Recruitment Metrics and Strategies Quiz

Human Resource Planning and Recruitment

• Organizations need to find workers that meet strategic objectives, attract them to the company, and keep them for a return on investment.
• Three keys to effectively utilize labor markets: a clear idea of the current human resource configuration (strengths and weaknesses); knowledge of future configuration needs to match the present one; and programs to address discrepancies between present and future configurations.

Learning Outcomes

• Discuss advantages and disadvantages of various methods for eliminating labor surpluses and avoiding shortages.
• Describe different recruitment policies to attract job applicants.
• List sources for job applicants and evaluate their advantages and disadvantages.
• Explain the recruiter's role, the limits, and the opportunities in the recruitment process.
• Identify recruitment metrics and their application.

Human Resource Planning Process

• Forecasting involves predicting future labor shortages or surpluses within the organization.
• Goal setting & strategic planning defines specific quantitative goals for addressing the labor shortage or surplus. The goals should have a specific timetable.
• Program implementation and evaluation puts the programs developed in the strategic choice stage of the process into practice. This involves accountability for achieving goals, and regular progress reports. Evaluation of the program's effectiveness and results is the final step.

Determining Labor Demand

• Demand forecasts are typically developed around specific job categories and skill areas.
• Planners need to predict future increases or decreases in demand for these skills.
• Organizations may have statistical models to predict future demand based on previous data.

Determining Labor Supply

• Internal labor supply analysis of current employees in various job categories (or skills) determines how many people are currently in these categories and how many changes are expected in the near future (retirements, promotions, transfers, etc.).
• Projections of labor supply can be based on historical data or judgmental techniques.
• Transitional matrices indicate the proportion or number of people in different job categories over time - which can be used for future planning

Determining Labor Surplus or Shortage

• Comparing forecasts of labor demand and supply reveals whether there will be a shortage or surplus of specific job categories or skill areas.
• Organizations can develop programs to deal with the identified (future) shortage or surplus.

Goal Setting and Strategic Planning

• Setting goals: focuses on the problem and provides a benchmark.
• Goals should be specific, quantitative, and include a timeframe for results.

Options for Responding to Labor Shortages/Surpluses

• Different options (Downsizing, Pay reductions, Demotions, Transfers, Work sharing, Hiring freeze, Early retirement, Retraining, Overtime, Temporary employees, Outsourcing, Retrained transfers, Turnover reductions, New external hires, Technological innovation) have different implications for speed, human suffering, and revocability (how easily the change can be reversed).

Early Retirement Programs and Buyouts

• Improved health and decreased physical labor of older workers makes this attractive to them.
• Concern about future cuts to social security and pensions is another incentive.
• Age discrimination legislation is limiting how easily companies can apply early retirement programs.
• Experience and stability are positives of older workers
• Costs (higher medical costs, higher pension contributions) are negatives of older workers

Employing Temporary Workers

• Flexibility to meet changing demand for products and services is a key benefit of temporary workers
• Reduced administrative tasks and financial burdens for the company.
• Lower training costs because temporary workers are often tested by a temporary agency.
• Helps manage variability in the demand for goods and services.

Outsourcing, Offshoring, and Immigration

• Outsourcing is using an outside organization for services
• Offshoring is a special case of outsourcing where jobs move to another country.
• Immigration of workers can be used to fill labor shortages, but there are legal limits and regulations.

Recruitment Sources

• Internal sources have advantages: existing knowledge in the company, reduced expectations about the job, less expensive and faster to work with than external applicants, and they often outperform external candidates at higher-level roles.
• External sources have different advantages and disadvantages to match different needs.
• Direct applicants, referrals (through employees or acquaintances), advertisements in newspapers/periodicals, electronic recruiting (website/social media/blogs), and public/private employment agencies.

Recruitment Metrics

• Time to fill: the time it takes to find and hire a candidate.
• Time to hire: the time between when a candidate is contacted and accepted.
• Source of Hire: tracking the sources for new hires (job boards, company websites, social media, etc.,).
• First-year attrition: identifying employee turnover in the first year.
• Quality of hire: measuring the initial performance of new hires.
• Hiring manager satisfaction: assessing hiring manager's satisfaction with new hires.
• Candidate job satisfaction: measuring the match between expectations and reality for new hires.
• Applicants per Opening: a measure of job popularity (high numbers may indicate a high demand job).
• Selection ratio: the ratio of hired candidates to total candidates (indicates efficacy of the recruitment process)
• Cost per hire: determines the cost of hiring a new employee.
• Candidate Experience: The way job seekers perceive the HR recruitment and onboarding process.

17 Most Relevant Recruiting Metrics

Recruiting Sources (again)

• Recruiters' traits, skills are important for generating positive candidate experience.
• Effective communication is crucial to make sure recruiters do not exaggerate the positive or downplay the negative.

Recruitment Metrics

• Recruiting metrics are measurements used to track hiring success.
• Important metrics: time to fill, time to hire, source of hires, first year attrition, quality of hire, and candidate satisfaction.

Topic 3: Recruitment Metrics

• Recruiting metrics are essential for data-driven hiring and recruitment. They are used to track hiring success and optimize the process of hiring candidates for an organization.
• Recruiting metrics: measurements used to track hiring success and optimize the hiring process.

Topic 2: The Human Resource Recruitment Process

• Human Resource Recruitment is the process or activity an organization undertakes to identify and allure potential employees
• Personnel policies are the organizational policies that affect the nature of vacancies for which people are hired. The characteristics of the vacancy are often more important than recruiters when evaluating candidate fit.
• Internal versus External Recruiting: Companies often prefer to promote from within. Job security and long-term commitment increase when this policy is in place.

Topic 2: The Human Resource Recruitment Process

• Internal recruiting has a positive impact on perceived job security
• External recruiting can bring in new perspectives and ideas.

Test your knowledge on critical recruitment metrics and strategies. This quiz covers topics such as evaluating recruitment efficiency, assessing recruitment sources, and understanding the impact of company image on job applicants. Gain insights into the best practices and principles of effective recruitment.