Jobvite Webcast: Recruiting Analytics - How Do You Stack Up?


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Get the latest trends on what to measure, how to measure it, and how to use metrics to drive hiring success.

Guest speakers:
David Earle, CEO,
Anne Murguia, VP of Marketing, Jobvite

Published in: Technology, Business
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Jobvite Webcast: Recruiting Analytics - How Do You Stack Up?

  1. 1. Recruiting Analytics How Do You Stack Up? DAVID EARLE, CEO STAFFING.ORGSTAFFING.ORG © 2011
  2. 2.  Where we are todayAgenda  Where we want to go  Metrics maturity model  Why we haven’t gotten there yet  What’s holding us back  Why we can now  Technology, management thinking  Why you should care  The 21st century recruiting model needs leadersSTAFFING.ORG © 2011
  3. 3. Where we are todaySTAFFING.ORG © 2011
  4. 4. What’s worrying you Impact of External Conditions of Recruiting Competition for talent Candidate quality Labor market conditions Economic slowdown Recruiting / staffing costsExternal technology (Internet) The Aging Workforce Internal technology Government regulation Mergers and consolidations GlobalizationEnvironmental / Green issues 0 0.5 1 1.5 2 2.5 3STAFFING.ORG © 2011
  5. 5. Where we want to goLevels 1 & 2 Levels 3 & 4 Efficiency  Marketing  Company keeps credible  Company can track records of TTF, CPH and candidate sources, behavior, brand performs near industry awareness and funnel norms ratios Effectiveness  Retention  Company can track  Company tracks employee candidate quality, job satisfaction, engagement, performance and retention (all years) and retention (1st year) hiring demand (1+ years)STAFFING.ORG © 2011
  6. 6.  The company uses scenario planning and predictive analyticsLevel 5 to project talent demand into the future.  Labor market analysis  Demographics by job category & skill level  Succession planning  Talent movement  Training & development  ―What if‖ modeling  Everything tied to the company’s strategic planSTAFFING.ORG © 2011
  7. 7. Time to source Time to process & select Time to interview & assess Time Time to offer Time to hireEarly Stages Time to start Cost per hire (CPH) Recruiting cost ratioWhat world class Cost Recruiting efficiency ratiocompanies measure Number of submits Number of submits by sourceHow many more things Cost per lead Sourcing Analysis Ratio submits to hiresdo you need to (by source) Number of hiresmeasure? Cost per hire Diversity contribution Ratio: total resumes / candidates Pipeline Ratio: candidates / interviews Quality Ratio: interviews / offers Ratio: offers / close Resume vs. job requirements Candidate Quality Pre-hire job performance (desired) vs. actual job performance (3 months, 6 months) Hiring manager: (a) job performance (b) fit Satisfaction Candidate: after onboarding, 3 months, 6 months; first year turnover Lower CPH or recruiting cost ratio Savings from reduced time to start ROI Contingent staff savings Reduced vacancy costSTAFFING.ORG © 2011
  8. 8. RCR vs. CPHRecruiter A Recruiter B 15 engineers, $750,000  7 senior mgrs, $980k salaries, $66k costs salaries, $84k costs CPH $66k/15=$4,400  CPH $84k/7=$12,000 RCR $66k/$750k=8.8%  RCR $84k/$980k=8.6%STAFFING.ORG © 2011
  9. 9. Measuring the right things Will everyone understand what they mean? Did everyone sign off on them (dialogue) Does everyone agree they’re important? Do they relate to corporate and staffing objectives? Can they be compiled consistently and accurately?NOTE: Credibility = measuring a few things well, not manythings badlySTAFFING.ORG © 2011
  10. 10. Not how world class companies measure Most Frequently Measured Metrics Time to Fill/Start First-Year Turnover Manager Satisfaction Cost Per Hire Candidate Satisfaction Quality of Hire Interview/Offer Ratio Offer/Close Ratio Time to Source Recruit Funnel Ratio None 0% 5% 10% 15% 20%STAFFING.ORG © 2011
  11. 11. Maturity model – the practical approach First— time to start, CPH/RCR, resume/job requirements, hiring mgr. satisfaction Second— funnel ratios, CPH/RCR by job level, 3 & 6 month HM satisfaction & retention Third— sourcing analysis, employer branding, candidate experience Fourth – begin monitoring the attitudes and behavior of the workforce Fifth — begin strategic planningSTAFFING.ORG © 2011
  12. 12. Why we haven’t gotten there yet20th century model 21st century model Industrial model  Human capital model Efficiency  Value No metrics  Metrics centered Old school mgt training  New school mgt training Local labor markets  Global labor markets U.S. top competitor  Lots of new competitorsSTAFFING.ORG © 2011
  13. 13. Why we can now Trends have created the conditions We have the research. Management thinking has evolved Technology has (finally) evolved sufficiently to do the heavy lifting—i.e. data management & reportingSTAFFING.ORG © 2011
  14. 14. A quick note about technology It’s a big, complex topic It’s now central to all TA and TM It has been frustrating forever, but it’s getting better very rapidly It needs HR ownership, not HR ―usership‖ You don’t have to become a geek, just an educated user. Know what it can do and what you want it to do The aim isn’t complexity, it’s simplicity The best metrics are simple and relevantSTAFFING.ORG © 2011
  15. 15. Recruiting IntelligenceUsing Jobvite for real-time insights into what works
  16. 16. The Recruiting Platform for theSocial Websocial sourcing and CRM applicant tracking and recruiting
  17. 17. It’s Harder Than Ever to Tell What Works Data integrity hampers cost and quality effective recruiting 5 out of 6 candidates incorrectly identified source in a study of 60,000 applications
  18. 18. Insights to Drive Quality, Cost and Speed Source performance throughout the pipeline for all candidate sources Social recruiting performance Career site benchmarking Standard and custom reporting – with drag and drop interface
  19. 19. Start With Tracking that WorksAutomatically trackable links embedded everywhere jobs are shared online, automatically
  20. 20. …Wherever You Are Recruiting Facebook email Twitter LinkedIn
  21. 21. Key Metrics for Branding and Conversion Traffic by category Referring Sites Views by job Forwards by location Applications Interviews by network Hires by source
  22. 22. Real-time Dashboards
  23. 23. “The tracking, reports, dashboards andcomplete transparency of all our recruitingefforts and processes have been a huge timeand money saver.” Kerry Ann MacIsaac Director of Human Resources, Conductor
  24. 24.