Metrics That Matter in High-Volume Hiring

Analytics rule the world. Sometimes we wish we could just dig deep into our years of professional experience and confidently say: “I just FEEL like this is the right decision.” But as a wise CEO told me once… ”Unless you have hard numbers to support your gut, I don’t care how you FEEL!” Key stakeholders, buyers, and HRIS managers need KPIs to succinctly justify their investments and uncover the need to reform a process.

Recruiting and retaining talent is a critical process for any organization, and it requires tireless attention to detail and continuous improvement. One of the most effective ways to steer these processes is by leveraging data. By tracking various metrics related to recruiting and hiring, enterprise organizations can make deliberate decisions and drive positive outcomes.

Tracking stages, or movement through each phase, can provide valuable metrics that offer insights into the efficiency and effectiveness of the hiring process. For example, monitoring the time candidates spend in each stage can help identify bottlenecks or areas where the process may be unnecessarily clunky or outright broken. It allows businesses to identify and effectively streamline the process, reduce time-to-hire, and minimize the risk of losing qualified candidates due to prolonged delays. This data provides a clear picture of the conversion rates at each step. It enables enterprise organizations to identify areas where potential candidates drop off or encounter obstacles, allowing them to refine their approach and increase the chances of timely and successful hires. Armed with these crystal-clear metrics, organizations can make data-driven decisions to fundamentally change the future of their company!

Data-driven decision-making in recruiting and hiring goes beyond just improving the process itself. It can also help in strategic workforce planning and talent acquisition strategies. By analyzing metrics, businesses can identify trends, such as the most effective sourcing channels or the characteristics of successful hires. This information can guide future recruitment strategies and enable organizations to attract and retain top talent more effectively.

What exactly are “Metrics that matter”? The below are simple data points your team can use to make important decisions about your hiring processes:

• Time-to-hire: The number of days it takes between posting a job and an employee accepting an offer.
• Cost-per-hire: The average amount spent on hiring new employees in a given period.
• No-show rate: The percentage of people that didn’t attend a scheduled interview.
• Regrettable Loss or Early Turnover: Employees that choose to leave in the first 90 days.
• Offer Acceptance Rate: Percentage of offers accepted versus given to candidates.

Grayscale believes data and metrics play a crucial role in improving the process of recruiting, hiring, and retaining an engaged workforce. Our user-friendly, customizable technology can help you get candidates in the door faster for interviews, decrease no-shows with easy reminders, and completely revolutionize your time-to-hire by keeping candidates engaged.

The early bird truly gets the worm, and we know that being first to offer is a linchpin piece to successful hires. Automated communication to your new hire offers clear expectations as they jump into the onboarding phase of their new career. Engagement is the key to reducing turnover and building a high-volume team, and KPIs are the “Thank You Note” to your management for supporting a new way of building your hourly workforce.

Metrics that matter are the way we describe a data-driven approach to ring out every drop of efficiency and value while you build and retain a dynamic, frontline workforce.