7 Things To Keep In Mind When Tracking Your HR Team’s Performance
Always known as a people first business, recruiting has become more and more data driven recently. And it’s no surprise. With teams focusing on driving value in every part of the business, investment in human resources and talent acquisition is being scrutinized for a return.
How else can HR or People professionals support the fact that the strategies that they’ve implemented are actually moving the needle? And, even more importantly, how can they tell if their teams are adding value to the overall business?
Providing in depth insight into a team’s performance, measurable benchmarks and KPIs are great for maintaining momentum while making sure that everyone on the team is focused on growing the business and moving forward.
Here are 7 things to keep in mind when tracking your HR team’s performance that we think should remain top of mind.
Time-To-Fill
An excellent initial performance metric for your recruiting efforts this KPI gives perspective on the overall velocity of your recruiting strategy — as of 2018, is 29 days but varies by industry. A slow time to fill can be the symptom of a number of deficiencies in your recruitment structure; from a lethargic screening process to a poor offer for candidates.
If you find it takes a longer to fill positions, look deeper into your process to see what specific issue is causing the problem. It can range from your dispositioning and interviewing time to an issue with acceptance rates and your candidate experience.
Interview Conversion
The time between completion of an candidate’s application and when they are dispositioned or interviewed is another great performance indicator for a team’s hiring efforts. At times, this gauge may reflect potential bottlenecks in your hiring process — or possible breakdowns in your automation efforts.
Resolve long and drawn out dispositioning and interview times with automation and AI assessments. Pre-hire assessments with AI and data analytics may actually evaluate candidates faster than traditional phone and resume screening while scheduling automation keeps candidates and hiring managers on a tighter schedule.
Completion Rate
Typically the number of applications completed versus the number started. Low completion rates are symptomatic of candidates deciding that the job isn’t worth the hurdles it takes to get their information to you. In the past many had no choice, but today candidates who feel their skills and time aren’t valued will take their expertise to other companies.
One of the best ways to fix a low completion rate is to a) remove unnecessary paperwork for the application, such as a cover letter or work history input and b) implement assessment solutions that are as fast and painless as possible for candidates.
Candidate Experience
A great candidate experience goes a long way towards not only improving completion rates but also strengthening your employer brand. Research from Talent Board suggests that a great candidate experience has a number of benefits, not the least of which is on your bottom line.
Monitor candidate experience through simple surveys at the end of specific parts of your applications, such as after completing a pre-hire assessment or after submitting their resume and other information. It’s also good to send out a survey for candidates at the end of the hiring process, especially those who weren’t hired.
Employer Brand
Measured through both conventional consumer ratings and reviews from sites like Glassdoor or LinkedIn, employer branding has a strong effect on candidate attraction and can influence acceptance rates. According to a CareerArc survey only 21% of candidates would apply to a 1-star rated company and 34% would apply to a 2 star company.
While you can’t influence consumer views of your company, you can help it by improving how candidates perceive you. Streamlining your application process and treating all candidates with respect and professionalism will go a long way.
Offer Acceptance Rates
If you find that candidates aren’t accepting offers with your company following final rounds in the interview process, find out if it’s the offers that may be turning candidates away. Speak with hiring managers regarding the offers that are being communicated out and see if your company can offer alternative benefits in order to close the potential hire.
Diversity
Monitoring diversity helps you measure not just which sources bring you diverse talent, but which of those sources provide the best talent overall. Just having a diverse pool of candidates isn’t enough if they don’t have the skills, traits and attributes needed to succeed as hires.
Whether it’s offer acceptance, employer branding or time-to-hire, tracking performance can provide you with ways to measure your success — it will help your team identify successful areas in your recruiting operations, as well as areas that need improvement.
SquarePeg helps teams solve for the soft skills when it comes to business hires with our proven AI hiring platform. Sign up for a personalized demo to see how SquarePeg can help with your new business hires or learn more at SquarePegHires.
