Whether it is the first time you have brought on board a talent solutions partner, or you are integrating a new partnership, the ultimate aim is for continuous improvement within talent acquisition and retention. The only way to monitor this is to set appropriate benchmarks and measure the results.
Process improvement is an ongoing cycle, and you need to be clear about what you’re measuring and why. Once you have set a baseline of where you are currently and where you were previously, you can then decide on where you want to be within the next quarter, half year and year.
Here we explore some of the most important measures of success.
1. Recruitment Lifecycle
When it comes to hiring, the time it takes can make the difference between securing the perfect candidate or being forced to settle for less. Ensure your applicant tracking system is set up to capture candidate data at each stage of the hiring process, and review the data you have to date. In order to provide your recruitment partner with a clear picture it is important to understand how long it takes to fill a position? Where are candidates leaving the process and why? Which stages take too long? Once you have implemented your revised talent strategy you can benchmark against these metrics to monitor progress.
2. Conversion Rates
Time is money. How many interviews does it take before you hire a new employee? Sometimes circumstances beyond your control can disrupt hiring efforts, however, if many candidates are meeting with hiring managers and few are becoming employees, something in the process is failing and needs to be addressed.
3. Candidate Pipeline
How many candidates do you have in your talent pool and where have they been sourced from? Do you have a large pipeline but the quality is poor or perhaps you need to review your employer branding to improve your profile as an employer of choice and increase levels of interest? Your recruitment partner should have access to relevant market and industry insights and information, and will be experienced in creating and implementing localised sourcing strategies. No two strategies should be the same and the more you know, the easier it is to design a talent strategy that will deliver results.
4. Hiring Manager Feedback
Quantitative data is important but there is also a lot of value in collecting qualitative feedback from your hiring managers about their experience historically with recruitment, and then on an ongoing basis once your recruitment partner has been implemented. Design a questionnaire to ensure that the information collected each time is comprehensive and can be compared and monitored over time.
5. Cultural Fit
Review both your recruitment partners and your new hires for their qualitative values: attitude, personality and cultural fit. All of these factors are essential for success in the workplace. This factor should be addressed in all of your recruitment initiatives but it is also reasonable to expect your recruitment partner to align themselves closely with your values and expectations.
6. Setting up a Partnership
Your recruitment partner will be committed to improving your talent strategy and driving results. Establish a collaborative relationship; the real value comes when a truly strategic partnership is formed. Assign your recruitment outsourcing partner to an influential leader within the business, and give them the time it takes to ensure they understand your company culture, challenges and desired outcomes.
The key to success when working with an established talent solutions partner is in collaboration and continuous evaluation. As a partnership, seek to continuously improve, iterate, and redefine your talent strategy, using their expertise and insights to help you adapt to the changing market and drive ongoing improvement.
Who are Talent Solutions Partners at Broster Buchanan?
Our Talent Solutions Partners have significant experience working in genuine partnership with organisations to deliver quality talent. We take the time to listen and understand your needs, tailoring our approach and creating bespoke solutions accordingly. You will find us knowledgeable, passionate about innovation, flexible, approachable and absolutely focused on ensuring high-quality service for everyone that we speak with.
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