The most important metrics to watch when staffing your small business.
Recruitment metrics best practices for small businesses.
Small businesses have a lot to pay attention to and several measures by which they might go on to judge themselves a “successful” small business venture. Some goals that small business owners usually are watching include sales, brand recognition, turning a profit, staying under budget, and growing their staff.
Recruiting and hiring can say a lot about the success of your business in several ways. First, if your business can bring in outside help, you have some capital that allows you to hire and pay people for their work. It also means that your company is attracting talent or making a name for itself, which is a good sign for a newer or smaller business looking to grow.
Wither better recruitment processes to follow and HR metrics to measure, you can ensure you’re staffing your organization with the best talent that will help support it and help it grow. As a small business, you might not have a separate or robust HR department, but there are still some hiring metrics that you can follow to ensure the best hiring and recruitment for your business.
One of the first recruiting metrics benchmarks to watch as a small business is how much it costs your business to hire. This cost can include time spent creating an ad, time spent interviewing, the cost to place an ad across different digital and print publications, and background checks. These costs can add up, so you want to make sure your hiring process is as efficient and organized as possible.
Another interesting metric to track when it comes to hiring is the source of the hire. Were they referred to your company by a friend or coworker or customer? This can be a good measure to watch carefully, as it can help your business understand the reach and influence your marketing and branding is having.
Number of Applicants
Are your job postings leading you to quality candidates? How many people are applying for each posting? These metrics can help you understand the quality of your posts, the reputation of your business, and the reach of your recruitment efforts. Knowing how successful your posts are can help you make tweaks down the line to help create more successful postings and draw in the right candidates.
Once you’ve filled all staff positions that you’ve recognized as essential, it’s time to start monitoring who is staying on board with your company. This is a huge measure of the quality of your workplace. If people are quitting regularly, you might question what’s causing that turnover – you may need to rethink salary or work culture. If you’re having to let a lot of people go, you may need to think about if your posts are thorough enough to bring in the quality people you need or evaluate budgets.
Your hiring is essential to the quality of your business. Your people are your most valuable asset in creating a successful organization and having established hiring practices and metrics to monitor can help you build the foundation you need for your small business.