Setting a Benchmark
Performance indicators vary across industry and location. You can use data from similar organizations as a starting place for benchmarks, but collecting internal data will help you see opportunities for improvement. Using the following metrics, you’ll soon be able to spot quick wins—small changes that can deliver significant results.
Turnaround time is the time it takes to process a check from the moment the applicant consents until the report is issued for review. Data about turnaround times helps you with the following:
- Setting candidate expectations
- Establishing time-to-hire goals
- Creating hiring goals for HR and managers
As you track turnaround times, be sure to include data about the screening packages and components used. Understanding how each screening element impacts turnaround will help you spot bottlenecks in the process and give you specific issues to discuss with your provider.
Completion time is a measure of the time it takes a candidate to complete all the forms beginning from the moment the check is initiated until consent is received. With data about completion times in hand, you’ll know how to better communicate with candidates to avoid delays.
Quantity of Checks
There are two metrics here that matter: the total number of checks your organization runs and the number of checks per candidate. Are different locations within your organization running different numbers of checks? What percentage of checks are started but not completed? Managing the quantity of checks you run will help you manage screening costs and your time to hire stats.
Cost per Check
Data about cost per check will help you budget, forecast, and control screening costs. If you can spot areas where costs are higher than average, you can make changes that will save money and produce more consistent results.
Keep track of the adjudication results – hire, review, or disqualify—so you can assess your adjudication rules. Are you too lax or too stringent? Do high disqualification rates indicate that you are recruiting in the wrong channels? Tracking the data and setting benchmarks will help you determine the answers.
Also, monitor disputes and discrepancies that require reviews that increase costs and turnaround times.
Whether you set up a system to monitor these metrics yourself or your screening partner provides the data, tracking these key performance indicators will help you get the best background check for the money.