique their interest.
It’s all about relationship building. Social media can be an impactful venue for enhancing your credibility and promoting your company culture, as users spread content to their own contacts and connections.
- Tip: Leverage your current employees as brand ambassadors. Employee-generated content earns eight times more interaction than content shared via other channels – likely because candidates have three times more faith in your existing employees to provide them with authentic, factual information.
Lowering Your Hiring Costs
Done right, social media recruiting can result in an exceptional return on your marketing investment.
- When it comes to budget, you can’t beat free. And, you may build brand interest and convert candidates into applicants through your own company updates alone. For instance, share job updates, but also images and videos that portray a “day in the life” of happy employees. Last but not least, build a strong network of idea candidates and job seekers.
- Paid ads can also prove lucrative. Rather than invest all your budget dollars into a one-size-fits-all promotional campaign, experiment with different audience types, content, and time frames to see which ads drive the greatest engagement and results.
Assisting With Candidate Screening
Candidates’ social profiles can provide valuable insights into their personalities and other essential qualities. Social networks also can make it easier to verify information such as job titles, education, employment history, skills, and credentials. And, you can leverage second or third-degree connections to provide referrals or recommendations.
Design, implement and build your successful social recruiting strategy by partnering with the experts at PrideStaff. Contact us today to learn more about this and other proven tactics to grow your workforce and sharpen your competitive edge.
