By Matthew Burzon on Aug 3, 2015
A quick look at the Bureau of Labor Statistics May 2015 New England and State Unemployment Report reveals some insightful information for those that view human capital as their organization’s greatest asset. May’s national unemployment rate remains unchanged from April at 5.5%, while the New England region has declined to 4.9%. Vermont, New Hampshire, and Massachusetts have significantly lower unemployment rates than the rest of the nation at 3.6%, 3.8% and 4.6% respectively. To put this all in perspective, the lowest rate for a single month is shared by May and June of 1953 with an unemployment rate of 2.5%.
These numbers partially explain why you are seeing a drop in qualified applicants for your current job postings. The war for talent is on and there’s no better time than now to incorporate or build upon your approach to passive candidate recruitment. Perhaps you are not seeing a drop in applicants? If that’s the case, this blog was written just for you. I want to help you see the drop with some basic recruitment metrics, and if you already have the metrics and can prove me wrong, I want to know about it. Email me your story at email@example.com and maybe I’ll buy you a $2 taco.
Right out of engineering school I had a well-respected manager that loved the quote, “What gets measured gets managed, and what gets managed gets improved.” There is truth in this statement and in recruitment, we have a number of metrics we can use to drive performance throughout our internal teams and to support objective reporting to our senior leadership. Of the nearly two dozen metrics I’m aware of, these are the five metrics that I believe are absolutely imperative for hiring leaders to be aware of for successful talent acquisition and retention in today’s highly competitive talent marketplace.
Read the full blog HERE.