Let’s take a look at top 3 reasons recruitment industry must shift their emphasis on RPO (Recruitment Process Outsourcing) transactional metrics.
In Human capital management, “Transactional Metrics” are significant. They empower organizations to understand where the starting line is and establish a baseline. With a robust Recruitment Process Outsourcing strategy, transactional metrics also offer a prospect to create buy-in across departments, establish early success measures and apprise early refinement to strategy.
What is the transactional metrics in Recruitment Process Outsourcing?
Transactional metrics are those set pointers used to evaluate the recruiting efficiency including – cost-per-hire, time to fill and applicant-to-hire-rate.
Today, in the larger spectrum of possibilities these metrics are only the first step. The ever-growing complexity and availability of data, laterally with data-driven talent thriftiness, hand over an opportunity to unswervingly align business mission with recruiting strategy benchmarks.
Recruiting used to be a relatively straightforward process developed to fill an open job position with the right person. This is no longer the case. Nowadays, recruiting plays a part, indirectly or directly, in apparently every business objective an organization has.
Hence, the transactional measures are excellent indicators of smooth running operation. Unfortunately, recruiters and employers have the count on exclusively on their conventional metrics, ensuing in missed prospects to raise the bar.
Thus, why the commitment to transactional metrics in RPO? Let’s explore top 3 reasons:
1. The war for talent. In a highly competitive talent economy, every facet of recruiting strategy influences organization’s ability to attract the best talent.
Today, employers are concerned with the trouble of not filling the open job position on time due to lack of available talent, particularly when it involves Recruitment Process Outsourcing.
To win, it is imperative for employers to refine their recruitment strategy and leverage the smart HR technology for their purpose.
2. Industries and Organisations have distinct requirements. When it concerns recruitment metrics, one size fits one.
Despite the fact, transactional metrics are habitually similar from one enterprise to another; complexed recruiting objectives should be customized to an organization’s specific needs.
Identifying the areas that recruitment substantially impacts will involve taking an upright look at –
– Business objectives
– Recruitment strategies, and
– Internal structures
The concept of one size fits one also necessitates employers to contemplate their explicit challenges.
3. An ever-changing discourse that positions recruiters at the center of the brand experience candidates have.
Recruiting is a high-stakes undertaking that impacts employer’s brand right from start to finish. The growing significance of candidate experience emphasis needs for a brand, marketing and messaging upshots in recruiting stratagem. In other words, organizations would be wise to begin measuring them.
Keep a watch on these standard transactional metrics in recruitment
– Time to fill
– Cost per hire
– Applicant to hire ratio
– Turnover rate, and
– Offer to Acceptance ratio
The war for brand recognition is real, and so is the competition for talent. With organizations searching low and high to capture their share, employers are looking to skilled RPO organizations to raise the bar and add value.
In today’s data-driven world, transactional metrics signifies the floor, not the ceiling. The real opportunity now is to take metrics to next level and align them proficiently with employee productivity and engagement.
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