small data big impact and hiring success
TRANSCRIPT
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Little DataBig Impact
Hiring SuccessHRTech WorldMarch 2016
Matt Buckland, Jerome TernynckWe Know a Thing or Two About Recruiting Data
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Measurement is fabulous. Unless you're busy measuring what's easy to measure as opposed to what's important.—Seth Godin
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Acquiring top talent is strategic to a business’s success.
Recruiting should be run - and measured - like Sales & Marketing. Here are 7 metrics your VP Talent Acquisition should
track to achieve Hiring Success.
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#1 Reliability of Recruiting Org
What percentage of your hires are “just on time”?
Can your recruiting org scale together with your business needs?
THEORY
Lyst tracks business units growth to predict hiring trends; uses time-to-hire and hiring planning to forecast percent of hires that will be closed in time.
PRACTICE
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#2 Candidate Experience
Would your candidates recommend your company to their friends?
If you don’t track it, you have no idea how process looks to your customers
THEORY
Lyst follows up with all candidates we engaged with, successfully or not. We ask about overall feedback, hiring team comms, interviewers and speed.
PRACTICE
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#3 Source Optimization
What is your cost of a good candidate?
Tracking hires by source helps identify “black holes”, promising underrated sources, benchmark your past performance
THEORY
Lyst constantly analyzes our “sourcing portfolio”. A combination of headhunting, advertising and referrals works best for us, with referrals helping drive costs down, quality up.
PRACTICE
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#4 Recruiting Funnel
Is your candidate funnel healthy?
Conversion rates between hiring stages and time-in-stage metrics speak to efficiency of your process
THEORY
Lyst pays attention to our recruiting funnel, as we strive to understand efficiency of each hiring team, recruiter and company as a whole - we also track trends in key funnel steps like offer acceptance.
PRACTICE
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#5 Brand Attraction
Are paid or free sources your primary candidate suppliers?
Relying on paid candidate traffic too much, too often may get you lose focus of building recruitment brand.
THEORY
Lyst learned the value of referrals early on: it takes us 7 referral candidates to make 1 hire, as opposed to 92 candidate-to-hire average ratio.
PRACTICE
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#6 Interview Collaboration
Does your hiring team review and interview candidates in the same way?
Structured interview feedback helps you provide better candidate experience, drive better decisions.
THEORY PRACTICE
Lyst measures average scores of candidates that got hired to make sure we maximize the percentage of hires to whom we said “Hell Yes!”.
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#7 Quality of Hire
Would you hire this person again?
THEORY + PRACTICE
Would you take this job again?
60 Days Hiring Score
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7 Key Metrics for Hiring Success
Just in time RecruitingCandidate Experience
NPSCost of a good candidate
Pipe CoverageBrand Attraction
Interview Collaboration
Quality of Hire
