How to create a comprehensive image of the losses and gains associated with employee acquisition? It’s a vital component for any business. It’s not purely for optimizing the effectiveness of your recruitment, it also saves money.
Around 17 percent of recruiters looking for new employees don’t actually keep track of the costs surrounding the recruitment process.
Consider that a lack of attention to costs is also a lack of attention to all of the other data associated with recruitment. You’re looking at a tragic percentage of recruiters ignoring potential streamlining opportunities.
The time and money saved here can make or break a department, depending on the situation.
Measuring Success: How to Track Employee Acquisition Metrics
There are multiple avenues to begin gathering data here. First and foremost is going to be the initial leg of the acquisition process, the recruitment. We’ll also look at the follow-up and briefly visit employee retention.
Though they are all equally important, that initial recruitment is often where the most time can be wasted.
Accelerating the Acquisition
If you break the time-to-hire into parts, you’ll have two key factors to look at. The time to find the employee, the time to recruit the employee, and the actual cost of the recruitment.
After finding the time it takes you to fill out a list of potential candidates, you can drill down into your data. This will let you see which of the advertising methods were most lucrative.
Every minute of not having an employee for a specific task is money lost, so understanding where best to apply your efforts in order to find a qualified individual is of paramount importance.
Recruitment Processing
Another potentially enormous time sink is the actual time it takes for an employee to go from the job posting to the hiring.
By keeping note of each stage of this process, and the duration of time that each required, you’ll be able to single out any problem areas.
There could be one specific part of your hiring process that is causing 90% of the delays. Seeing it will allow you to smooth out any kinks, potentially almost halving the amount of time the process would have otherwise taken.
Monetary Costs
Once you’ve finished the recruitment process, you can take stock of exactly how much was spent in the hiring of a new employee. This will let you can start comparing the figures.
Examining how much was spent on the hires is not only an important business metric. It also helps to redefine your hiring goals by exposing where the holes in the recruitment process are.
There are some potential methods to streamline quickly and easily, however.
Reduce Risk and Cost with Professional Recruiters
Many of the issues that we covered can be difficult to tackle, especially if the employee acquisition cost is an immediate concern. A fantastic solution in this situation is to opt for a professional recruitment service. A service like QualStaff Resources.
You will only be hampered by spreading your efforts across ineffective recruitment strategies. Focus on a channel that is proved to be effective.