With the entry of the pandemic last year, people had to change the way they had been working until then. All the functions associated with ‘work’ had to become ‘remote.’ The scenario continues even today. The old method of simply sorting through applications, selecting face-to-face interviews, and orienting simply does not apply. Instead, you must resort to measuring certain things during the remote tech hiring process. The experts refer to it as Tech Recruitment Metrics.
These metrics focus on quantifiable features, which take up the role of drivers in the race for success. The resulting data aids in bringing about changes to improve performance, setting targets to achieve organizational goals, etc. According to Peter Ferdinand Drucker, the Father of Management Theory and Practice (author of almost 40 books on it), “If you can’t measure it, you cannot improve it.”
What is Tech Recruitment Metrics?
The term refers to measurements, which help you gain valuable insights into how effective and intelligent, or how ineffective and flaw-ridden, your remote tech hiring process has been. Has it indeed been worthwhile after all the money, time, and effort you have spent on it? These measurements also focus on the positive/negative conversion rates in alignment with the distinct steps that form part of the recruiting funnel.
Various Types of Tech Recruitment Metrics
The most accepted types of tech recruitment metrics include the following.
Quality of Hire (The Golden Metric)
Quality employees view everything as a challenge, and your company can safely offer them complex tasks without flinching. Appreciation for performance, good pay packets, and job satisfaction will ensure that they remain with you. Thus, retention rates improve. However, you must provide a stress-free work atmosphere for these ‘quality’ people. Some of the most common quality-of-hire metrics are cultural fit, job performance, turnover rates and employee engagement (as measured by 360 ratings).
No longer do you need to depend only upon print media for seeking skilled and reliable employees. There are several more options in the 21st century. They include social networking websites, referrals by employees/clients, social media, print media, job fairs, and job boards. Do study the effectiveness of each platform separately. This way, you can use the most efficacious one during the next hiring process.
Time to Fill and Time to Hire
How long does the organization give for filling a particular position? The period should cover from the need to advertise the position to the chosen recruit’s first day on the job. This is the Time to Fill. Time to Hire covers the time span of the chosen employee’s satisfaction with the terms and conditions of work, pay, etc., and placing his/her signature on the official contract. The idea is to prevent well-qualified candidates from making their way to your competitors in the business arena.
The tech hiring process goes through several steps. It would be good to pay keen attention to the drop-off rates. For instance, amongst the many applicants, not all will survive until the end of the recruitment process. Some drop off on their own, somewhere along the way. Others receive rejection at various points of the entire process. Note the percentage at each point, and introspect on the flaws in your hiring process. Then again, grant equal importance to providing lucid job descriptions on desktop computers/laptops and smartphones. The Millennials prefer the latter, while older generations, the former.
Rates of Acceptance/Rejection
Track the percentage of applicants accepting diverse positions in your organization. If it is high, you do not need to worry. If it is low, seek reasons for the high rejection rate. Even if people join your employment and walk out within a year of joining, it is an unhealthy sign.
Cost of Hiring
The hiring process does not come cheap! Even a virtual hiring process demands the usage of various resources. Each resource comes at a cost. It could be advertising, hiring experienced recruiters, etc. The organization’s budget must cover everything, including the amount spent on the total number of employees who finally enter the premises. “In 2019, the average cost per hire was a whopping $4,000, according to Glassdoor’s HR and Recruiting Stats.” The experts expected the costs to rise in 2020 and subsequent years, making it even more challenging to hire high-quality employees.
It is time to eliminate guesswork about whether a particular employee is suitable for the position or not. Instead, it would be better to measure things. It should not be too difficult to initiate a quick and objective hiring process with the right tech assessment tool in place. For example, Otomeyt uses Oto_Code and has succeeded wonderfully in helping several companies recruit the most productive employees.