When it comes to RPO, there’s a healthy and expectant “what have you done for me lately?” mentality. Not only does this drive accountability but it also fuels deliberate actions, innovation, continuous improvement and careful measurement.
And, as the profile of RPO consumers has continued to evolve and diversify — recruitment outsourcing is no longer just for big, global enterprise buyers — expectations have also naturally shifted.
Despite today’s competitive candidate market and a near 50-year low in unemployment, filling jobs with good, retainable people remains the primary objective of any successful RPO program. Additionally, however, RPO consumers are asking their providers, “What are you doing to improve our brand in the job market?” And,“How are you helping us attract passive talent?” More than that, they want their RPO partner to help them better understand their employees — what motivates them, what their career paths could look like, and what expectations they have for their employers.
Key Performance Indicators of a Successful RPO Engagement
We recommend examining a wide range of metrics to most accurately assess the performance and the quality of any RPO program we implement. Examples include time-to-hire, user satisfaction — of both hiring managers and candidates — aged positions, submit-to-interview ratio, diversity and retention.
By looking at conversion ratios, like present to interview, interview to offer and offer to accept, as well as efficiency metrics, like the time it takes from when a position is opened to when it gets posted, and quality metrics, like full year retention, we get a complete picture of the overall health of the RPO program. We also track and report on fall-out rates, source of candidates and new hires, the time each step in the recruiting process takes, agency spend, 90-day retention, and we analyze and report on recruiter productivity to gauge quality levels and service.
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Below are eight example KPIs we use to define and measure a successful RPO engagement. For context, we start each of our engagements with a minimum of 24 “core” KPIs that are completely customized for each client. Read more here…
Source: The Staffing Stream