As a recruitment manager, you need to be able to measure you and your team’s performance quantitatively. You also need to be able to demonstrate the effectiveness of your recruitment spending and strategies. Working with recruitment KPIs give you a framework for measuring performance and streamlining your hiring process.
In this article, we’ve put together nine recruitment effectiveness metrics selected from our experience with the carriers in our network. These talent selection metrics are built upon the life cycle of a recruitment process.
Understanding the life cycle of recruitment is essential in defining the scope of recruitment metrics that matter. In our experience, the process has six distinct steps as follows –
Talent acquisition metrics are useful for measuring recruitment teams’ performance and the effectiveness of your organizational recruitment strategy. As a recruiter, it is important that you understand which recruitment KPIs have more significance. Understanding these KPIs positions you to contribute to the success of the business you support.
Effective recruitment strategies start with the approach or platforms you use to create awareness of the vacancy in your carrier. Tools like Google and Facebook analytics can help you trace how your best hires heard about the opportunity.
Once a candidate is in your applicant tracking system (ATS), you can always send out a small survey asking the candidates to indicate how they came to the knowledge that your carrier is hiring.
Understanding the efficacy of your sourcing channel again helps you with future efforts in positioning driver job opportunities from your carrier. The sources will also give you an indication of what drivers look for when choosing a carrier company.
No. of Qualified Clients divide by total number of applicants
Next, look at the average number of candidates who make it to the qualification stage. It is a useful metric for evaluating the overall health of your recruiting pipeline.
If the average is low, then it means that you’re not well-positioned to attract enough driver talent into your hiring pipeline. It also predicts that your process may not yield a qualified hire. If your average is too high, it means that you have such a good brand reputation that overburdens your hiring process. With a high average, as you’re sifting through the list of applicants, the potential quality hires may get other opportunities, and you miss out on the talent.
Time to hire is measured by subtracting the time when a candidate entered your applicant tracking system to when they accept an offer. The period calculated covers application; the metrics reveal the effectiveness of recruitment within your company.
Time to hire often reveals some challenges that carriers have in their hiring process. For some, the KPI may show that as a hiring manager, you take a long time before contacting qualified candidates for interviews.
In other cases, the KPI indicates that recruitment managers take weeks or months before engaging interviewed drivers with a reasonable offer. Time to hire recruitment metrics matters because taking a long time to fill a driver position means that your carrier loses revenue.
Furthermore, getting a reputation as a carrier who takes a long time to hire will mean that many drivers will not apply for open positions put out by your company. And with the already constrained driver human resource in the industry, you do not want to be working against your interest.
Performance + Productivity + Retention divide by N
Another essential talent acquisition metrics is the quality of hire. You should always work to draw in the best talent available. Your performance and retention data are an indication of your quality of hire. A high employee turns over is an indication that your recruitment process doesn’t surface quality candidates.
Furthermore, with these metrics, you will be able to tell the source of your best candidates. Knowing how you sourced your best candidates can help you refine your awareness stage efforts in the recruitment cycle.
Internal + External Costs Associated with the Hiring Process Divide by the Number of Hires in the Year
Cost per hire is the average cost to hire a driver. You include all the equipment, hiring personnel, and other auxiliary costs as part of internal costs. You could also include the cost or loss of revenue of idle trucks and equipment. Next, find the sum of external costs such as advertising, recruitment logistics costs, and other related costs.
Step 1: Find the selection rate.
Step 2: Determine the selection rate ratio.
Adverse impact refers to an employment process that is seemingly fair but has inherent biases. If you find yourselves wondering why you’re not able to attract female truck drivers? Millennials? Minority groups? Does it have something to do with your hiring process? The only way to find out is through interrogation of your process through the established formula.
If the selection rate of any group is less than 80% or four-fifth of the highest group selection rate, then it is evidence of adverse impact.
Again, with the shortage of drivers in the sector, you want to make every effort to attract and build a diverse workforce.
You always want to measure your recruitment KPI based on the experiences of candidates. Candidate experience is the quality of the interaction your candidates get in the recruitment process. If candidates think that your process is long and arduous, it means that many more did not even attempt to start the process.
The other parameters that you need to take note of are -
If a candidate experiences a smooth hiring and onboarding process, he/she is likely to stay with your carrier and even refer other drivers to you.
The candidate's experience gives an indication of the extent to which candidates perceive your application process to be friendly.
Send out standardized surveys to new employees and assess their level of satisfaction with the process.
It is important to gauge the level of satisfaction with the process and outcome of the person-in-charge of the fleets. Also, involve your HR department and find out their impressions and reflections on the process and its outcome.
You measure internal satisfaction with surveys and qualitative questionnaires designed to give you, the HR department, and other stakeholders an opportunity to reflect on the process. Short answer questions and questions that ask for a rating between one to five, ought to indicate what you and the other departments think of the process.
The total number of drivers who’ve left at the end of the year divide by the total number of drivers available at the beginning of the year.
The driver turnover rate will give you an indication of your driver retention rate. With this, you will be able to determine your quality of hires and the overall health of your hiring process...
The recruitment metrics explained in this article will collectively give you a comprehensive outlook on the health of the whole of your hiring pipeline. The KPIs will also reveal aspects of your organizational culture that are positive and those that may need your attention and intervention.
Driver recruitment KPIs are essential in determining the effectiveness of your recruitment efforts. If you have data on these metrics, you can email us at contact@drivematch.com. One of your recruitment specialists will schedule a call with you to discuss how DriveMatch can help you improve your KPIs.
We will help you find qualified truck drivers for your companies at a cost-effective price. Visit us today at https://drivematch.com/find-cdl-truck-drivers/
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