Using talent acquisition benchmarks enables organizations to gain an external perspective about their performance and get ideas for new metrics to help drive performance.
NEW YORK (PRWEB) February 01, 2018
Survey Also Finds Unexceptional Satisfaction Ratings and Significant Challenges with Benchmarks
Brightfield Strategies, the preeminent workforce analytics and consulting company, today announced the results of a survey about talent acquisition metrics which showed that organizations intend to double their use of talent acquisition benchmarks during 2018. Respondents expressed concern, however, with metric definitions, data quality and the availability of comparison companies. In addition, satisfaction with their use of existing benchmarks was uninspiring. Overall, nearly 60% of the respondents rated their satisfaction a mere 3 out of a high score of 5. Fewer than 3% gave their satisfaction level the highest rating.
Benchmark usage is expected to explode in Asia Pacific, where benchmarks are in use by only 20% of the survey respondents today, growing to 87% by the end of the year. In EMEA, benchmark usage is anticipated to more than double, from 23% to 50%. In North America, benchmarks are currently in use by 43% of the respondents, and are expected to reach nearly 80%.
"Using talent acquisition benchmarks enables organizations to gain an external perspective about their performance and get ideas for new metrics to help drive performance," said Michael Benyamin, Brightfield chief consulting and business development officer. "The middling satisfaction scores were no surprise given that most benchmarks are based on surveys of varying accuracy and data freshness, and are therefore less accurate and applicable. To get the real picture, organizations need benchmarks based on current, normalized ATS data."
The metrics survey also showed that quality of hire and recruiter productivity are the most sought-after metrics for future use. At the top of the list of desired predictive models is optimizing the recruiting funnel of candidates to ensure enough candidate flow to achieve target hiring objectives.
Additional survey highlights:
- The top three initiatives in 2018 are employment branding, proactive sourcing of candidates, and enhanced reporting and analytics.
- The biggest challenges with metrics are data quality and manual activities impacting timely production of reporting, especially for large organizations.
- Speed metrics such as Time to Fill and Time to Accept are the most common talent acquisition metrics currently in use. Large organizations prioritize hiring manager and candidate satisfaction metrics, while small organizations focus on cost per hire and recruiter productivity.
The survey included over 150 participants from around the world of all sizes and industries. The results of the survey as well as an accompanying webinar can be found http://www.brightfieldstrategies.com/ta-metrics-survey-2017.
Data scientists. Data whisperers. Data nerds. You can call Brightfield Strategies many things, but when it comes to enabling Global 2000 companies to design their workforce precisely right, you won't call us guessers. We couple the world's most advanced, AI-driven workforce analytics platform with deep employee and contingent labor expertise. Our superior data science, fact-based market data, and innovative solutions have been making heroes out of HR, talent acquisition, and procurement professionals since our founding in 2006. For more information about our workforce analytics and consulting capabilities, visit us at http://www.brightfieldstrategies.com, at @brightfieldhq, or on LinkedIn.