HRO Today November 2016 - 49

g
Talent Acquisition
What KPIs do you use?
s
To find out what kind of KPIs are being employed by companies and their RPO
providers, we gave respondents a list of 13 possible measures and asked them to
indicate whether they used each of them or not.
" Time to hire " is the only KPI that appears to be (almost) universal, with 87% of
respondents indicating they used it. Of the other 12, only three were used by
more than half of respondents: " Cost per hire " (67%); " Increased quality of the
candidate pool " (57%); and " Number of hires " (56%).
h,
ions
te
e
ary
When developing a
Two KPIs we might have expected to score higher are " Retention " and
" Source of hire " (both cited by 41% of respondents). Retention data can
provide you with real insight, helping you to understand not just whether
positions have been filled but whether they have been filled successfully in the
long term. In this sense, it can be an excellent measure of quality of hire. Sourceof-hire
data also has many useful applications. It shows you where new hires
originate, which can help you target candidates more successfully in the future.
Crucially, it can also help you to calculate and understand costs, assuming that
different sources require different levels of investment.
Only
49%
s
sive
nger
at
t
e to
Even
u
y
e to
ving,
elf
and
you
s.
of respondents are
satisfied with the amount
of data they receive
Source: Measuring Up? From Korn Ferry Futurestep and HRO Today
Time to hire
Cost per hire
Increased quality of candidate pool
Number of hires
Interview to offer ratio
Source of hire
Offer to acceptance ratio
Diversity of candidates
Retention
Number of applications
Employee referrals to hire ratio
Job views
Cost per click
Other
4%
4%
15%
hrotoday.com
20%
17%
44%
41%
41%
41%
41%
Figure 1
KPIs Used to Evaluate Success
The fact that employee referrals were tracked by only 17% of
respondents is perhaps less surprising. Nevertheless, we feel it is a KPI
that deserves to be more commonly used. Apart from anything else, it can be a
very good way of measuring the strength of your employer value proposition
(EVP). Employees won't refer people to a company they themselves are not
happy working for. So number of referrals can be a good indication of how
scorecard, ensure all
parties agree about
the components.
industry continues to grow and change, experts project
that other metrics will become increasingly important.
Diversity of hires is likely to be a more important metric
now that more and more employers are realizing and
embracing the value of ethnic, gender, and thought
diversity in the workplace. Number of referrals may
also take a place in the spotlight because of the way it
reveals a company's reputation among candidates, as
will quality of candidate relationship metric.
57%
56%
Cory Kruse, president of Novotus, believes there will
also be a larger focus on what he
calls hiring velocity. " One metric
that we report on and talk about,
especially for higher-volume
industries like consumer retail, is
hiring velocity, which means you
get your metrics down as far as
interview-to-hire or identify-tointerview
metrics and then reverse
engineer that to find out how
many people you need coming in
at the top of the hiring funnel at
any given time, " he says. " A lot of
people aren't measuring that yet. "
87%
67%
The new ones-is that the data
needed to learn about hiring
velocity is likely already being
collected. There is so much
hidden value in data and as
RPO engagements mature,
organizations will continue to
learn and grow their talent
acquisition strategies based on
metric-driven decisions.
NOVEMBER 2016 | www.hrotoday.com
[49]
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HRO Today November 2016

Table of Contents for the Digital Edition of HRO Today November 2016

HRO Today November 2016 - 1
HRO Today November 2016 - 2
HRO Today November 2016 - 3
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