The year is almost over and it's the time to start assessing business performance and results. Hiring the best talent, with the right skills and shared values is critical for the success of any organization. How do you measure the performance of your company's recruiting efforts? There is no magic metric that you can use. Measurement dashboards and recruiting scorecards can be complex and frankly, overwhelming. Keep it simple and use The Rule of 2 to start.
Historically "time to fill" and "cost per hire" are favored metrics by many organizations, but they only tell part of the story. You need to know what affects your organization's ability to attract and retain high-caliber talent. The Rule of 2 focuses on asking 2 simple questions to candidates on the way into your organization and employees on the way out.
- Why did you accept the job?
- Why did you quit the job?
These open-ended questions are simple by design, because the answer matters most. Seek insights into what drives a candidate's decision to join your organization. What are the internal and external influences? Consider what sources are the greatest in attracting candidates to your organization. Where are potential hires going to research and gather on your organization? How can you capitalize on that information?
It is just as important to understand why the candidates that you worked so hard to hire leave. Identify the direct correlation between meaningful insights and the recruiting process. Be accountable. Are realistic expectations being set for candidates during the hiring process? Are promises being made to attract top candidates that cannot be kept?
Stick to the Rule of 2 after you gather insights and feedback. Pick the 2 most important issues and focus on them. Just pick 2 and follow through. Do not be an island, get other departments and employees involved. Use a cross-section of employees at different levels and across departments to help you brainstorm solutions. Be transparent, communicate often and keep the organization updated on your progress. Be fearless in your commitment to results in those 2 areas, iterating often and as needed.
While the Rule of 2 may sound overly simplistic, it is not. Many organizations try to address a laundry list of issues and succeed at none. Keep it simple. Stick to The Rule of 2 and focus on delivering results.