Last newsletter of the year
Please note that the Two-Minute Mentor will not publish on December 23rd. We will resume our normal bi-weekly publication schedule on January 6, 2004.
Happy holidays everyone!
The Measure of Success
You cannot manage well what you do not measure. If you want to break
into the ranks of world-class recruiting, you simply must collect
and analyze activity metrics. As you build an archive of information,
your data will help you identify areas for improvement. Your data
will also take you beyond the traditional recruitment role and help
you demonstrate your position as a cutting edge-contributor focused
on your company’s bottom line.
If you’ve never tracked metrics before, you’ll first
need to collect some initial data as a benchmark. Over time, you can
then look for areas to improve, implement changes and re-measure.
Measuring your activity does not have to be a complex endeavour,
nor does it require sophisticated software. All it takes is a few
simple spreadsheets to log the data you collect.
The three main areas of metrics you should know and track are:
Cost per hire
- Where did you find your candidate? How much did you pay to access the source?
- How much was offered as a signing bonus, if any?
- How much staff time did it take to make the hire? How much does this equal in dollars?
- How much management time did it take to make the hire?
- How much processing time was involved?
- Were there any travel or relocation costs incurred?
- What other expenses were incurred?
Quality
- How many hires are still with the company after 1 year?
- How many hires were promoted within 1 year?
- What are the job performance ratings of those hired?
Time to fill
- What date did you receive the job requisition?
- What date did you fill the job?
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The Two-Minute Mentor 