In most companies the recruiting team will generate a bunch of prospective candidates and send them over to the hiring manager for qualifying and interviewing, and a percentage of them will become potential candidates and hired employees. If you are seeing plenty of prospective candidates flowing in at the top of your recruiting funnel, you are probably interviewing a bunch of low-quality candidates who end up wasting your precious time.
The reality is, better quality candidates will help you, as a hiring manager, become more productive as you will have more relevant talent coming through your door. Getting the highest quality candidates produces a higher yield on your hiring efforts.
Outside of relying on your recruiting team for supplying you with quality candidates, here is what you can consider in order to become more proactive in improving your own sourcing strategy:
Sourcing Channel: Consider looking at all different sources that you use for attracting potential candidates. It can be an ad on a job board, a LinkedIn post, an email to passive candidates, in-house referral programs or print media. Differentiating your sourcing channels will help understand where the most qualified candidates come from and leverage those channels.
Source Quality: It’s not a secret that one of the biggest issues in today’s HR is that employers are struggling to find quality talent for open positions while the number of applicants per position consistently increases over time. Having a large, but shallow candidate pool is more of a curse than a blessing. In order to solve this problem, measure sourcing channels that bring you the largest number of candidates against the quality of these candidates. The source that brings you the candidates who actually make it to an in-person interview will be your winner.
Open Vacancies vs Positions Filled: Much like measuring conversions from different sourcing channels, understanding the proportion of positions filled as related to the number of open vacancies can provide an insight on the quality of your recruiting efforts. According to a new measure of Labor Department data, vacancies today stay unfilled longer than they used to, taking an average of 23 business days compared to a low of 15 in mid-2009. This may be attributed to a wide range of reasons, from a more extensive selection process to the simple lack of quality candidates. Nevertheless, tracking this metric will help you understand why some of your positions stay open longer than the others and what you can do to make them seem more appealing to the potential hires.
Passive Candidate Conversion Rate: This metric determines your ability to convert top candidates from that juicy 75% of the workforce that are currently employed, but open to exploring new opportunities. Thanks to the fast development of new, cutting-edge technology, selecting elite candidates and grabbing their attention is now easier than ever. All it takes is downloading a Chrome extension, select candidates that you think will be worthwhile your hiring efforts, sit back and let the smart algorithms confirm who you should invite in for an interview.
At the end of the day, building a strong team of committed professionals is your top priority, and it’s not an easy task. That’s in addition to your full-time job that sometimes leaves very little time for recruiting. And sometimes you may not even have all the resources at your disposal that are necessary for making the right decision. We hope that the metrics presented in this article help you generate quality candidates who will be ready to roll up their sleeves and contribute to the advancement of your team from day one!