Expert Opinions: Essential Metrics For Improved Hiring In The Oil & Energy Industry

Henry Bassey. Published May, 2022.

What Exactly Are Recruitment Metrics?

To compete, grow, and stay relevant, today's most forward-thinking firms prioritize the continuous improvement of internal processes while assessing success with pinpoint accuracy–and hiring talent is no different.

Manup’s existence is hinged on the improvement of the overall efficiency in hiring in the oil and gas industry and thus, we rely on several recruitment metrics to benchmark and distinguish ourselves from traditional hiring services which enable us to optimize the services we render to hundreds of our clients worldwide.

There may be a plethora of skilled job-seekers available, but connecting with the finest potential candidates for the job, and fast enough, is becoming an increasingly difficult problem for many of today's firms in the oil and gas industry.

The discovery and understanding of relevant patterns for sourcing, choosing, and recruiting is referred to as recruitment analytics. This means that data is used to discover and explain patterns. Experts at Aihr report that companies can answer many questions with recruiting analytics, such as:

Which sourcing route produces the most qualified candidates?
How much does it cost to recruit someone for a position?
What characteristics do my top applicants share?

Recruitment KPI measurements can help analyze and evaluate a variety of talent acquisition elements that aid in hiring operations. If you embrace recruitment analytics, you will design new strategies that will benefit your organization in terms of human resources, interdepartmental collaboration, and KPI management.

According to ManpowerGroup, around 72.8 percent of organizations are having difficulty sourcing talented applicants, and 45 percent of employers are concerned about finding people with the required skills for specific tasks inside the organization.

We'll look at the benefits of using recruiting metrics, as well as their significance, to help you grasp recruitment analytics and hiring metrics on a deeper, more practical level from the lens of selected HR experts.

What Recruitment Metrics Can Teach You?

Experts at Datapine listed different criteria to consider when learning from recruitment metrics. You will begin by thinking about the following points:

How long does it take to hire a worker?
Is your prospective candidate a good fit for the job?
How much money do you spend on the entire hiring process?
How effective is your hiring process?
How many people are applying for your job openings?
Where are the candidates looking for your job openings?
How does your new employee fare on the job?
Does the job description you included with the listing accurately portray the job details?
Is your recruitment process interesting, open, and efficient?

Using recruiting analytics can provide you with some incredibly significant information, as you will gradually discover.

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Top 6 Recruiting Indicators to Consider While Hiring Workers

Datapine experts highlighted six recruitment metrics to consider when hiring new employees. These are:

1. Time to fill

The metric that supports stability within your organization is the time to fill. It calculates how long it would take to find and hire a possible new employee. The procedure begins with a corporation approving a request and continues until the candidate has completed the requisite background checks. Essentially, it allows managers to determine how long it takes to fill a job opening.

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Manup enables organizations to hire field-ready candidates in the oil and energy sector most efficiently. We handle documentation screening and pre-vetting so that businesses may concentrate on what is important to them.

2. Hiring quality

This recruiting metric essentially tells if the person hired to fill the role is good or bad for your company.

It is typically used to assess a new hire's performance during a one-year term. Low ratings can suggest poor hiring decisions, which can cost businesses a lot of money. Knowing how your employees are assisting your organization and what skill sets they bring to their jobs is critical.

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Manup provides oil and energy companies with independent experts and contractors. Our clients are confident in the quality of workers they hire from us because of our intensive vetting, validation, and onboarding processes. With its built-in review system, the Manup platform enables every worker to build their own online reputation through reviews earned following each project they complete for clients via the platform.

3. Hiring source

How do you know where to hunt for the top talent for your company? The sharpest recruiters use a trusted source of hire. Candidates are researching and finding your firm through a variety of digital platforms. So the most astute recruiters will use channels where candidates can be found.

How do you determine which of these channels is the most efficient?

The number of candidates who came from each source.
How many of the applicants that came through the specific channel were qualified?

With these operational KPIs, you may have a better understanding of your recruiting expenses and avoid using channels that aren't bringing in qualified prospects that save you money. Similarly, you might spend more money on the channels that deliver your organization the most interested, qualified people who want to work with you.

Companies spend a lot of money on advertising in order to find the right applicants. Manup simplifies the hiring process by providing technology-enabled demand and supply-side liquidity on its talent marketplace where businesses can connect with qualified workers with specific skills, certifications, and experience levels at a lower cost.

4. Costs of the sourcing channel

Your return on investment (ROI) will suffer dramatically if your recruitment processes are disconnected, lengthy, and inefficient.

Gaining the ability to analyze and compare your recruiting expenditures by hiring channels (third-party job sites, Facebook, LinkedIn, recruitment services, etc.) allows you to make quick yet informed judgments about your ongoing campaigns' actions or strategy.

costs of the sourcing channel

For example, you may discover that your Facebook ad expenditure is growing with a little return on talent. As a result, you'll be able to strengthen your communications or temporarily discontinue paid advertising on that channel. In summary, this astute KPI will maintain your recruitment strategies as cost-effective as possible.

Signing up on Manup costs you $0. In fact, you only pay when you hire workers based on competitive individual daily rates. Read more about the benefits of hiring workers from Manup.

5. Time to hire

Time to hire is an important recruitment measure since it quantifies the number of days that pass between a candidate being approached for a specific opening and accepting the position.

This metric is useful since it will show you how efficient your recruitment procedures are, providing you with the depth of insight you require to simplify each stage of the process.

time to hire

You will improve the quality of your hires if you reduce the time to hire. If you wait too long, a competitor will probably hire your potential candidate.

With thousands of skilled workers in our database and algorithms that streamline legacy manual processes, Manup guarantees its clients of hiring 3X faster than when they use typical recruitment platforms.

6. Hire price

Understanding how much money you're spending during the recruitment process can be a very efficient means of allocating funds. When recruiting an employee, it's critical to consider all of your costs so that you can figure out where you can save money without sacrificing the candidate's quality or experience level.

hire price

Here are some elements that the HR measure 'cost per hire' helps determine:

Costs of recruitment time
Costs incurred by managers and employees involved in the hiring process (sourcing, screening, scheduling interviews, scoring, etc)
Administrative expenditures associated with the process of training and integrating new staff

Manup's primary goal is not only to reduce hiring time but also to eliminate the excessive costs that companies incur in the short run when making a recruit in the oil and energy sector.

How do you make the most of your Hiring Timeline?

There is a benefit in attempting to guarantee that your time to hire does not deviate significantly from the industry average. However, in order to make your process efficient and effective, invest in hiring tools, resources, and procedures. Here are three approaches:

1. Create talent pipelines. Talent pipelines are groups of candidates who have been screened and engaged before a post becomes available. When you have a position, you may contact these applicants right away rather than waiting for applications and conducting screening calls.

2. Experts at Workable recommend an applicant tracking system (ATS.) An ATS facilitates communication among candidates, recruiters, and hiring teams. You can save time on administrative activities by using built-in templates and calendar scheduling tools. Your ATS can also assist you in sourcing (e.g., through tools like People Search), tracking metrics through detailed reports, and posting jobs to multiple job boards in a matter of seconds

3. Third-Party Sourcing: because of their narrower scope and highly targeted hiring inside a specific vertical or niche, most third-party recruitment solutions, such as Manup, are effective at attracting the right workers for organizations.

For example, whether you are looking to hire drilling supervisors, inspection personnel, or production operators, you will be certain to hire the most qualified owing to their skills and certifications already validated during pre-screening and vetting prior to onboarding on Manup.

Companies can thus save not just money but also time from trawling through a plethora of applications with only a slim chance of finding suitable candidates.