Waaaaay back in my agency days I was taught to dial the phone 100 times a day. That's right. Pick up the handset, dial 100 different phone numbers in an effort to connect with at least 10 people. Out of those 10, you could hopefully find one qualified, interested candidate for your open role(s). Good times.
Fast forward to the internet where everyone's a marketer. Lord save me from girls I went to high school with trying to sell me pink drinks and essential oils. Now it's all about connects, retweets, and page likes. We still somehow / some way have to get CANDIDATES connected to HIRING MANAGERS, but there are still some die hard phone enthusiasts out there, God love them.
Ok so METRICS! YAY! What should I REALLY be thinking about and measuring? How do I know I'm doing a good job? What the hell is a funnel anyway?
Here are the key measures of talent acquisition success, plus a true story to back it up - I'll lay out definitions and rough process based on my completely biased yet accurate experience at multiple tech companies.
Pass Through Rates (PTRs) That Matter -
- Submittals : Tech Screens
- Tech Screens : Onsite Interview
- Onsite Interview : Offer Extended
- Offer Extend : Offer Accept
For our purposes, the candidate process looks like this -
- Submittals - prospect has been fully vetted for interest / fit by a sourcer or recruiter
- Tech screen - conversation between hiring manager or other qualified person and candidate
- Onsite interview - you should know this one
- Offer extend - I am giving you a letter with numbers on it
- Offer accept - you like my letter and numbers
Here's an example of what that might look like. For my visual people -
I know what you're thinking... AMY! That's a 50% DECLINE RATE! What the WHAT?
Yep. I thought so too.
Once upon a time a young tech recruiter worked for a really cool team doing big important things at a giant company. Let's call her Amy. She was invited to a VP level meeting where she was told the team needed to see MORE RESUMES. Amy panicked, thinking "but I'm so BUSY... I'm sending TONS of resumes... what the hell are they talking about?"
Luckily Amy was SMART and Amy had DATA. Amy was able to prove that over the last 3 months resume submittals had actually INCREASED.
(some data slightly changed to protect the innocent, but the percentages are ACCURATE)
Now Amy had a story to tell.
Here's what we learned -
- We were seeing lots AND LOTS of resumes. In fact, the pipeline is increasing month over month. We liked most of them enough to talk to them.
- Our ratios were relatively strong, considering the expectations of the roles (variety of engineering/PM/data science roles across levels)
- We actually had an extra step in the form of a 2nd tech screen - potentially a factor in timing, interview fatigue, or part of why we were trending above OS:OE PTRs
- We were extending a decent # of offers and trending above company norms of 20-25%
- CLOSING was our pain point
***Bonus Point - people were leaving US at various steps as well! That was explored further in later reporting***
Armed with this kind of information, you get to drive the narrative. In this case, we had a lengthy discussion around our accept rate, and decided we could live with it based on a number of factors. More on that in a future post.
Bottom line is this - I went into a meeting where the expectation was I was going to rain more resumes into a leaky funnel without any real understanding of the metrics. I LEFT the meeting a strategic advisor who was able to create a clear, actionable plan based on market realities. I had a GREAT story.
What's YOUR story?