‘Time-to-hire’ is an almost universal key performance indicator (KPI), with 87% of businesses using it, according to research from HRO Today and executive recruitment service Futurestep.
The study – Measuring Up – also found that ‘increased quality of candidate pool’ was the most desired metric that businesses are not currently capturing, as reported by 44% of respondents.
Jeanne MacDonald, president of global talent solutions at Futurestep, said: “The whole point of metrics is to enable better decision-making, but the benefits of a true partnership can be felt beyond the realm of data. The real key to long-term satisfaction is ensuring clients have a well-rounded talent acquisition strategy that helps them not only find the best talent but also nurture it for future growth.”
The report gave five recommendations to get the most out of metrics:
- A clear understanding of how HR aligns with business objectives is essential, so decisions can be made in line with the relevant metrics
- A systematic approach must be taken, regardless of what metrics are employed. Clients and their RPO providers must ask 'why measure it?', 'what value does it provide?' and 'how much emphasis should be placed on the results?'
- Creating a single integrated information system is key. Data and input from the RPO should exist within an online dashboard integrated with the client’s applicant tracking system, and data should be presented in a way that is meaningful for decision-making
- Continuous innovation and improvement is imperative. The RPO must offer value on the information and insight that metrics provide so satisfaction levels do not decrease over time
- Trust is crucial to success – the quality of the relationship between client and provider and the extent to which sensitive data is shared and examined will determine a true partnership.
Elliot Clark, CEO of SharedXpertise, which publishes HRO Today, said that there is still some work to do when it comes to analytics. “Continuous innovation and trust will make for an improved relationship, enabling success over a sustained period of time. But companies and RPO providers need to align metrics with business objectives from the offset to gather truly valuable data,” he said.
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