In traditional recruiting, there’s often an overemphasis on more traditional metrics – things like time to fill, cost per hire, and, of course, the ever-elusive quality of hire (how can a subjective and abstract construct be benchmarked?) None of these measurements actually tell you anything about whether or not the hiring process was as efficient and effective as possible; simply, they tell us how much we’ve spent to find talent and how long it took us to do so.
At SmartRecruiters, they have embraced a completely different set of analytics that takes a much more holistic and integrated look at the recruitment process and optimizing TA outcomes. Internally, their ability to retrieve and use the Hiring Success metrics has allowed them to move from order takers to strategic business partners – a shift that’s pervasive among the employers who have adopted the Hiring Success methodology in their talent organizations.
The Three Metrics of Hiring Success
Hiring Budget: The Hiring Budget is the sum total of recruiting costs associated with hiring new candidates, as a percentage of the total salary of the new employees or new hire payroll.
Hiring Velocity: Hiring Velocity measures one simple thing: the percentage of jobs filled on time.
Net Hiring Score: Similar to the Net Promoter Score (NPS), which measures customer experience, the NHS measures the fit between new hires and jobs.
If you’re in recruiting (particularly at a high-growth company), you know that having the required data and insights through your ATS make it easier to be a true business partner and talent advisor to hiring managers and leaders alike. When you come to the table with meaningful data that describes your team’s successes and hiring results, instead of leaning on anecdotal evidence and obligatory metrics, then you become more than a recruiter.
Metrics and data from your ATS can help make Hiring Success a reality, and achieving Hiring Success is much more critical to your business than just getting “bums on seats.” The analytics resources provide a powerful tool for tracking hiring progress, while also allowing optimisation in the entire recruitment process.
Of course, this is the literal definition of Hiring Success. If you’re not familiar with the Hiring Success framework, its foundational pillars, and how to use the methodology as a competitive advantage in today’s increasingly complex and cutthroat talent market, we’ve got you covered… The Definitive Guide to Hiring Success has got all the information recruiters need to get started on what’s been the most important journey of their career: moving from being just another recruiter in a cost center to becoming a trusted talent advisor who’s directly responsible for supporting the business – and the bottom line. Which is about all that a recruiter can hope for, really. The road to Hiring Success starts here.
Partner
As a global leader in enterprise recruitment software, SmartRecruiters offers a cloud-based global Talent Acquisition Suite that allows teams to attract, select, and hire the best talent. 4,000 companies worldwide rely on SmartRecruiters to achieve hiring success—including brands like Bosch, LinkedIn, Skechers, Ubisoft or Visa—using recruitment marketing, CRM, AI, ATS, and a marketplace of 600+ connected vendors all within one scalable platform.
True to its mission of connecting people to jobs at scale, SmartRecruiters was recognized by Forbes as one of the Best Employers in 2020.
