We’ve all heard these clichés before: “the numbers don’t lie” and “the proof is in the pudding.” And, there’s good reason these familiar phrases have stayed around so long; they’re true, especially when it comes to tracking talent acquisition success. When you have the ability to access historical data and are able to combine it with tracking and analysis, you can quickly identify inconsistencies in many areas such as:
- Sourcing strategy
- Communication breakdowns during a recruitment process
- Weaknesses in a candidate pool
There’s still a problem connecting the dots
So, what’s holding people back from moving ahead with talent metrics? The 2014 Global Assessment Trends Report from The Corporate Executive Board (CEB) found only half of respondents use talent metrics to prove ROI of talent or help inform business decisions, and only 45 percent currently use objective measures of potential to guide development and succession plans.
This means human-resource teams worldwide are still failing to make the connection between measuring talent metrics and using that data to make hiring decisions, as well as evaluate business performance.
We know the fundamental problem of measuring return on hire lies within the first few months post hire. If you wait a year to measure performance (which you’ll do with your performance management tool), you will miss out on data from the new hires that turned over, why they turned over, and on identifying any performance or development issues that need to be addressed to fix problems.
This is the challenge of measuring the success of talent acquisition!
What if there was a tool that would take a snap shot of the hiring process post hire within the first 90 days? You’d be able to see what source was providing the best candidates, which recruiter was making the best hiring decisions, as well as how your benchmarks are performing.
Having a solid understanding of what recruiting metrics can tell you will create a foundation on which your team can build its goals, chart its improvements and measure its success. Using talent acquisition metrics to define what you are doing right, what you can improve upon and what you can realistically expect will help you manage your team more efficiently and professionally. It will also help you functionalize your recruitment strategy to optimize what your talent acquisition department contributes to your bottom line.
Companies are loaded with employee, HR, and performance data. You’ve spent time capturing demographic information, performance information, educational history, job location, and many other factors about your employees. But, are you using this data scientifically to make people decisions?
If you can apply science to improving the selection, management and alignment of people, the returns can be tremendous. Businesses thrive on agility, speed, passion and alignment. The process of driving and measuring performance has to do the same.
Are you ready to make an impact? We’ve got the solution you may be looking for. Remember, the “proof is in the pudding.”