CEO- Three words that draw an immediate aura of commanding attention and respect. But what that title also entails is something only the people who possess it know, the responsibilities. There’s always a million things you have to do and then some. Tracking hundreds of metrics, getting scores of meetings done, accounts, and hundreds of other things that only running a company can bring with it.
But if there’s one thing every CEO at any company can agree to, it is that the employees are the ones who make any company tick. The tech can be out of the world, the business model flawless, but in the end, it all comes down to the people who are working towards executing all these things. No matter how messy or busy things get, the human aspect of the company is something no CEO can afford to neglect, and the same thing holds true when hiring new employees.
Hiring is undoubtedly the most critical aspect of any company, and ensuring that the people who come in are in for it all is one of the significant elements of hiring at early or even the later stages.
Put together are the six critical metrics of hiring that every CEO should carefully monitor, no matter how busy they are.
1. Time taken to fill an open position
Every moment that you have a vacant position in your company, you lose value. Each day that no one does the work expected from that person supposed to be doing that job, you lose productivity. If the time taken to fill a role is more than a month for regular positions, then one must seriously reconsider the hiring process.
2. Time taken to make an offer
The times have changed. Employees these days have at least a couple of other potential offers waiting for them. Gone are the days when you could confirm verbally with someone and expect them to wait a couple of weeks till you send them an offer. The pace is breathtaking and the competition cut-throat. You need to make your move ASAP, and if your team has decided on someone to be the best possible match for the position, then you should make sure that there are no humanly possible delays in making that offer and getting that person on-board.
3. Percentage of No-shows
Various incidents happen to people all the times. Sometimes people genuinely miss interviews due to some unfortunate events, and sometimes people do not want to attend them. However, more often than not the case is that they are not interested or fell off the line due to something. If out of twenty people who have an interview scheduled, only five turned up, there is a severe problem. And this is the very reason that every CEO should be tracking this variable as well.
4. Percentage of Acceptions
Now, this is a substantial number. Getting all the hard work done is one thing, but if that doesn’t amount to anything, you are doing something seriously wrong. Either that, or there is something that is innately wrong with the appeal of working at your company. Ideally, you do not ever want to make an offer to someone who wouldn’t end up accepting it.
5. Companies that Candidates end up choosing over yours
We all have to admit that after going through the motions, some people are just not meant to be working for your company. That is acceptable. But if you end up losing out on to significantly lesser firms, then there is something that needs immediate fixing. As a firm, losing out to Microsoft, Google and co. can make sense, but if you are losing out to companies with a terrible reputation, then you have to ensure that your employer brand is “rebranded.”
6. Performance of new hires in the first six months
We would suggest all our readers follow a three-tier rating system for all their employees, old and new. That said, what matters more for a CEO, is that you monitor the metrics for the new employees with extra care. You need to know how many of the new hires are performing above expectations. If you do face an issue where most of your new hires fall in the lowest performance bracket, you need to break down your hiring and see what is causing the problem.
Most successful CEOs already track these metrics and ensure that they plug any leaks as they spot them. And trust us when we say this, no matter how big you are or what industry you are in, spending the time to review and track these metrics will be well worth it.
If you wish to help improve your hiring team’s functionality, read our report on the best Pre-Employment Assessment Platforms.