If they have the right software tools, it’s likely that your team of HR professionals is tracking lots of valuable metrics, like time-to-hire and turnover rate. Those are important, but as an HR leader, keeping your eye on some less conventional metrics gives you an edge. You’ll get a different perspective of your workforce, which leads to more opportunities for creative problem-solving and informed decision-making.

Try tracking these eight HR metrics to better understand your employees and processes so you can fine-tune your talent management strategies.

1. Qualified Applicants per Open Position

It’s common to keep track of the number of applicants for every open position, but that doesn’t always tell you an accurate story. You might have 500 applicants for a role, but what if only 25 of them meet its minimum requirements? Tracking qualified applicants per open position gives you a much more accurate picture of the effectiveness — or ineffectiveness — of your current recruiting strategy.

2. Offer Acceptance Rate

It’s not easy to find top talent, especially if you’re looking for a specialized skill set or hiring in a competitive job market. You need a streamlined, engaging candidate experience and an employer brand that stands out. But even if you build a strong pool of qualified candidates, are they accepting your offers?

Monitoring job offer acceptance rates tells you if your recruitment strategies are helping secure signatures or costing you great people. Understand how often candidates are saying “yes” — or “no” — to help you spot potential issues with compensation, benefits, or the overall hiring process.

3. Internal Mobility Rate

Your internal mobility rate shows how often employees are hired into new roles within the company. This metric is comprised of promotions, lateral moves, and transfers to different departments or locations. Internal hiring is an excellent strategy for boosting employee engagement — while also saving time and money spent on recruiting. Internal hires also take less time to onboard, keeping productivity loss to a minimum.

Your internal mobility rate helps you see if your organization is providing enough growth opportunities to keep top talent. Check out your competitors’ rates to set a benchmark for your organization. If your rate is high, that shows your company is offering clear career paths and development opportunities. On the other hand, a low rate points to a lack of opportunities, which might mean your ambitious high performers are at risk of leaving for a company that invests in their growth.

4. Leadership Development Rate

Leadership development rate takes internal mobility metrics a step further. Instead of measuring all internal promotions and lateral transitions, this metric solely focuses on employees promoted into leadership positions. When you track the leadership development rate, you can prove that your organization is one that creates leaders.

That’s highly motivating for your employees, especially high performers, and has a big impact on your employer brand. When companies invest in employee training and development, 94% of workers say they’d stay with those companies longer. Imagine if your recruiters could tell candidates that 75% of company leadership was promoted from within.

‍

Read full article here