The nineteenth-century Scottish writer Andrew Lang once criticized the leaders of his time for their poor use of statistics.
Lang observed that they used facts and figures “as a drunken man uses lamp-posts — for support rather than illumination.”
His adage, harsh as it may be, tells us that it’s not enough to simply collect data to lean on and prove what we already know. Instead, we need to use metrics to enlighten and inform our business strategies.
Here are some of the most important HR metrics to investigate in 2020 — with tips on how to use them to your advantage.
Application Completion Rate
If you want to expand your talent pool in 2020, you’ll need candidates to swim right into it. Your Application Completion Rate can help.
This metric shows the number of job applications that candidates have actually submitted as a percentage of the total number of applications that were initiated.
A low figure suggests that your job application process is too time-consuming or cumbersome.
Many candidates don’t expect applications to take longer than 15 minutes. In 2020, you’ll need to (re)optimize your application form to hold their attention.
Candidate Satisfaction Rate
In 2020, make sure you’re measuring candidate satisfaction.
Distribute a quick satisfaction survey through an applicant tracking system (ATS). Ask candidates about their views on the interview process, the employer brand and the talent professionals they worked with.
Use a simple five-point scale to gather qualitative data and derive percentage-based representations of how satisfactory each aspect of the hiring process is.
This data will show where you’re succeeding and where you’re falling short. These insights can guide you toward improving your process for 2020’s candidates.
This metric shows the effectiveness of all of your sourcing channels, including job boards, employee referrers, individual recruiters and more.
To determine each source’s quality, total up how many candidates came in through a given channel. Then, calculate the number of high-quality candidates or new hires that batch yielded as a percentage of the total.
Compare each source’s quality rate to pinpoint your most valuable sourcing channels. This will help you decide which sources to invest in — and which to reconsider — in the new year.
In 2020, use these recruiting analytics to enact change and inform your decision-making process:
- Application Completion Rate: Applications submitted ÷ total applications initiated.
- Source Quality: High-quality candidates from a given channel ÷ total leads generated by that source.
- Candidate Satisfaction Rate: A percentage-based figure you can determine based on the results of a quantitative candidate satisfaction survey.