In a dynamic business landscape, it’s imperative to periodically assess your internal practices and relationships with both your business and talent acquisition departments. Conducting monthly and quarterly business reviews can serve as an effective means of promoting transparency, fostering communication, and devising strategies to support your company’s hiring needs as you scale. It’s a vital part of building trust between the business and your recruiting teams overall success long term.
Why conduct a monthly or quarterly review?
An a review MBR or QBR can be a useful tool for the business and recruiting teams to assess the progress of their activities, identify areas of improvement, and make data-driven decisions for the future. Here are some reasons why conducting an MBR can be beneficial:
Evaluate performance: It can help the teams evaluate their performance by reviewing key performance indicators (KPIs), such as revenue, sales conversion rates, and candidate placement rates. It allows the teams to identify areas of improvement and take necessary actions to achieve their goals.
Align goals: It provides an opportunity for the teams to align their goals with the overall company objectives. This helps ensure that everyone is working towards the same goals and helps avoid any potential misalignment.
Data-driven decision making: By reviewing data and metrics during the meeting, the teams can make data-driven decisions about their activities. This can help them identify trends, make adjustments, and prioritize activities based on the data.
Identify challenges: It can also help the teams identify any challenges or obstacles that may be impacting their performance. This can help them come up with solutions and strategies to overcome these challenges or other risk factors.
Communication and collaboration: It can encourage communication and collaboration between the business and recruiting teams. By discussing their activities and progress, the teams can identify opportunities to work together and improve overall performance.
Overall, conducting an MBR or QBR can be a useful tool for the business and recruiting teams to assess their performance, align their goals, and make data-driven decisions. It can help the teams identify areas of improvement, overcome challenges, and work together towards achieving their objectives.
Key parts or the business review document:
- Key metrics
- Hit and misses
- Goals
- Business asks
- Debated topics
- Appendix and Resources
Key recruiting metrics include:
- Delivery goals
- Recruiting funnel metrics
- Diversity equity and inclusion metrics (DEI)
- Candidate experience survey results
- Interview team updates
(Goals) It will be important to color code the document:
- Green: on target
- Yellow: at risk
- Red: Behind
Conducting a Monthly Business Review (MBR):
To conduct monthly and quarterly reviews in recruiting, here are some steps you can follow:
Define the scope and objectives of the review: Determine what areas of your recruiting process you want to assess and what specific goals you want to achieve. For example, you may want to evaluate the efficiency of your sourcing strategies or the effectiveness of your candidate selection process.
Collect data and feedback: Gather relevant data and feedback from various stakeholders, including recruiters, hiring managers, candidates, and other relevant parties. This information can be obtained through surveys, interviews, or by analyzing recruiting metrics such as time-to-hire, cost-per-hire, and candidate conversion rates.
Analyze the data and feedback: Once you have collected the data and feedback, analyze it to identify patterns, trends, and areas for improvement. Look for both strengths and weaknesses in your recruiting process and identify any bottlenecks or inefficiencies.
Develop an action plan: Based on your analysis, develop a plan of action to address the issues and opportunities identified. Prioritize the actions based on their impact and feasibility, and assign responsibilities and timelines for implementation.
Monitor progress and adjust as needed: Regularly monitor progress towards your goals and adjust your action plan as needed. Continue to collect feedback and data to ensure that your recruiting process is improving and meeting the needs of your organization.
Conducting a Quarterly Business Review (QBR):
A QBR (Quarterly Business Review) is a comprehensive evaluation of a business’s operations that helps identify its strengths and weaknesses, and chart a course for growth in upcoming quarters. Depending on the nature of the review, different components should be presented during the review meeting.
For instance, customer service-based businesses may need to examine employee metrics, such as satisfaction ratings, to identify areas for improvement. Analyzing past goals and highlighting successes can inspire new suggestions for the next set of hiring goals.
The review should also include a discussion of wins and losses from the previous quarter, as these form the basis for the plans for the upcoming quarter. This may involve making adjustments to hiring goals, enhancing employer branding marketing efforts, or addressing other project-specific issues.
Team leads should meet to identify changes required for their respective projects to thrive. Quarterly business review templates can be used to simplify the process of developing and tracking goals and metrics.
The review process is a collaborative effort, where both the business owner and the client’s ideas are used to develop a holistic plan for success based on specific metrics and the broader vision of the client’s business.
By conducting regular reviews, you can continuously improve your recruiting process and stay agile in the face of changing business needs and market conditions.
Setting up the meeting:
To ensure a successful meeting and presentation, there are several steps that you can take:
Invite executive team leaders and hiring managers who have decision-making authority in their departments.
Review your client’s goals, which were likely established during the onboarding process, and compare them to your accomplishments, utilizing metrics such as active users and product adoption rate increases.
Focus on Key Performance Indicators (recruiting KPIs) that are most relevant to the meeting’s objectives. Rather than overwhelming your audience with too many metrics, select a few essential KPIs that highlight progress and results.
Highlight achievements and explain the processes used to attain them. Encourage your client to brainstorm ways to achieve future goals.
Investigate challenges and involve the client in problem-solving. Address any failures to meet goals, and invite the client to offer suggestions to overcome these challenges.
Discuss opportunities for growth while addressing unmet goals.
Outline plans for the future and how you will meet goals in the upcoming quarter. Collaborate with the client to adjust the plan as necessary.
Emphasize the value of your services to the client, using projected metrics such as improved customer retention rates. Use the KPIs that matter most to your client.
Allow sufficient time for feedback and questions. For example, a two-hour meeting with a 30-minute Q&A session at the end should be adequate.
By following these steps, you can ensure a productive and successful QBR meeting that fosters collaboration, communication, and progress toward shared goals.
Successful outcomes to the meeting include:
- Setting clear and actionable items
- Leaders not derailing the internal conversations of the meeting
- Positive numbers
- Bring insights that drive trust
- Sustainable recommendations that drive positive changes
- Business and recruitment team aligned on future asks
Final Thoughts…
Overall, having recruiting funnel data and metrics is essential when conducting a business review with the leadership team. It provides insight into the effectiveness of the recruiting process, allows for data-driven decision making, and helps set goals for the recruiting team. By presenting the data and showcasing trends and recommendations you are building trust and further communication with your business teams.
Recommended Reading:
Ronnie Bratcher – Interview with a Sourcing Legend
How to create a recruitment dashboard
Creating recruiting policy for rules of engagement
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