When was the last time you reviewed which KPI’s to track in your company’s recruitment efforts? If you’re like most companies, your Human Resources and Talent Acquisition team has KPI’s that have long been established. A lot has changed in 2020 in the way we do business including hiring, training and leading employees. Do your recruiting KPI’s still make sense in your current business environment and strategy moving forward?
For many of us in the recruiting world it may be particularly challenging to know where to start to rethink recruiting KPI’s because we are so accustomed to ones that are commonly established. It’s like an Accountant changing the generally accepted practices for accounting. Why would you even want to make these kinds of changes? While there are certain KPI’s that are fundamental, keep in mind that deciding which KPI’s are most important will depend on a variety of dynamic factors. Recently, companies like Siemens International have asked their Talent Acquisition Specialists to rethink their own KPI’s on an individual basis. They are the ones on the front line who have the greatest perspective on how the world has shifted as it relates to hiring and retaining talent. I think this is a smart place to start.
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It’s also important for any change to have endorsement and support from your executive team. That’s why it’s also imperative to gain a broad perspective of your company’s overall position and the factors that impact, and can be impacted by the talent acquisition team. Through analysis such as a SWOT, you will be able to gain understanding of your current strengths, weaknesses, opportunities and threats as a company. From the perspective of your hiring team, what are the specific internal strengths and weaknesses of your departments, your recruiting process, your on-boarding and retention? Likewise, what are the opportunities and threats externally to those aspects of your company? Armed with that knowledge, what new mechanisms and goals do you need to establish for your hiring team to help move the company forward?
The answers to this question will be the things that you want to build your metrics around. For example, if you are facing some hard competition in your market for top talent, you may have a specific KPI for new hires who are specifically recruited away from a select few competitors. As another example, a common KPI is “Cost per Hire”. People generally think about this one in terms of keeping it as low as possible. In theory, that sounds like a good plan. However, it’s worth asking, “is our low cost per hire a function of prudent practices or possibly a sign of under-investing in the recruitment process which cripples our ability to attract the best talent?”
Are you being transparent or are you over-sharing?
Recruiting and hiring is a very dynamic playing field. In order to play most effectively, we have to remain agile, aware and willing to shift course and welcome in new concepts, strategies and thus new metrics as we go along. What are your new or most out-of-the-box KPI’s? Are they aligned with solving a problem your company needs to solve the most? Most importantly, what impact are you making with them?
To connect with Franklin Professionals about your recruiting strategy and to elevate your results, visit www.franklinprofessionals.com.
