Metrics are something that should be at the forefront of every recruiter and talent teams’ mind. It’s how you can answer this overarching question: “How do we hire the right people, faster?”
This broad question often becomes rhetorical. It’s a general “theme” that lingers in the minds of those who leave the meeting room with no clear sense of how to approach the “answer.”
Start with Data (Metrics)
If your team is tracking data around your hiring process, you are on the right path. The real question is how you analyze your data to make meaningful discoveries.
1) Time Spent by Job and Stage
How much time is your company spending interviewing for a particular job? This metric ultimately leads you to answer a critical question: “Which jobs cost the most to hire?”
An Interview Logistics Platform, GoodTime.io, captures this key metric through measuring the number of human minutes spent interviewing candidates for a single job. The 2 drivers of this metric are:
- How many interviewers are involved in the interview process?
- How long is each interview?
If each onsite interview for a Software Engineer role requires 6 interviewers, and each interview lasts 60 minutes, then the company has spent 360 minutes (6 hours) interviewing a single candidate.
Those 6 interviewers probably vary in roles and levels. This means varying salaries. If you multiply the number of minutes spent interviewing by the average salary of these interviewers, you will get the cost of interviewing a single candidate.
2) Number of Interviews Scheduled, Rescheduled, and Canceled
How efficient is your team’s interview scheduling process? Are your Recruiting Coordinators optimally scheduling interviews in a given day?
Understanding the exact number of interviews being scheduled, rescheduled, and canceled gives you valuable insight into the efficiency of your team. For example:
- How many interviews are a single Recruiting Coordinator scheduling each day?
- What’s the number of reschedules per day?
- How many interviews are being canceled each day?
Automating the scheduling process through an Interview Logistics Platform saves Recruiting Coordinators on average over 30-40 hours per week.
If you look at it a different way, teams that schedule 10 interviews a day are empowered to schedule over 20 interviews in the same amount of time. If your company has a hiring target of 2x in the next year, how many interviews should be scheduled every day? Visibility into the number of interviews being scheduled, rescheduled, and canceled gives you the ammunition to make various hypotheses and decisions around your team’s efficiencies.
3) Number of Interviews Every Interviewer Conducts
Who are the rockstar interviewers at your company? Who are the least reliable interviewers, consistently declining interview requests? Usually, one of the favorite reports for Recruiting teams, GoodTime’s Interviewer Report, captures your interviewers’ level of engagement in the hiring process.
- Number of interviews a specific interviewer has accepted
- Number of interviews a specific interviewer has declined
- Average lead time for a specific interviewer to decline an interview
Capturing these metrics enables Recruiting teams to have data/metrics to support rewarding their best interviewers, identifying unreliable interviewers, and understanding the load balance across all interviewers. Teams can answer various questions with this report, such as:
“Given the number of interviews being scheduled in the period, and given the number of interviewers actually accepting interview requests, can our company effectively reach our hiring goal?”
Additionally, interviewer load balancing is a frequently-discussed topic. Companies want more eligible interviewers to conduct interviews and not burden their specific, “go-to” interviewers. Understanding every interviewer’s engagement in the interviewing process gives power to Recruiting teams to make smart decisions about growing interviewer pools.
So how do we hire the right people, faster?
With the right metrics at your fingertips, you can understand your current situation. This helps you develop a quantifiable plan to hire the right people at the right time, faster.
About the Author:
Lisa Lee is a Customer Success Manager here at GoodTime!