Balanced Scorecard Toolkit for Crisis Management

Recruitment and selection play a huge role when it comes to the success of any company. Thus, recession metrics have to be geared this aspect of the HR department.

It is an unfortunate fact that the world is going through recession right now. But since the problem is already here, then the best thing to do is to handle the effects of recession as professionally as possible. Moreover, recession becomes more difficult to deal with when it comes to recruitment and selection. Much attention should be placed on recruitment and selection because this is the first step towards hiring the right people to work for you, after all. Thus, if you are going to come up with recession metrics, then these should be geared towards recruitment and selection.

Do not make the mistake of assuming that any implemented metric system would be sufficient enough already. Many companies believe that as long as they have implemented metrics, this would mean inevitable improvement despite the effects of the economic downturn. But if you would think about it, wouldn’t your own metrics already be ineffective as a result of the economic downturn? Yes, this could very much be the case already. Thus, you still need to make the necessary modifications of your metric system. This way, your recession metrics would be more geared towards the overall performance of the recruitment process.

Going back to the subject of developing metrics to deal with recession for the HR department, you just might be asking yourself what kind of metrics you should include here. There are a lot of sources that you can find on the web already so if you are not too sure which metrics to use, then you can check out these sources yourself. Here are some metrics that you may want to include in your scorecard.

Cost per Hire

The first thing you need to understand about this metric is that it is quite unstable. This is the reason why not too many HR departments are keen about using cost per hire. At best, you should use this metric to create budget plans or to review corporate performance.

Offer to Hire

This metric refers to all of the offers made by the company in order to fill various job posts. The measurement here should be done according to sub-groups, across groups, as well as departments, divisions,, and requisitions. This way, the hiring process can be carried out according to personalities, needs, as well as the areas that are in need of improvement.

Interview to Offer

This metric refers to the overall number of interviews carried out by sub-groups in order to generate various job offers.

Route to Interest

This is actually a ratio that pertains to the number of router resumes and the number of resumes of interest forwarded to the company’s hiring managers. Resumes of interest here have several variations. Some have been pre-screened by the higher-level hiring managers. Others have just been phone-screened, but would still go through interviews with the hiring managers. Phone-screening is done just to set interview arrangements immediately.

These are just some of the recession metrics that you should include in your scorecard to uphold the performance of your HR department in spite of today’s financial crisis.