Benchmarks for Resourcing Services

The introduction of digital technologies in global markets has disrupted the way we buy and sell products and services. Competitive performance in global business workplace is steadily rising with new opportunities and challenges. As business processes becomes more complex, so are its measurements. So how do we know if a implemented business process aligns to the best practices and is there a way we can quantify them? These are several questions that we often desire to answer. Bench marking a business process is a need that every organization should built, when creating a high level design of their business process for any transformation initiative. For example, we may need to bench mark the processes to understand the adequacy of automation or the extent to which we should use the technology. Often decisions need to be made and taking a business transformation decision based on an objective criteria helps an organization to implement a real good business process.

It is often the desire to offer better services to our customers and clients, that we at PMC, has a deep rooted culture to standardize the benchmarks of any service(s) that we offer.

The entire resourcing and recruiting ecosystem has been reshaped for the larger benefits of projects and programs. IT projects critically depends on the human resources it engages to perform and its success or failure depends directly on the skills that an organization is able to deliver to its project managers.

Good metrics may require to be carefully selected and consistently measured and followed. Good data sourced from accurate systems is critical for quantification and building a usable resourcing analytics. Today, the technology has great enablers to provide this data and their are several customized dashboards to follow upon these metrics.

As it is said “20th century recruiting models was about filling seats, but the 21st century models are driving the business results“.

Hence, their is a need to bring in a level of sophistication and rigor in the resourcing models. Corporate resourcing is generally handled by experienced resource managers with skills in customer service, HR processes, related project tasks details and project management. RDMs are managing the most demanding aspects of the projects. The key metrics related to their engagement role refers to:

  1. Efficiency – Time and cost
  2. Effectiveness – Candidate’s skills and fit
  3. Business results  РOverall impact on the bottom lines

As organizations mature, the metrics become more relevant to the overall resourcing performance(s):

S.No. Performance  Metrics
1 Time Time to source
2 Time to process & select
3 Time to interview & access
4 Time to offer
5 Time to hire
6 Time to start
7 Cost Cost per Hire
8 Recruiting cost ratio
9 Recruiting efficiency ratio
10 Sourcing Analysis Number of submits
11 Cost per lead
12 Ratio  submits to hire
13 Number of hires
14 Cost per hire
15 Diversity contribution
16 Pipeline Quality total resumes / candidates
17 candidates / interviews
18 interviews / offers
19 offers / close
20 Candidate Quality Resume vs. job requirements
21 Pre-hire job performance

These are some of the widely used metrics while assessing a resourcing process for an organization.

 

 

 

 

 

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