In a competitive talent market, the commercial impact of open vacancies in an organisation is high and has the potential to significantly impact the performance of the business. Developing a recruitment strategy built on accurate data that reflects the needs of the market has become increasingly important as organisations seek to improve the effectiveness of their talent acquisition strategies.
For example, ‘Qualified CVs per Vacancy’, ‘Interviews per Vacancy’ and ‘Applications per Vacancy’ are all key KPIs that help employers understand the probability of a successful hire at key milestone stages. KPIs such as ‘Application Completion Rate’ and ‘Recruitment Funnel Effectiveness’ help employers identify barriers that may exist in the recruitment process itself.
Additionally, measuring Candidate Experience and monitoring Opinion Aggregators provides a powerful indicator of an employer’s reputation in the talent market and can help to signal potential future talent acquisition challenges. This is particularly true in the context of Diversity & Inclusivity (D&I) which is now a priority in the talent acquisition strategies of most major employers. Understanding how opportunities resonate with under-represented groups within the talent markets in which they operate is an important step to increasing the representation and participation of staff from these communities.
Here are 8 key steps that every organisation can take to applying effective recruitment KPI's