6 ESSENTIAL
METRICS
EVERY EMPLOYER
NEEDS TO MEASURE
If the word ‘metrics’ makes you instantly recoil, conjuring up
images of being knee deep in numbers, then fear not: here’s
a list to help. Selected and measured correctly, metrics are
your friend. They can help you to identify strengths and
weaknesses, and to build a strategy in reaction, helping your
organisation to evolve positively and be more focussed.
So, it’s time to stop relying on your gut and start relying on the
indisputable data. We have selected six simple metrics, to help
you upgrade your HR practices.
1
COST PER HIRE:
(AMOUNT SPENT ON
RECRUITMENT + AMOUNT SPENT
ON TRAINING ) ÷ NUMBER OF
NEW HIRES
Calculating the amount you are
spending per new recruit can help
you determine where to invest your
recruitment cash. UK employers spend
on average £30,614, per new employee
according to Oxford Economics. This is
more than the average UK salary, and
means that employee turnover is costly.
Handy Hint: Making the most of the
recruiting tools available online can
significantly reduce your employment
22
costs. Host interviews on Skype to
reduce travel costs or publish your
adverts online for free.
2
ACCEPTANCE RATE:
NUMBER OF PEOPLE
WHO REJECT A JOB OFFER ÷
NUMBER OF OFFERS MADE x 1OO
Ideally, this number should be very low.
If it is not, consider investigating why
you are losing out to your competitors.
Handy Hint: Compare your acceptance
rate to that of others in your industry.
Rates vary greatly so look to understand
and see where you lie compared to
other companies.