The struggle that today’s HR recruitment teams are now facing is a very real one. Getting not only qualified but the best new hires is a battle that shows no sign of abating anytime soon. Add cost and time constraints that many organizations place on their current HR department or PEO and they can find themselves in a real bind when management doesn’t understand how the game is now being played.
One way HR professionals can build awareness and support on the part of management for their talent and acquisition (TA) efforts is to keep track of what the bottom line costs are.
According to HR Technologist contributor Rhucha Kulkarni, in the highly-competitive world of TA, anyone looking to recruit and hire top talent would do well to track metrics such as the cost of recruiting costs from start to finish. Everything in the process has a price tag attached whether it’s the costs behind writing out qualifications and job descriptions, hiring, on-ramping and training, and what the costs are when the new hire simply doesn’t work out. Here are some of the points Kulkarni thinks HR professionals should keep in mind.
* Recruitment revenue spent per employee – Kulkarni recommends comparing the direct amount of money spent and generated by drawing comparisons to competitors in the same sector. She also suggests that some of this information from publicly traded companies is to look for this information via sites like Marketwatch.com.
* On-the-Job Performance – The recruiting process isn’t over once a new hire has been trained and on boarded. Determining how a new worker performs on the job can help establish the quality of the hire.
Kulkarni also sees the value of keeping track of an employee’s performance reviews and overall outcomes. Staying aware of these processes can further determine the value of the hire.
- Excess Vacancies – If your organization that have a substantial number of vacancies that are not being filled according to timelines and planned milestones, that’s something that needs to be watched closely. Kulkarni suggests that HR professionals keep track of the number of critical vacant positions that are either overdue in being filled or going unfilled altogether. Not filling these key positions can seriously cost a company in the long run.
For a more in depth look at the set of metrics that HR professionals need to track to help keep these costs down, check out the rest of the article here.
At EinsteinHR, our organization specializes in helping you to find and hire the best people possible for open positions in your company. We can provide an efficient and cost effective way to do this and keep a close eye on the bottom line.
EinsteinHR’s network of companies can help your organization make the most of your human resource talent. We can also help you to find the right candidate for the right job. We offer Employee Leasing services as well as HR outsourcing. To see how we can help you and your company, contact us today.