According to the Society for Human Resource Management (SHRM), the average cost per hire in the US is $4129. Sounds like crazy money, right? Now imagine they’re not a good fit and two months later you’re shelling out all over again. The accounting department won’t be too happy about that, will they? So how do we go about reducing that figure to something that Linda in accounts won’t balk at?
The average time to hire in the US is roughly 24 days while in the UK it’s a little longer at 28 days. To the average person this may not sound like a big deal, but in the recruitment industry, we know that a longer time to hire can mean losing out on some of your top targets. In fact, 57% of HR managers in Australia felt that they lost out on qualified candidates last year because of a lengthy hiring process.
Recruitment is a game of speed and intuition where it can be easy to set goals based on each requisition. But it’s important not to lose sight of the bigger picture: managing your short and long-term goals allows you to plan for the future and gives you the acumen to tackle more challenging roles. To measure your overall performance, here are 6 metrics to measure your success by:
It’s often common practice for an employer to request that their new hires do not discuss salary with their new colleagues. And while this may seem like a common sense measure to keep everyone at the office in good spirits, is it actually a good thing? Would salary transparency for the entire staff work in a company’s favour? And what about interviews? Should we recruiters be able to demand a candidate reveal their current salary?
A few weeks back we discussed key metrics that a recruiter should use to measure success not realizing the can of worms we opened. And after fielding so many questions on the topic, we decided to go a little deeper this time and take a look at the other data that recruiters should also pay close attention to.