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How to Use Recruiting Funnel Metrics for Talent Forecasting
lhra.io
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“While these involve simple math, they offer valuable insight into your recruiting process and how it is operating.” The Typical Recruiting Process
The Typical Recruiting Process “According to our research, time to fill is the most important measurement for companies to measure individual recruiting performance.” At the same time, we all know there is a quality element in there to focus on as well. I believe the length of the process involved is a factor worth digging into. When it comes to your talent acquisition process, what is the “right” length? Consider this common scenario (note-this is not a sourcing conversation, which typically looks very different):
The Typical Recruiting Process “And you know what? It matters to candidates, too.” At the same time, we all know there is a quality element in there to focus on as well. I believe the length of the process involved is a factor worth digging into. When it comes to your talent acquisition process, what is the “right” length? Consider this common scenario (note-this is not a sourcing conversation, which typically looks very different):
According to our research, time to fill is the most important measurement for companies to measure individual recruiting performance. And you know what? It matters to candidates, too. Recent data points to time to fill increasing to levels nearly double that of six years ago. “At the same time, we all know there is a quality element in there to focus on as well.” Week one: Shelly applies with your company via the website. She is a top-tier candidate.
Week seven: The offer goes out to Shelly, but she declines. She just accepted another offer from a competitor. “A month and a half from the application to the offer for a top-tier candidate is not a winning strategy, because those candidates are probably going to have multiple competing offers, and the sooner you can make a serious offer, the better.” In this talent analytics case study, Opower started out, like many companies do, with a normal approach to hiring before moving to a more regimented, data-driven approach. The results were astounding, with the data backing up various elements from how many interviewers it takes to make a good hire to being able to forecast hiring needs with high accuracy.
Week seven: The offer goes out to Shelly, but she declines. She just accepted another offer from a competitor. “It also brings up the conversation of candidate experience—if you must have a process that is longer than the norm, how can you keep the candidate engaged throughout?” In this talent analytics case study, Opower started out, like many companies do, with a normal approach to hiring before moving to a more regimented, data-driven approach. The results were astounding, with the data backing up various elements from how many interviewers it takes to make a good hire to being able to forecast hiring needs with high accuracy.
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