Hiring Score Card
Once you have your Net Hiring Score, you can combine these with your Hiring Budget and Hiring Velocity to capture the three main metrics for a Hiring Scorecard. This represents the health and impact of the hiring function and can quickly tell you which components might need some work. Consider the sample scorecard below:
In this example, the organization invests 7% of New Hire Payroll in recruiting. With that budget, it is able to maintain an acceptable velocity of 75% while hiring great talent as evidenced by a Net Hiring Score of +52.
It’s important to note that even if you have a positive NHS, a low Hiring Velocity can still have a significant financial impact to the organization by not being able to fill jobs on time. This can result in not being able to fulfill strategies outlined by the business and missing much-needed targets. Now it’s time to measure the Return on Hiring.