Four For Friday: Measuring the Right Metrics in HR
Every Friday, The DDR shines a light on the best data-centric articles and resources from across the internet, social media, and industry.
How can HR and talent acquisition better use data they have at their disposal? The first step is by focusing on and measuring metrics that are important to the business and recruiting team. But before you can begin measuring, you need to identify the right metrics. By combining big data and metrics, HR can create a powerful tool for themselves to really help impact the business. This is the theme for this week’s Four For Friday.
One thing is for sure in 2015: It is a job seekers’ market. Candidates have more power and options than ever, making recruiters lives more difficult. “That means talent acquisition professionals need to optimize every part of their recruiting funnel so that their jobs can be found and so that job seekers are more interested in applying to their jobs once they’ve found them,” says Daniel Sapir, Director of Enterprise Sales for Simply Hired. Check out their infographic for more information.
“A remarkable 75% of the 3,300 HR and business leaders interviewed by Deloitte believe that using analytics in HR is ‘important,’ but only 8% consider their businesses ‘strong’ in the area.” These are figures we have read about before, but are still very concerning. Why are businesses so poor at data analytics in HR? Paul Statham, Founder and CEO of Condeco Software, says that, “where we do see organizations applying data-based solutions to their HR process, the activity is focused around reward, talent acquisition and retention. UK businesses need a much larger vision for HR analytics.”
Does HR Use The Right Metrics? (changeboard)
“HR is information rich and insight poor.” This article by the Henley Business School says that this statement is why HR struggles with data and analytics. “In this simple statement lies so much that is wrong with HR’s approach, meaning that the metrics and analytics we present to the wider business have little impact and do not enhance our credibility as a function.” They go on to say that HR has the data but doesn’t know what questions to ask of it or what to do with an answer if they find one.
This One Metric Is the Biggest Challenge Facing Recruiters Today (LinkedIn Talent Blog)
When LinkedIn polls talent acquisition leaders and ask which HR metric they care most about, Quality of hire is the overwhelming response. However, when they poll recruiting teams, this statistic is the one they have the most trouble measuring. Since there are many variables that go into quality of hire, it is not too much of a surprise that HR teams struggle with how to accurately and routinely measure this important metric. Check out this article from Paul Petrone for more info and data around this metric and a few others.
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