Metrics' for ROI
So this is the third installment of our Metrics' series. This is the simple metrics' you can use to determine your ROI (return on Investment) in staffing. Of course there will be some redundancy here and as always you need more than just the numbers to understand what is happening.
Hire Cost: This is the total cost per hire. This will include: staffing professional time(hourly rate times average hours spent per candidate), interviewer time (hourly rate times average hours spent per candidate), Hr/Relo/immigration/etc time (hourly rate times average hours spent per candidate), sign on bonus, relocation, advertising, etc.
Time to Fill: This is the time to fill an opening from when it is opened to when it is filled. This is important because it allows us to take into account how long it might take to fill a position. This is good for budgeting, project scope etc..
Hire Source: This will show us where we are getting our hires from. This will help you plan where to spend our money as far as sourcing goes. IT also shows you were you are getting the most bang for your buck.
False Starts: How many candidates accept our offer, have a start date but then fail to start.
Hire still with company after 1 and 5 years and what level: This goes to how good was the hire, and turnover. Also what level are they at now. This goes for upward mobility. Shows that candidate was a high ROI.
Hire per staffing resource: How many hires are you getting per staffing resource. Tells you if you have to many or not enough people. You can use historical data for a baseline.
Again of course there are more. But these are the simple, down and dirty ones that will give you a good over view