Recruitment Process Outsourcing (RPO) companies are a boon for every organization that does not have the time and resources to tackle the tedious recruitment and hiring process. RPO company's talent acquisition professionals handle the entire recruitment procedure with professional ease and clear-cut strategies, which may reduce your recruiting costs in the long run. But there is a catch. Once your organization signs a deal with an RPO firm, that deploys a comprehensive recruiting function to take care of your recruiting process, you have no reason to sit back and relax. Why? Because your RPO partner's performance needs to be monitored to know if they are on the right track to delivering what your company requires and helps you attain your long-term business goals.
We are talking about two crucial KPIs or Key Performance Indicators to track your RPO service provider's performance which is very much important to achieve your talent acquisition goals. These recruitment metrics will help you assess the effectiveness of your external recruiting specialist and help you determine the efficacy of your talent acquisition function. Tracking these metrics provides you with actionable insights that can be communicated to the key decision-makers and c-level executives.
The main objective of hiring RPOs is to improve or increase your organization's workforce., and the successful hires you gain from the arrangement are the most important metric. The RPO-recruited employee's performance in the job is a key metric that directly reflects your RPO partner's performance. Let us not forget that each employee is an investment. Hence, it is wise to obtain relevant metrics to track the worthiness of each candidate inducted into your company by your RPO service provider.
The parameters that define the quality of hire metrics depend on the nature of the employee's job role and designation. Even simple metrics like attendance, absenteeism, engagement in work, and demeanor are accountable and can give great insights into candidate quality. Other important recruiting metrics can include target achievement, special skills, responsiveness, domain knowledge, technological finesse, etc.
Tracking employee KPIs comes with many benefits:
The metrics to grade the performance of your external recruiting specialist are proven, fail-proof parameters often used to track your internal team's hiring performance. Out of them all, Cost-Per-Hire is the most crucial metric because it highlights the monetary aspects that prove your investment in your RPO partner is a worthy cause. If the Cost-Per-Hire signals red flags, it is a clear indicator your recruitment costs are not utilized efficiently and that you are not getting an acceptable return from your investment in the recruitment partnership.
The second metric is the Offer-to-Acceptance ratio. It indicates if your RPO partner is harnessing the right talent for your company. If there aren't many takers, it is time to train your focus on your RPO partner's recruitment processes.
The final recruitment KPI is the speed of hire How quickly is your RPO provider filling any open job position with the right people? Check if they are working quickly enough without compromising on the quality of their strategies. A lesser time to fill implies that your talent acquisition team is effectively hiring high-quality candidates quickly.
Apart from the recruiting metrics dealt with above, candidate experience may also be considered a crucial metric to validate the recruiting process of your RPO provider. A positive impact created by superior candidate satisfaction elevates your employer brand in the eyes of prospective hires. It also increases the likelihood of getting a quality candidate pool in the future.
Your search for skilled candidates to empower your organization ends with Techfetch RPO, a leader in the talent acquisition industry in the United States. We deploy our proven strategies in line with your company culture and use our extensive data to make talent acquisition program suitable for your requirements. Allow us to take care of your hiring needs and achieve your talent acquisition goals. Call us today!