If I were to ask you how well your recruiting team is performing, what would you tell me?
Great, you might respond. They’re doing just fine. We’re receiving excellent candidates!
Let me be frank with you. This tells me absolutely nothing. Without concrete numbers and examples, how might I compare you to other firms of the same size and standing? What type of assumptions can I make about your department?
We’ve hired six people this month! you might add emphatically. And that is where I would stop you again.
You’ve now told me about the quantity of hires, but I still have no inkling as to the quality of those hires. This may seem trivial, but what type of message are you sending your recruiters when you emphasize quantity over quality? Surely they will follow suit.
Aligning the goals of the talent acquisition department with those of the company as a whole requires careful consideration of these measurements. What does your CEO value? Your COO? If I were to ask him or her right now, would I receive a response related to quantity or quality?
Perhaps you would try again: The hiring manager says that they are very qualified. Some of the best candidates we’ve seen yet!
To this I have one response: prove it.
When it comes to recruiting and hiring, using the correct metrics can determine what your recruiters emphasize, how your organization defines success, and what you value in your employees. Do you value a large workforce or a powerful workforce? Do you prefer qualified candidates or the right candidates? Do your metrics take turnover into account?
Are you even aware that there is a formula for quality of hire and retention rate? Have you memorized it? Without a predetermined list of valuable metrics, it is highly unlikely that such qualities are being measured consistently.
If I asked for your metric list, what would you hand me? A full set of equations or a blank sheet of paper?
Therein is a likely indicator of your success.