2 Essential Metrics That Dictate Hiring Success
Recruiting metrics are indispensable when it comes to successful data-driven hiring, allowing recruiters to optimize the hiring process and more effectively analyze talent. That being said, sifting through all of the metrics available will leave you with no time left for actual recruiting. We boiled down the two essential metrics that will dictate your hiring success.
1. Recruiting Ratios
The number of recruiters that your firm assigns to each account is important for numerous reasons. Instead of just searching for viable candidates, you have a team with the resources to actually find the perfect fit for the role. This also results in faster response times to candidates, allowing for speedier placements and enabling recruiters to take on more roles. To put it simply: the better your recruiting ratio, the higher your quality of hire, and your time-to-fill will become distinctively shorter.
While having multiple recruiters on deck is fairly commonplace, the industry average is only 2:1. This triangle model typically consists of two junior recruiters assisting a client in placing talent. In years past, this may have been an effective approach, but in our current low-unemployment market with the skills gap quickly growing, it’s outdated.
Consider this scenario: an information security manager unexpectedly turns in his two-week notice – this integral role needs to be filled immediately. With the triangle model, only two recruiters are actively sourcing, contacting, and interviewing candidates, likely leaving that two-week timeframe in the dust. The longer the position remains open, the more repercussions trickle down to other employees, decreasing productivity, and ultimately, revenue. In cases like this, where your security becomes vulnerable and data could potentially be comprised, even more is on the line.
With a better recruiting ratio, such as the 5:1 ratio that we implement at KORE1, you’re able to find talent at a significantly faster rate. Instead of placing an entire organization at risk, the role is filled without impacting productivity or security. With a larger team of recruiters, led by one senior recruiter, cost-per-hire and time-to-fill become more manageable than ever.
2. Market Rates
In the 2019 hiring climate, talented professionals have the upper hand. Extending a competitive offer is critical to landing these candidates, as they often are choosing between a plethora of options. With the wrong initial offer, you could be completely counting yourself, or your client, out of the race. Ultimately, you’ll end up paying the market rate for a quality candidate anyway, so it’s best to brush up on the numbers at the very beginning of the hiring process.
Extensive research on industry and regional market rates is the only way to ensure that you’re keeping up with the competition. Salary guides that offer rates, hiring strategies, and top in-demand skill sets are an unparalleled resource (check out our 2019 Salary Guide here). With so many factors that have the potential to greatly impact your offer, salary guides provide figures from positions that vary in experience, industry, and location. The more specific the market rates, the better.
By using these figures as a starting point for negotiation or as one piece of the compensation package puzzle that includes benefits and bonuses, you will gain the upper hand in the market. In addition, consulting with peers and using job search platforms like Glassdoor to analyze similar positions or locations can provide you with valuable insight into the landscape. Ultimately, you should be leveraging all of this research in the hiring process to guarantee that you’re keeping the candidate interested and to lock down the best talent at the most reasonable price.
Navigating the 2019 hiring landscape is complicated, but by focusing on these two hiring metrics, you can completely revolutionize your recruiting process. Not only will you be landing higher quality talent at a faster rate than before, you’ll do so without spending a dime more than necessary.
For current market rates, coupled with industry insights and hiring strategies for the new year, request our 2019 salary guide today.