HOW DO WE MEASURE - Jackson Physician Search · HOW DO WE MEASURE RECRUITMENT SUCCESS? Is your...
Transcript of HOW DO WE MEASURE - Jackson Physician Search · HOW DO WE MEASURE RECRUITMENT SUCCESS? Is your...
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HOW DO WE MEASURE RECRUITMENT SUCCESS?
Is your definition of success the same as your boss’s?
For which metrics are you held accountable?
Which metrics and KPI’s actually indicate performance?
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suc·cesssəkˈses/nountheaccomplishmentofanaimorpurpose.
JPSDefinitionofSuccess:Optimizeeachstepoftherecruiting
processtoobtainmaximumefficiencyandthroughput,while
maintaininghighqualityexperiencesanddeliverables.
BEFORE YOU CAN MEASURE SUCCESS, YOU MUST DEFINE IT.
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DEFINING SUCCESS METRICS
End ResultPlacementsperYear
EfficiencyInterviews-to-Hire|Time-to-Fill|Etc.
ProcessRecruitmentSpend-per-Hire|Retention|Etc.
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End Result
Process
Efficiency
SUCCESS IS DETERMINED BY A COMBINATION OF FACTORSDEFINING SUCCESS METRICS
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Performance Metrics Should Measure an Outcome
Associated with an Objective.Not an Activity.
DEFINING SUCCESS METRICS
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Qualities of Successful Performance Metrics:DEFINING SUCCESS METRICS
Improves Processes
Easy to Calculate
Easy to Understand
Meaningful
Drives Performance
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bench·markˈben(t)SHmärk/nounastandardorpointofreferenceagainstwhichthingsmaybecomparedorassessed.
Benchmarksarecriticallyimportanttounderstandyour
measurementsforsuccess.Benchmarkagainstyourself,your
competition,andtheindustry.
DEFINING BENCHMARKS
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CONSIDERATIONS WHEN BENCHMARKING
Are all searches equally hard to fill?
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CONSIDERATIONS WHEN BENCHMARKING
What obstacles get in your way?
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CONSIDERATIONS WHEN BENCHMARKING
What obstacles get in your way?
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CONSIDERATIONS WHEN BENCHMARKING
Do you use data to help improve the process?
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TypicalRecruitmentBenchmarks
DEFINING BENCHMARKS
Willvarybasedonspecialty,location,compensationpackage,etc.
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456
TotalPlacements
Interviews-to-Hire
Time-to-Fill RecruitmentSpend-per-Hire
Retention
AcceptanceRate
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CALCULATING RECRUITMENT ROI
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CALCULATING RECRUITMENT ROI
SourcingandAdvertisingExpenses(byChannel)• JobBoards• EmailMarketing• Website• SocialMedia• GoogleAds• CareerFairsandEvents
Interview/SiteVisitExpenses
RecruiterTimeInvestmentandCompensation
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Shorten Vacancy Timeby 60 days
for Revenue Gain of $138,000
* Given $828,000 average revenue per primary care physician per year
(specialists will be more)
How to Lower the Cost of Hire and Maximize Revenue
Reduce Interview-to-Hire
Ratio from 5:1 to 3:1
for Cost Savings of$18,000
* Estimating $6,000 per Interview in travel and team hours
ImproveAcceptance Ratefrom 70% to 90%
for Cost Savings of $24,000
* Estimating $24,000 to restart search and resume interviews for declined offer
Source:AMGA2017MedicalGroupCompensationandProductionSurvey,MGMA2017PracticeCompensationReport
MAXIMIZING RECRUITMENT ROI
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SUMMARY
• It is important to know the performance metrics that drive your leadership and your organization.
• Recruitment is a process that should always be evolving and improving.
• To improve your recruitment process, you must measure and analyze it.
• Reducing recruitment and job marketing spend may not always save you money in the long run.
• You should know the ROI of the channels and tools you use.
• Understand and optimize your interview costs.
• Data is your best friend.
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ADDITIONAL RESOURCES
PhysicianSalaryCalculator
WhitePaper:PhysicianWorkforceThrough2030
GuidetoDevelopingaStrategicPhysicianRecruitmentPlan
InfographicGuides:PhysicianTrends,EngagementandNetworking
CaseStudies
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