Metrics, KPIs & Measurements (Oh, My!)
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Martin Burns shared his insights on today's metrics in the world of TA.
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Metrics, KPIs & Measurements (Oh, My!)
- 1. Metrics, KPIs & Measurements (Oh, My!) #RDaily
- 2. TODAY’S WEBINAR IS SUPPORTED BY #RDaily ClearCompany's HR Software uses best practices to deliver better hiring experiences, seamless onboarding, easy performance management & goal alignment. https://www.clearcompany.com/ Search millions of jobs and get the inside scoop on companies with employee reviews, personalized salary tools, and more. https://www.glassdoor.com/index.htm Through our assessments, clients gain a unique third party perspective on their employer brand, recruitment marketing efforts and how their organization compares to select competitors. http://hireclix.com/
- 3. HOUSEKEEPING #RDaily ● LISTEN ONLY MODE ● RECORDING IN 24 HOURS ● ASKING QUESTIONS ● #RDAILY ● NEXT WEBINAR
- 4. ● VP, Strategy Consulting: HireClix ● Grew up in recruiting ● Global recruitment leader ● “Tool-head” kinda nerd ● Not skilled at running with scissors ● martin.burns@hireclix.com ● 617.851.7277 ● @recruitermoe ● linkedin.com/in/martinburns TODAY’S EXPERT #RDaily Hi. I’m Troy Mcclure. ahem, Martin Burns.
- 5. Metrics, Schmetrics, Amiright? Just Give Me the Req - I Can Figure the Rest Out…. Stop Measuring Me!! #RDaily
- 6. ● Metrics are the language of business ● Metrics can tell a story with data - and data is hard to argue with ● Metrics not only tell you where you’ve been - they also tell you if you’re headed in the right direction. Don’t get too excited... Metrics Can Quickly Become a Tower of Babel. WHY MEASURE #RDaily
- 8. ...or, a Heart of Babel (happy early-Valentine’s) #RDaily
- 9. 1. A Metric That Defines Your Businesses Success 2. A Metric That Defines How Your Work Impacts that Success A TALE OF TWO METRICS #RDaily
- 11. Sourcing: 1. Submittal to interview ratio 2. Applicants per opening 3. Candidates added to pipeline Recruiting: 1. Interviewed to hire 2. Offer acceptance rate 3. Quality of hire Brand/ Marketing: 1. Engagement 2. Open rates 3. Source of hire & quality applicants Leadership/ Ops: 1. Candidate throughput 2. Candidate experience 3. Hiring manager satisfaction 4. Diversity mix A DUKE OF MANY PARTS #RDaily
- 12. Time-to-Fill: Want your recruiters to focus on the wrong metric? Here’s a great one. Also, evergreen jobs will murder you. Cost-per-Hire: Cool. Now when your company has a growth surge, their going to use past behavior to anticipate future performance. There are rules against that… FEAR THESE DRAGONS #RDaily
- 13. Q&A #RDaily
Editor's Notes
- So, if you’re thinking about the why behind using metrics, it’s because we have no universal language. And we often _need_ that sort of bridge.
- Heck, we can be speaking the same language with a colleague in a different business function, a leader we’re trying to influence, finance team we’re trying to get budget out of, and wind up completely misunderstanding each other. That’s because we all view the world through our own lenses - and those lenses are shaped by experience, aptitude, attitude, and role. For example, when you talk to someone in purchasing about “sourcing”, they very very likely immediately misunderstand you. You’ll be talking in some parallels for a bit, since there’s just enough overlap to have a conversation, but when you say “and that’s why we need a new LinkedIn seat”, the entire conversation changes. Because it was too fuzzy. Metrics is a way to bridge that conversation. That, or you can go with Grandpa Simpson’s route, and just yell louder until you get what you want. Not saying it doesn’t work, just that it’s a rough way to go through life. That said:
- Also: happy Valentines. Here’s a heart shaped box of potential metrics. I stopped at 50. Seriously: there are 100s of “recruiting metrics”. I just got tired of copying and pasting. You’ll see some old friends up there, from Time to fill to Cost per hire, to Recruiting Resources Cost to Acquire. It’s fun!! Also: too much. Far, far too much. Here’s the thing: every metric I saw, mostly, seemed reasonable. Because most are. You can find reasons to measure _anything_. You can audit _anything_. And you can spend cycles and cycles measuring. Don’t do it. Focus on the metrics that get you where you’re going - and that allow you to tell the story you need to enable that journey - and those are going to vary from role to role, and company to company: as they should.
- That, my friends, is where I start when I’m trying to understand my role. It’s a bit of a cheat - i know you were promised “one metric to rule them all”, but… Sure: call the first metric the Emperor Metric. It’s the ruler (pun intended). That said, call #2 the Duke Metric. It’s important enough that the Emprorr can’t succeed without it in place. But… yeah. The emperor still rules. The emperor metric, though, that “one” metric? It comes with a big asterix. “It depends”, as it were. A for-profit consulting firm’s going to be measuring their success one way (are the partners’ happy with their bonus checks?). A unicorn is less concerned with profit, and more with growth (reach, staff, brand). A publically traded Fortune company’s likely looking at top vs bottom line/ profitabllity. An NGO is (hopefully) not measuring based on profitablity. And so on. That said, your leaders have set a measure, the Emporer, that they’re doing a lot of genuflecting in front of. It’s the main measure for all of you. The trick is to get your hands/ head around it, and then find the points where your top metric (your Duke) supports the Emperor. If you can’t, that’s a problem - you should know how your role impacts the business. Sometimes, it’s not a direct touch, but part of a larger whole. An example might be: A cloud data solutions company, call them “Acme Wheresmyhat”, that wants to compete with AWS. They’re VC backed, and scaling. Profits aren’t the goal - yet. To get there, they know they need to rapidly establish a market presence, client base, etc. They’re burning cash, and they love the smell of it in the morning. Their Emperor metric is growth of market share. The’ll achieve that a number of ways, but a key component of that growth is directly tied to hiring top-performing cloud engineers, at volume. The CHRO, CEO, CFO have even quantified the impact of “A-level” performers vs “B-level”, and the percent of market share they can expect for every A vs B hire. That’s the CHRO’s Duke Metric: how many A candidates can they hire & retain. You’re in charge of employment brand. How does your work support the CHRO’s metric? Work backwards. HR are “Duked” by a quality hire retention metric = they have to show that quarter-over-quarter, the percent of A-players that they hire & retain is increasing. They need quality hires - so they turn to their peers in Recruiting Recruiting is tasked with driving quality hires. The metric there comes down to how many quality hires do they convert from applicants They do a pretty good job there, but while their percent is good, if the pool is limited then their number’s don’t tick up. So they turn to Sourcing. The Sourcing Duke metric is: converting qualified candidates into qualified applicants. And, their data is showing they convert well - they just need more applicants to respond to them, since it’s a numbers game at this point in the funnel. Guess what? Yeah. Your success in this scenario is going to come down to driving an uptick in response rates, since that will drive Sourcing success, etc. So you work out your Duke - an increase in brand awareness. If that percent goes up, in theory you’ll see an increase in response rates & conversions Btw, you’ll find that measure a Duke of Man Parts - more on that in a moment That said, it boils down to: measuring increases (and decreases) in candidate response. If, 6 months to a year out, the same percent of prospects are saying “Acme Fillibuckets? Never heard of you”, and/ or your unopened rates don’t change, then you have a problem. If there’s been lift, then you’ve just impacted (positively) another Duke Metric. And that one, assuming Sourcing does their part, will impact then next and so on, until your CHRO’s standing in front of your board, explaining how their brilliant work has resulted in increased market share. And, it’s quite possible they’ll mention how an increased in EB led to a direct increase in the company’s success. (I mean, we can all dream, right?)
- Right: the devil, the details. Here’s the thing: every function is going to have it’s Duke Metric. And it may not be the Dukes from my example. You need to find it, your… umm, True North. Yeah: true north. That’s the ticket. Anyways, every Duke has their supporters. Knights, serfs, maybe some jugglers, a Tyrian Lannister if you’re really lucky. Etc. Those are _your_ core metrics. They support your main point, your Duke. It’s frankly why there are so bloody many of them in that word cloud: we keep adding new ones in, and calling them all “recruiting metrics”. Which is absurd. Does a brand person need to monitor a “time to start” metric obsessively? No - they may find it interesting, but no, they do not. On the flip side, your onboarding team is probably _really_ interested in that, and less so in landing page conversion rates (hint: brand’s gonna want to know this one) Once you know your Duke, work out what measures support it - what areas contain the levers that can help you move your mission forward, and/ or guide you from straying in the wrong direction. Those are the ones you care about. Your peers, if they’re doing their job right, are doing the same in their focus areas. Many of them are, at best, merely of interest to you. What should mater to you is their Duke - since that’s where your focus areas metrics generally touch theirs, and vice versa. So if you’re in HR at Acme Wheresmyhat, you understand the chain of events enough to know that if your friend in Brand is getting increased brand awareness, that _should_ mean that the number of quality employees is going up. Should.