To stay competitive in your industry, a focus on recruiting and retention are key. And while variables related to staffing and human resources can be tracked, knowing which ones to attend to—and what to do with the data you collect—can be daunting. Here’s what you need to know about key performance indicators (KPIs) and their value to your staffing strategy.
What Are KPIs?
KPIs, or “key performance indicators,” are specific quantifiable measurements of an organization’s performance. Every department has KPIs relevant to its work, and any department that can track its KPIs successfully and identify cause-effect relationships within them has the power to effect meaningful, targeted change.
In human resources, the most emphasized KPIs are those related to the organization’s long-term business goals or other critical measurements of success. Many of these are directly related to staffing.
Track These! The Top 5 Stats to Track
To improve hiring, retention, engagement and productivity, here are the top five KPIs to watch:
- Time to Fill. How long does a position stand open while your hiring team looks for a new candidate?
- Acceptance and Engagement Rates. On average, how many candidates do you have to extend job offers to before one accepts? How many drop out of the hiring process before you have the chance to decide whether to make the offer?
- Turnover Rates. How quickly do employees come and go? How long do they stay?
- Cost Per Hire. How much does it cost to find a new employee? To train them? Cost per hire is directly related to turnover and other staffing KPIs.
- Salary Competitiveness Ratio (SCR). How competitive is your compensation? Divide the average company salary by the average salary offered from competitors in your industry. Results close to one are more likely to attract the best talent.
How Your Recruiter Can Help You Track (and Improve) These Numbers
Recruiting firms don’t merely recommend candidates. They also help their clients improve the quality, engagement and productivity of their teams in the short and long term.
To do this, recruiters focus on building relationships with their clients and with available talent. To maximize the value of your relationship with your recruiter (and improve your KPIs), regular communication is essential. Talk to your staffing partner. Share information. And watch their results improve.
At FootBridge Energy Services, our recruiters specialize in helping our energy industry clients track and improve their KPIs through the value of targeted, personalized hiring. Contact us today to learn more about our oil and gas recruitment services.