Measure what matters: the power of effective KPIs
Besides KPIs that measure productivity and the drivers behind for example employee engagement, big data can offer a spectrum of opportunities for improvements to your organization. Analytical reports deliver an overwhelming amount of information. Although most parts of these reports are gripping, we often see that this information is not used properly in daily business processes. That’s why relevant insights are often gained by developing the right KPIs for your business. It will provide a roadmap to discover trends and will help you through the first steps on your way to success.
The following elements explain why we cannot simply let KPIs slide.
1. Evaluate your strategic goals
KPIs are indicators that tangibilize the performance of your organization or business unit. By linking specific numbers to the goals you have to reach, you make sure you have your finger firmly on the pulse and that your strategy will be put into practice.
2. Check if your KPIs conform your mission
Your mission and vision are the consistent threads running through your business. The raison d’être of your organization should be closely tied to particular KPIs. By doing this, you make sure long-term objectives are defined, which will guide the management in making decision.
3. Streamline the operational activities
Besides measuring the effectiveness long-term strategies, KPIs can also be used in assessing whether your operational activities are functioning properly. Do you want to sell more products or do you want to see an increase in market share? Check whether operations will bear fruit by proposing the right KPIs.
4. Stay ahead of competition
This might be the most important one: make sure your organization outperforms competition. This should be at the highest priority for managers and directors. You see, it motivates most leaders to assess performance in such a way that they can position the company in comparison with its competitors.
5. Always think about the future
At the beginning of the year you’ll evaluate your performance of the previous year. It allows you therefore to develop strategic goals for the futures. KPIs help you to make things concrete and provide you with some guidance.
All these aspects can neither be ignored when defining the recruitment strategy. Establishing and discovering trends will let you better dedicate resources. That’s why our team from skeeled gives clients the opportunity to fully exploit the benefits of big data. We can register almost all information, and because of that, we make sure that we can give our customers almost any KPI personalized to their needs.
These metrics give you concrete information you need in order to boost your hiring process. It will help you to foresee what’s actually going on in your organization and adapt your business strategy when needed.
To give an example, it can show you which job board is performing better, and in turn, is worth investing more. On the other hand, you can easily understand on which ones to cut down investments. Another clear example is the number of rejected candidates. If this number is elevated, it might be that your job description is not clear and candidates don’t fully understand the requirements. In this case, adapting your job description can be the solution.
Plenty of other examples can be given. But, let’s not beat around the bush: the success behind having the best possible recruitment strategy comes down to one thing: Make sure that the best talent is dying to join your company. Having KPIs that are customized to your needs is already a first important step towards that goal.
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