Measuring Success in Talent Acquisition – Key Metrics and KPIs

Talent acquisition is a critical process in any organisation and talent acquisition metrics are fundamental to this. Talent acquisition is the process of attracting, selecting, and hiring the best and most qualified candidates for the job. In order to measure the success of your talent acquisition efforts, you need to have a clear understanding of the key metrics and KPIs (Key Performance Indicators) that are relevant to your organisation.

Defining Key Talent Acquisition Metrics and KPIs

The first step in measuring success in talent acquisition is to define your key metrics and KPIs. Talent acquisition metrics and KPIs should be specific, relevant, and aligned with your organisation’s overall business objectives. Some common key metrics and KPIs in talent acquisition include:

• Time to fill: This metric measures the length of time it takes to fill a vacancy, from the time the job is posted to the time a candidate is hired.
• Cost per hire: This metric measures the total cost of recruiting, selecting, and hiring a candidate, including advertising, recruitment agencies, and HR costs.
• Quality of hire: This metric measures the quality of the candidates that are hired, based on factors such as their job performance, job satisfaction, and turnover rate.
• Applicant satisfaction: This metric measures the satisfaction of job applicants with the recruitment process, including the ease of application, communication with recruiters, and the overall experience.
• Source of hire: This metric measures the source of the candidates that are hired, including job boards, employee referrals, and direct applications.

Tracking Key Metrics and KPIs in Talent Acquisition

Once you have defined your key talent acquisition metrics and KPIs, the next step is to track them consistently. This can be done through the use of HR software, spreadsheets, or manual tracking methods.

It is important to track these metrics on a regular basis, such as weekly, monthly, or quarterly, in order to identify trends and make informed decisions about your talent acquisition strategies.

Analysing Key Metrics and KPIs in Talent Acquisition

The final step in measuring success in talent acquisition is to analyse your key metrics and KPIs. This involves looking at the data and making informed decisions about your talent acquisition strategies based on the results.

For example, if your time to fill is longer than you would like, you may need to re-evaluate your recruitment strategies and processes. Similarly, if your cost per hire is higher than you would like, you may need to explore alternative recruitment methods or negotiate better rates with recruitment agencies.

Summary

Measuring success in talent acquisition is a critical process that requires a clear understanding of the key metrics and KPIs that are relevant to your organisation. By defining, tracking, and analysing these metrics and KPIs, you can gain a deeper understanding of your talent acquisition strategies and make informed decisions about how to improve them.

Whether you are a small business or a large corporation, measuring success in talent acquisition is an essential step in ensuring that you attract and retain the best and most qualified talent for your organisation.

The Benefits of Using a Specialist Recruitment Agency

Using a specialist recruitment agency can bring many benefits to a company in the talent acquisition process.

Firstly, a specialist recruitment agency has access to a large pool of candidates, many of whom may not be actively looking for a job but may still be interested in new opportunities. This means that a specialist recruitment agency can help you find the best candidates for your organisation, even if they are not actively searching for a new job.

Secondly, a specialist recruitment agency has the expertise and experience to help you navigate the complex and often time-consuming recruitment process. They can handle the advertising, screening, interviewing, and reference checking of candidates, freeing up valuable time and resources for your organisation.

Finally, a specialist recruitment agency can provide valuable insights and recommendations based on their experience and knowledge of the job market and industry trends. This can help your organisation make informed decisions about its talent acquisition strategies and ensure that it attracts and retains the best talent.

Why Choose PEEQ HR Recruitment Agency?

The average fill rate amongst HR Recruitment Agencies is 46%, but at PEEQ our average fill rate sits above 90%, So you are twice as likely to make a hire if you choose PEEQ

This is due to two reasons:

Firstly, we only partner with our clients on an exclusive basis, so we ‘own the responsibility’

Secondly, we don’t employ recruiters. Instead, we work with trusted and proven freelance HR recruiters, to hire for our clients.

We give them the tools and infrastructure to be successful, and the rest is down to their magic and experience. Our Associates are not employed by us and only get paid for making a successful hire.

This makes them incredibly tenacious and committed to finding the best talent, which is why our fill rate sits above 90%, compared to the industry average of 46%.

More reasons to work with PEEQ

Psychometric insight reports

Obtain a unique insight into your candidates’ Cultural Fit, Strengths, Decision Making and Resilience through our accredited assessments.

Post-hire executive coaching

Set your hire up for success with a tailored coaching programme that helps them achieve their full potential personally and professionally.

Up to 6 month guarantee

Confidently select your preferred candidate with our ‘surety of hire’ 6 month rebate period. The ultimate comfort for a big decision.

BeTalent Accredited Approach

We are proud to offer the BeTalent Accredited approach that enables us to deliver scientific candidate assessment, in accordance with the British Psychological Society standards.

This solution is for you if you want:

• An objective way to determine who is the best fit for your role
• A comprehensive understanding into your new hire before they start
• Peace of mind that you’ve made the right hiring decision