Every business wants the best people working for it. Of course, they do! Having the strongest teams only benefits you and your business, helping it to succeed and grow.
That’s why the need to find the right talent and the best talent is at the top of everyone’s recruitment agenda.
Having an effective talent acquisition strategy is key. However, it’s not just about having the strategy; it’s about continually reviewing its effectiveness, ensuring that what you have in place is still relevant to your current business needs and overall vision.
Failing to review, in our eyes, means you could end up with a recruitment process that, quite simply, doesn’t work. Wasting your time and money, but most detrimental to your business, you recruit people with the wrong skills and attitudes.
At Secure and Recruit, we work with clients to understand your company’s vision, overall recruitment needs, values, and ethos. We build talent acquisition pipeline strategies around these, building a bank of suitable and extremely talented candidates.
To find out about our process and our approach to security recruitment, check us out at www.secureandrecruit.co.uk.
How do you evaluate the effectiveness of your talent acquisition strategy?
Talent acquisition goes beyond filling those immediate roles in your business (although at Secure and Recruit, we can also help you with this); it focuses on a strategy that is continually running to identify the best candidates for future roles. Roles that are often more specialised and harder to fill.
Recent reports show that throughout 2021 it will be crucial for businesses to build on critical skills and competencies, especially as the skills required for a single role are increasing by 10% annually.
Throughout this post, we look at the metrics that you can use to evaluate the effectiveness of talent acquisition processes and provide insight into where performance could be improved.
Effective Talent Acquisition Metrics
Quality of hire – currently, this is the most valuable metric to evaluate a team’s performance. However, currently, there is no industry standard. Some ways in which this metric can be measured include:
Performance reviews – often the most frequently used method to track how well a new hire is performing. Understand how they rank against others, are they meeting targets, what is their error rate, etc.?
Retention – understand and evaluate how long employees stay with the business.
Hiring manager’s satisfaction – check the manager’s satisfaction with competency and the new hire’s performance.
Employee lifetime value – this is the value an employee brings to an organisation over time and should be ideally set up to track the true quality of the hire, i.e., tracking the contribution an employee makes to the organisation.
Other evaluation metrics also include:
Hiring process time – how long, typically from the start of the recruitment process to the moment the right candidate is hired? It is proven that the shorter the timescale, the more chance you have of securing the top talent (typically, those in high demand are recruited within ten days!). However, with such a shortage of Fire and Security Engineer’s, turnaround time from introduction to offer is usually as quick as 2 to 5 days! To help, break your process down. Understand precisely how long it takes to move people through the recruitment stages and highlight areas where you can save time.
Review your cost per hire – how much does your recruitment process cost? I.e., the onboarding, the purchasing of new equipment, administration costs, etc. Understanding this information allows you to reduce your figures by looking at alternative recruitment techniques, i.e., building a talent pipeline, employee referrals, use of social media, etc.
Application screening process – this type of talent acquisition metric is also known as `qualified candidates per opening.` It can be highly beneficial as it shows recruiters from the very start just how good the candidate is. However, regularly reviewing your screening process to ensure you’re attracting the most suitable Fire and Security candidates is key. Writing compelling job descriptions, reviewing advertising channels, expanding your search, and more can all help.
Targeting – you need to clearly identify which communication channels are the right ones for you, i.e., you need to advertise where your ideal candidates are. Ask candidates where they found out or heard about the job. Knowing where your candidates are coming from ensures a much greater ROI. You can also test different channels to see which ones are the most effective. The focus should be on the channel that provides you with the highest quality candidates, not the most.
Job acceptance rate – if you’re using a fire and security recruitment agency like Secure and Recruit, knowing the percentage of job offers accepted is often a good indicator of how well the hiring process is going. It’s also an excellent opportunity to determine why candidates refused a role, providing further clarity and insight, leading to recruitment process improvements.
Ask your new recruits – asking new hires how they found the recruitment process can often be the best metric in evaluating recruitment processes. Surveys are the best form to gather this information, especially if you make them quick, easy, and ideally anonymous.
Managing a robust and effective talent acquisition strategy is one of the biggest challenges a company can face. However, it is crucial to ensure a business’s ongoing success as poor hiring decisions can have a negative financial impact on your business.
At Secure and Recruit, we see recruitment, not as a one-time task but rather a core competency, future-proofing organisations as they develop a framework that consistently works for them.
If you want to attract and hire the best talent consistently, make sure to contact our specialist recruitment team to see how we can help you today; call 01480 275 700.