Metrics enable you to gauge the overall health of your business because it gives you more insight into the performance and business impact of your talent management.
There is all kind of metrics that you could use out there, but you need to pay attention more on the metrics that really measure strategic goal of the company such as increasing productivity, revenue, and innovation.
Here is the best HR and TA metrics that cover all those bases:
This metric measured the improvement in the performance of new hires. If the new hires work better than the one they replace, the productivity of the team will improve. The performance review before and after hiring new employees will be benchmarked and compared across recruiter and department.
A work environment that reflects diversity, especially the one that reflects their customer diversity, will have a great impact on the sales. The benefit of diversity should be reviewed frequently and any imbalance should be rectified immediately. The term diversity here should go beyond the common definition such as age, gender, and race. It should include other aspects of diversity including international hire and diverse strategist.
Losing the top talent that works in the key and strategic position is costly. How many top talents that quit their job in the whole year? How much does it affect the company? A top talent usually has a higher percentage on performance rating and the loss of this talent could be measured in number.
A strategic goal was made to bring the company better than before. The question is how high is the HR strategic goal success rate? Does it reach the expectation, exceed it, or it didn’t even reach half of it? This kind of evaluation is should be done periodically so the company will be able to take appropriate action.
In today’s world, there are various sourcing channel that a company could use, from a job board, career sites, social network, referral, outsourcing company, and so on. It is worth to pay attention to which channel that usually delivers the best result. This way, the company could focus on the channel with the high level of effectiveness, so they can allocate the spend, time, and effort more intelligently.
Revenue per employee is a standard of workforce productivity metric. It measures the revenue per employee by divided the total yearly company revenue with the average number of the full-time employee. The best company will come up with higher revenue per employee.
Check for the number of open vacancies VS filled position. Do the company able to fill up the gap or do they struggle to fill an open vacancy? By checking on this metric, the company will be able to come up with a good strategy on how to leverage the effectiveness of the recruitment process.
There are other metrics that measure strategic goal company that gets overlooked most of the times. Retention rates, employee engagement, applicant completion level, and new hire failure rate are one of those. By making use of those metrics, it will be easier to spot the problem that could cost the company, and take appropriate action to deal with it.
More to Read: How to Choose the Best Employee Engagement Survey Method