Reporting KPI's for Retail Recruitment Success
Do you use reporting to identify areas of improvement in your retail recruitment processes?
Having on-demand access to hiring data allows you to report on key areas in your retail recruitment processes. For example, reporting allows you to use the data you collect during the application process to see how many visitors you are attracting from a certain posting and how many of these visitors are being converted into candidates. The interviewing process helps you identify key numbers such as hiring ratios and the time and cost associated with these hires. Post hire data allows you to see a clearer picture of your overall recruitment process by looking at quality, engagement, turnover, and KPI results.
Here are 3 best practice areas to report on that will help in driving the most value for your business:
1) Number of Visitors to Your Postings: This number helps you see if there is a substantial gap between visitors and applicants. It can help identify if there are areas to optimize to help turn these visitors into applicants (ie. posting more relevant content such as a blog, including employee testimonials, or improving your career site branding).
2) Number of Candidates Applying: Knowing the number of candidates who apply will help you measure if you are reaching your targets, compare results to other postings or regions, and identify areas that may need additional resources to increase numbers. If the number is high, you can use the same style, template, and/or placement to help receive the same results for future postings.
3) Applicant Conversion Rates: This helps you see the ratio of those applying in comparison to those visiting the site. A strong conversion rate is between 15-20%, however keep in mind that this number varies depending on industry, region, and how specific the job requirements are.
4) Measurable Actions On Site: Knowing which pages are viewed most and what actions candidates are taking when on your site can help you see where you should focus your content and help you better understand what they are looking for.
5) Sources of Traffic to the Site: Knowing what is driving candidates to your website or careers page can help you find areas to optimize and point out which job posting sites are working best for you.
1) Interview to Hire Ratios: This helps you see the quality of candidates who are being interviewed and whether they are being converted into hires. If this ratio is low, you may need to reassess your screening and application process to receive better quality candidates.
2) Time to Hire: Being able to predict the time it will take for future hires in similar roles will help you allot that time into your expectations and goals. Also, if this number is high it can identify that there may be areas of improvement to consider (ie. broadcasting to more sites, investing in advertising, or using social media).
3) Cost of Hire: This helps you break down what jobs are costing you the most and which may need fewer resources. If the cost is high you may want to consider new ways to promote the job such as social media or recruitment agency involvement.
1) Quality of Hire: Quality ratings help show if the candidates are being converted into great hires based on success rates in their new roles.
2) Engagement Levels: Engagement helps you identify if your employees are connecting with your brand and happy within your organization. Engagement levels ultimately affect turnover rates, so if levels are low you may need to reposition your employment branding and find areas to improve on to help build stronger retention rates.
3) Turnover Rates: Breaking down turnover rates by region, store, role, or other specifics your business deems as important is essential. Turnover is costly so it’s key to identify where you have high rates and improve upon them to save costs and retain talent.
4) Key Performance Indicators: Once you’ve established what defines success in each role you can measure employees’ performance based off this. These KPIs may include metrics such as customer services ratings or sales per hour, etc.
On-demand access to hiring data can allow retailers to report on key performance indicators such as conversion rates, hiring ratios, turnover rates and engagement levels. Each area holds great value and can help give strong insights into the quality of their retail recruitment processes and current employees.
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This blog post is fifth in a series of six surrounding our use of technology in high-volume recruitment and our best practices for using technology in a recruitment process.
Other Posts in this series on Retail Recruitment Best Practices: