Recruitment by the Numbers: Turning Your Metrics into a Business Driver
August 12, 2014
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In many companies the human resources department is treated as a cost center. That means that your department costs your company money but it is “impossible” for the powers-that-be to associate the human resources department with profit generation. Unfortunately, that is a sad reality for the department tasked with recruiting the best and brightest talent. In reality, the human resources department has a significant impact on the company’s bottom line! But how can you prove that?
A key point to remember is that the recruiting tasks that seem to be nothing more than day-to-day details eventually make up the big picture at your organization. Recruiting metrics allow us to not only report on those day-to-day tasks but they also allow us to take a more analytical approach to hiring. Further, measuring what we do creates focus and accountability. It helps us to target efficiency, headcount, cost and the more tactical pieces that make up the effectiveness of a recruiting function. Simply put, metric tracking should be used for both measuring and improving recruiting effectiveness, efficiency, and quality.
So, how do metrics help to turn recruiting from a cost center to a profit center? To answer this, I want you to think about another cost center in your company – the accounting/finance department(s). No one complains about accounting being a cost center, right? So, why does accounting get away with being a cost center and recruiting gets all the headaches? Simple, accounting is constantly offering strategic advice based on their area of expertise in order to improve the company’s profitability.
To turn recruiting into a profit center you must take your recruiting metrics and reports and put on your strategic advisor cap. For example, if you find that a particular department or position has a high time to fill, for example – dive into WHY that is a problem. Never assume you know the reason or that reason cannot be fixed. Start by asking the recruiters if they are getting enough information from the hiring manager. Dive into the job description; is it clear, understandable, accurate? Check out the performance of the recruitment advertising channels you are using to promote the position; are those appropriately targeted to attract the right people? Once you have uncovered why the problem exists – make recommendations to the hiring managers and executives to improve the situation. This is certainly not time to accuse – even if the hiring manager is the source of the problem, rather this is the time to teach how simple changes can improve the organization. Be sure to back up your argument and recommendations with evidence on how the changes you are proposing impact time and cost to fill and how that will improve their bottom line.
While a standard metric like time-to-fill is a great example for a short blog post, there are tons of other ways that recruiting reports and metrics can have a positive impact on your organization – especially if you are using the RIGH recruiting reports and metrics. To that end, iCIMS Hire Expectations Institute is conducting a free webinar – Recruitment by the Numbers: Turning Your Metrics into a Business Driver to dive more deeply into the different types of reports and metrics recruiters can use to add value to their organization. Register Today!
Title: Recruitment by the Numbers: Turning Your Metrics into a Business Driver
Date: Wednesday, August 13, 2014
Time: 1:00 PM EDT
Registration Link: http://www2.icims.com/l/5122/2014-08-07/x3q8m
About iCIMS and the Hire Expectations Institute:
iCIMS is a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions. iCIMS’ Talent Acquisition Suite, the industry’s premier candidate management solution, enables organizations to leverage mobile, social, and video technologies to manage their entire talent acquisition lifecycle from building talent pools, to recruiting, to onboarding all within a single web-based application.
iCIMS Hire Expectations Institute provides recruiters, executives, and hiring managers with immediate access to industry news and educational materials to support your staff in accomplishing your organization’s recruiting goals.