No matter what stage of your career, forecasting for executives can be a daunting task. What data should you show them and how will you prove the value of all those smart recruiting tools you invested in this year?
We teamed up with Amanda Bell, Director of Recruiting at Lever, to come up with three ways to help you forecast and prove the value of your recruiting as you close out the year.
1. Prove the value of your candidate experience
The candidate’s experience is the first impression of your employer brand. Ensuring that you have a strong experience can make all the difference in helping you win over top candidates. Some metrics we recommend tracking in order to share with your executive team are efficiency in scheduling, speed in moving candidates through your talent pipeline, hiring manager feedback and platform adoption, follow up survey results, and candidate NPS scores.
Candidate experience specialists, a hybrid role of managing candidate logistics and the onsite interview experience, can also help improve these metrics and make movement on any problematic results you see as you head into the coming year. Studies show that if you don’t have a strong onboarding experience, it can greatly impact morale later. Ensuring your job descriptions include any milestones or key success metrics for the role can make all the difference. Only about about half of employees strongly agree that they know what is expected of them at work, according to a Gallup 2015 study on annual reviews.
Medallia was able to prove the value of smart recruiting tools after implementing Lever. Some key results that they saw were a 2X increase in interviews scheduled, 43 percent increase in sourced hires, and a 33 percent increase in their candidate NPS scores.
2. Know your existing headcount needs by department
At Lever, one of our core values is to “Choose Reality.” This comes into effect as it relates to headcount planning as well. Questions we ask each team are: do you really need to hire this person? Could we still get the value that role would bring through internal maneuvering to save on budget? Who else could we hire in place of this role? Evaluating all options and ensuring hiring managers create the case and impact plan for new hires helps manage expectations early.
The reporting within Lever Hire and Lever Talent Intelligence can also provide robust details and trends that recruiting leaders and executives can dig into. An overview of the pipeline funnel in terms of applicants and screenings taking place are just a few metrics that can help give executives the lay of the land in terms of how many hires and the time it takes by department to hire the right candidate.
If you need agency resources, evaluate this as a cost versus benefit to the organization. Ask yourself if you are using the right recruiting platforms and if your recruiters can run solo, or if adding a recruiting coordinator (or candidate experience specialist!) will help you. Aligning headcount to the value to the organization will help you prove your case of why it’s a great decision to make this hire for the business.
3. Utilize marketing metrics to show the value in sourcing
Lever Nurture provides the ability to customize your email nurture campaigns and send automated follow up messages to candidates, as well as send email templates on behalf of executives. You can discover which email templates work best, average open rates and click rates, as well as which cadence of sends works to encourage a response. According to Lever’s Science of Sourcing Report in 2018, clients using Lever Nurture typically see that 99 percent of those that respond do so by the third email sent. Recruiters who wear a marketing hat and build a strong email series can quickly win the race for top talent.
What information do executives like to see most?
- Candidates in offer stage (i.e. late stage candidates)
- Drop off in the interview process
- Number of active applicants (if low, why?)
- Talent brand metrics
- Visits to career site
- Recruiter efficiency (i.e. how many calls do they have to make to net one hire?)
- Attrition rates over time (i.e. any terminations or potential resourcing to get in front of)
- Compensation and equity rates for new hires
Ensuring that you have a solid forecast and plan can help you organize your hiring goals for the coming year. Be sure to structure your metrics and dive in by department as these metrics can greatly vary across the organization. Meeting regularly and having solid platforms to lean on for reporting and strong data can help. Don’t be hesitant to meet with your CFO and talk about headcount planning and budgeting sooner rather than later. It will help you earn a seat at the table and prove your value in strong hires for the organization for years to come.
If you are still stuck and need help, check out our 7 Recruiting Questions to Answer With Strong Data eBook.