Posted by John Bestgen, Recruiting Practice Lead at Hula Partners
A fast, streamlined and consistent recruiting process is essential to any successful hiring program. If you’re unable to source talent, evaluate their skills and set up interviews quickly, the best candidates may be snatched up by the competition. And, if candidates are not kept engaged and informed throughout the process, it can impact your employer brand as well as your company’s ability to attract top talent. The best recruiting organizations, however, understand that you can learn a lot by measuring recruiting performance over long periods of time through analysis of key recruiting metrics. This is key to improving your overall recruitment strategy over time.
It is important to collect critical data required for analysis throughout the recruiting process and use this insight to continually fine-tune and optimize your company’s recruitment strategy. Doing so will enable you to stay ahead of the curve and ahead of the competition, allowing your organization to be faster, more effective, and more efficient at recruiting top talent.
The challenge is knowing where to begin.
The best place to start is by beginning to measure the true ROI of each sourcing campaign. But rather than determining success or failure based on the number of candidates generated for each requisition, it is better to understand which sources send the highest quality candidates – that’s where you want to focus your recruiting efforts.
But how can you determine the true ROI of those sourcing channels?
Tracking each candidate from application to job offer or rejection, and calculating the ROI based on how far candidates from each source made it through the process, will help to determine the costs of your talent acquisition process and which sourcing methods are most effective. However, for a truly meaningful analysis, you must be able to track source results beyond the Recruiting life cycle and into the actual employee life cycle. Which sources provide the organization with high performing, long tenured employees. Which provide employees who leave the organization for specific reasons? Perhaps most importantly, which sources provide the organization with employees who are terminated for specific reasons (i.e. performance, policy breach, etc.) Often time, de-accentuating a source which brings troublesome employees to the organization can be just as effective, if not more so, that accentuating those which bring in high numbers of hires.
The next step is to implement a structured interview process, which will bring much-needed consistency. By ensuring candidates are asked the same questions, it will be easier to compare candidates’ skills and advance the most qualified individuals. As an additional benefit, a structured interview process will help you take a look internally at those conducting the interview and see who can use some coaching. Making sure everyone involved with interviews knows how to ask the right questions and assess candidates properly will bring you one step closer to recruiting optimization.
It is also important to continually seek ways to improve the candidate experience and ensure each candidate leaves the interview feeling excited about the company. Being late to the interview, asking questions they were already asked in the previous round or being otherwise unprepared will diminish that feeling. Instead, interviewers should prepare in advance for each meeting, and rather than trick questions or brainteasers, they should ask candidates to share their thoughts on actual company challenges to get their thoughts on real-world scenarios. Finally, it’s important not to leave candidates hanging – no one likes being rejected, but when handled professionally, in a timely manner and, if possible, explaining why they weren’t selected, will leave them with a positive impression and encourage them to apply again or refer their peers.
Overall, looking at the entire recruitment process – from sourcing to interviewing to making those final decisions – and seeing where certain things can be fixed will set you on the path toward recruitment optimization. By continually fine-tuning the process, you’ll end up with a faster, more efficient hiring process that leads to better people, higher revenues and a happier, more productive workforce.