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The Best Talent Acquisition KPI?
Talent acquisition has moved towards making decisions on facts not feelings, also known as being data-driven.
With more and more key performance indicators (KPIs) to keep an eye on, which ones can tell us this most? And importantly, how can internal recruiters turn metrics into positive actions?
1. Good KPIs vs Great KPIs
Tali Treivish Ashkenazy has led recruitment teams at Meta & Apple and has seen that most recruiters focus on effectiveness KPIs. These help us understand if we’re getting the right people into (top of funnel) and through (hiring) the process, examples include:
Time to Fill
Source to Hire
Offer Acceptance Rate
Candidate Satisfaction
The purpose of talent acquisition KPIs are to make sure our recruitment process is effective and efficient
The best recruiters also closely monitor efficiency KPIs. These tell us if we are using our resources in the best way, or if we can be working smarter. Examples include:
Pass Through Rates
Sourcing Channel Effectiveness
Profile Attributes
D&I Pass Through Rates
Below Tali provides a quick overview of each KPI. Understanding the story behind these metrics will have a direct impact on the effectiveness metrics (e.g reducing time to fill) but can also create a wider, positive impact, just like the next examples.
2. Improving Screening Questions
Luke Victor has looked at pass through rates to improve the screening process while leading tech recruiting teams at Freetrade and now Cleo. He analyses the pass through rates of each interview stage, looking for large drop-offs (bottlenecks) which can be fixed by screening candidates more effectively.
A simplified step-by-step of the method:
Look at pass through rates for each interview
Find the interview stage with the largest drop off
Track the themes for failure & find the top problems
Feed this back into the screening stage
Track improvements & iterate
3. Creating a More Equitable Process
More great advice from Tali; track overall pass through rates AND pass through rates for diversity groups. Your pass through for a certain stage might look fine overall, but then show a significant drop-off for a particular group which should be addressed.
For example, you see a large drop off for female candidates in a stage assessing leaderships skills. Some potential actions:
Speak to interviewers to deep dive into failure reasons
Gather feedback from candidates on the stage
Review the questions, tasks and preparations process
Help candidates to prepare in different ways
Interviewer bias training
This is just a scratch on the surface on the power of pass through rates. Check out our other blogs for more insight on talent acquisition KPIs and taking action with data. Or find out more about our dedicated courses below.