Leaders in the recruitment space look for tools that will help them track the performance of their team. Driven by the push towards improving numbers and increasing candidate quality, it can be difficult to understand recruiter performance in its entirety. That process of evaluating recruiter performance is much easier when you have a guide to base the metrics off of. Using a system like the recruiter quality index can help departmental leadership take a predominant role in measuring performance with factual numbers.
Big data, analytics, the new-fangled program that can measure and track the information the team installed last week – they are all clear indicators that metrics are becoming deeper and more intermingled with the recruiting industry from an internal perspective. Because recruiting performance is more than the metric quality of a hire, but the analytic quality of the recruiter as well.
What’s The Department’s Performance?
Evaluate the departmental performance by the candidate-to-hire ratio and assess the quality of hires based on how long they stayed with the company. As with all numbers, there’s typically a formula to either grade or solve the problem. Well, the recruiter quality index does both. The equation is:
I know that looks complicated, but we will break it down. What does organizational leadership like to see within their company? New hires (H) and promotions (P) take the top of that list when it comes to recruitment. Therefore, the opposite would be unwanted turnover (UT), as that would negate the positives of talent acquisition. That number is then divided by the total requisitions of the department (TR). The result is a hard number (RQI) of departmental recruitment performance.
This simple equation gives the team a piece of the big data pie that can help them to improve their overall performance, which will be important this year. For the first time since 2011, recruitment teams expect growth across the board. There will be an increase in hiring volumes according to 63% of talent decision-makers; another 46% note their predicted increase in hiring budgets.
So, while this equation is important to help cushion the blow of data analysis, companies now expect they will have the fiduciary capabilities to invest in platforms which evaluate data on a much larger scale. As big data gains steam – and true value – in the recruitment space, 73% of organizations have invested or plan to invest in big data in the next two years.
RQI or IRQ?
There’s no “I” in team, right? While the expansion of budgets has lended recruitment to a more technologically-heavy environment, individual performance can be evaluated with the formula stated above. It becomes less of recruiter quality index and shifts to individual recruiting quality. Some robust platforms offer an individual recruiter report, but not every big data analytics platform has the capability to assess individual performance. No, one recruiter isn’t solely responsible for the cost of a high turnover rate (which can near double an employee’s salary), but educating the entire team on their individual performance can help the results of the team as a whole.
As the age of big data integrates further into organizational practices to make processes better and evaluations more effective, this formula’s use will begin to wane. It will shift towards a focus on individual performance as part of a team and the impact on the team as a whole. The driving desire for organizations to improve numbers and performance starts with understanding the data behind all of it.
What actions does your organization take to understand the data and information behind recruiter performance?