Recession has definitely set in, creating a lot of problems in various industries all over the world. And the effects of recession are certainly inevitable, thereby prodding companies to keep their metric system in check. More importantly, there should then be a revamping of the scorecard so that the system itself would incorporate recession metrics. What would then be the logical step to take next would be to develop an efficient recession scorecard - especially in the arena of recruitment and selection.
There are just so many changes in the economy that companies all over the world cannot help but feel a bit lost at times. This is precisely why a scorecard filled with metrics that aptly deal with the effects of recession should be implemented. These changes also bring about fresh expectations amongst the business partners themselves as well as from the clients. Sometimes, these expectations are reasoned out, which us the ideal case. Most of the time, however, the expectations are not reasoned out nor thought out. Rather, these expectations are just based then on wishful thinking. This is a bit difficult to understand - only those who are attempting to meet staffing requirements and needs would understand this scenario better.
What makes this even worse is that over the last decade, there have been so many automation tools developed that can create and monitor metric systems to measure the performance of the company itself. The main assumption here is that as long as there is a metric system implemented, performance would still improve in spite of the onset of recession. As long as there are metrics implemented, then things would become easier because recruiting becomes easier as well, right? Wrong! This is the biggest mistake that you can ever make as a company because the metrics implemented here would no longer be as effective as they once were - before the onset of recession. The wisest choice would then be to develop a system of recession metrics altogether. If you have no idea how to go about this, then here are some commonly used metrics to deal with recession.
* Cost per Hire or CPH. This is actually one of the more dangerous metrics to use because of its very volatile nature. This is why it is recommended for this metric to be used just for creating budget plans and reviewing improvement of performance on an annual basis.
* Quality of Hire or QOH. This is actually a review of how the candidate matches the description of the available position. Of course, this metric is used after the completion of the hiring process. This is a very important metric when you want to determine if you are indeed hiring the right candidate for the right job.
* Time to Fill or TTF. This is actually the time it takes the Human Resource department to find the new employee - from the time the position was made available to the time the qualified employee starts work.
These are just some of the metrics that you should incorporate in your recession scorecard to deal with recruitment and selection. For more metrics, go ahead and search the web for more information.
Article Source: http://EzineArticles.com/?expert=Sam_Miller
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