Monday Metric: Why You Should Be Measuring Source to Close

mondaymetricA quick, efficient and seamless recruiting process is the goal of any organization. Aside from hiring the right people faster, it also helps to create a positive candidate experience and strong employer brand – which in turn will help you find additional high-quality talent. But how can you determine if your processes help or hinder hiring efficiency? It’s all about source to close.

While our previous Metrics Monday post questioned the value of time to hire – source to close is much more indicative of the health of your recruiting strategy. So, what exactly is it? At its most basic, source to close is a measure of how quickly you close candidates once they enter the interview pipeline. But if you dig a little deeper, it can tell you so much more beyond just the time frame to get someone hired.

By measuring source to close, you’ll reveal key aspects of the interview process that may otherwise go unnoticed. And as more companies seek to implement a structured interview process that produces robust data at each stage, from initiation phone screen to job offer, the information gleaned can help to identify any potential blockages in the process. It also involves tracking interview quality and determining whether interviewers attain the information needed to move the candidate forward. For example, you may uncover that a certain interviewer doesn’t collect the necessary insight, thereby slowing down the process and impacting the team’s ability to make decisions. You can then provide additional training to make sure he or she understands how they can maximize their time with a candidate and the information to make smarter decisions.

Need more reason? With today’s high competition for top talent, the candidate experience means everything. Providing a fast and transparent interview process will help to build relationships with top talent and enhance your overall employer brand. On the other hand, a time-consuming process that leaves candidates in the dark will do little to foster positive views toward the company and encourage candidates not selected to reapply or share your company’s opportunities with their peers. With an eye on source to close, you can see how long it takes candidates to complete the interview process, and how long they spend at each stage. As a result, you can work to streamline the process and make it more efficient for candidate and interviewer alike.

The entire talent acquisition lifecycle produces a wealth of information that can be used to continually enhance the process. But to reap the benefits, you need a clear understanding of what should be measured – and how. Looking at the time it takes to move candidates from sourcing to close, you’ll have the insight needed to drive ongoing improvement, create a more positive candidate experience and make well-informed decisions that lead to your next great hire.

Make sure you're measuring the right things by reading our free eBook, 5 Talent Metrics for Effective Recruiting:

5 Talent Metrics for Effective Recruiting

Image courtesy of dstillery.com

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Recruiting Metrics