How do you measure and improve recruiting productivity at your organization? To answer this question, you need to know which metrics to look at and understand how to use the data to increase efficiency - especially as your company scales its hiring efforts. However, figuring out the ins and outs of this process can be tricky. That’s why we, along with our friends at Lever, BambooHR, and Glassdoor, decided to gather the following panelists and host a webinar around this topic:
Below are the top recommendations from our panelists on how to measure and improve overall recruiting productivity - from sourcing all the way to retention.
While tracking metrics is important, it’s not enough to simply collect a ton of data. You have to self evaluate and understand exactly what you want to measure and why. That’s why the team at Eventbrite leans into slicing and dicing their data in ways that will reveal deep, relevant insights. Also, since no two organization’s recruiting process is exactly the same, it’s important to figure out which metrics are most valuable to your specific goals.
For instance, at Blueboard, we prioritize a values-driven hiring process. We like to take time to get to know our candidates, have them understand our organization, and invest resources into making sure the person we make an offer to is a great fit. This means that we have to acknowledge the tradeoff and understand that our hiring process might take longer than the average one. So for us, it doesn’t make sense to base our success off of a time-to-hire metric. Instead, we may focus more on tracking the candidate NPS or new hire survey results.
Your recruiting partners should feel like they have ownership over the process. This ensures that they’re more invested in the outcomes. For example, McGraw-Hill uses a recruiter scorecard that measures recruiting effectiveness, project management, and customer focus. They used to fill out these scorecards on a monthly basis and discuss the metrics with each recruiter. But they quickly realized that, despite these conversations, they were seeing little improvement.
So they decided to change things up and empowered their recruiters to score their own performance. This enabled them to take a more active role in the process and better connect the dots when it came to their strengths and weaknesses. It also gave the leadership team valuable insight into the recruiting process from employees who were in the trenches everyday.
Studies have found that organizations with a standardized onboarding process experience 62% greater new hire productivity and 50% greater new hire retention. So you can see why a strong onboarding program is a must.
The panelists agreed that it’s important to define roles and set expectations clearly from the start. They also recommended making a strong impression even before the official onboarding process starts - preferably within the first 48 hours of a new hire accepting their offer. This could be in the form of a “next steps” call with the team or a memorable welcome gift in the form of an experiential reward. This article from Harvard Business Review offers additional tips:
Yes, recruiting efforts extend all the way to employee retention! The team at Relativity takes a holistic view when it comes to retention. For them, the process of retaining employees begins with onboarding and is strengthened by providing growth opportunities and listening to feedback through quarterly pulse surveys.
At Blueboard, we also recognize that a common reason why people leave companies is because they don’t feel valued for their work. That’s why we’re so proud of our annual anniversary research and development reward. For each anniversary, every one of our employees are given a budget to think of a research question and take a trip to find an answer.
We hope you find these tips helpful when it comes to improving and measuring your recruiting productivity. If you’re looking for personalized employee recognition ideas to boost your recruiting efforts, we’d love for you to browse some of our experiential employee rewards here at Blueboard. To learn more about Blueboard and get in touch with our team, simply reach out via the Request Demo button above ^^.
Stay tuned for more valuable webinars and upcoming events here on our Resources page - we can’t wait to see you again online!