What recruiting metrics are you using?
Most likely they include quality of hire and time to hire/time to fill. Both are metrics that have been used in recruitment for ages. And for good reason since they both make perfect sense. Time to hire is important as more companies are now moving going digital when it comes to their road map planning. That means before Project B can get started, Project A needs to be finished first.
Time to hire is also important because it helps identify if and when your hiring processes might be too slow or a bit behind. Plus, it can help improve candidate experience, since candidates don’t appreciate long recruitment processes.
Quality of hire can often be a subjective metric and each organization might approach it differently. One more commonly used metric in recruitment is cost-to-hire, which deals with how much resources, time and money are spent filling open positions.
While those three are the main metrics recruiter use, there are many others that they should consider tracking for optimum recruiting success.
Here are 8 more metrics that can help improve hiring new candidates:
The Sourcing ChannelFiguring out which sourcing channel is the best for your recruitment efforts can help you optimize the hiring process and know where the majority of the candidates are coming from. Or, you’ll be able to what site your most qualified talent use. You’re most likely using various channels to advertise open positions, including job boards, printed media, agencies, social media and others. You’ll need a metric that not only breaks down how many applicants come to each avenue but also how many were short-listed, successful, qualified and the like. This will help you maximize the best channels for your goals and help plan future campaign budgets.
Job Application Performance MetricsYou should think about using a skills test so that you can improve the quality of hires in the future. These metrics will help you see how well the test really is and if it’s doing what it’s meant to do. You’ll want to measure various performance metrics as they relate to test completion score, time, completion rate and pass rate. With performance-based recruitment metrics, you’ll be able to ensure that you get the most skilled candidates for the position.
Qualified Candidate RateThe overall qualified candidate rate is also an important metric to use for the hiring process. Having data that shows how many applicants are actually qualified for the position allows you to see what sort of people are responding to your add and if the channel is recruiting top-tier talent. A way to work this out is totalling the number of candidates that make it past the first screening stage. If you have low numbers, it might be due to a poorly written job description, the job is advertised on the wrong channels or the way the position is being advertised is getting the wrong candidates.
Offer Acceptance RateYou’ll want to know how many candidates that are offered the role actually accept it, which will tell you about the overall success of the entire recruitment process. If the overall rate is low, you’ll know something is wrong and need to fix it.
Employee Retention RateHigh turnover rates can be costly for business. So if a company has a lot of turnovers, you’ll want to figure out why as soon as possible. The problem could lie with you as an employer or it can be that your recruitment process isn’t getting the right candidates to fill your open positions.
DiversityA more diverse workforce can improve company performance, so you’ll want to ensure that you’re looking at diverse candidates. It’s helpful to collect some base-level diversity stats to show the number in regards to things like age, disability, ethnicity, gender and more. You’ll also want to measure recruitment metrics surrounding diversity in regards to sourcing channels, retention rates, acceptance rates and more. Understanding these metrics will help in overcoming a barrier that you might have in the hiring process.
Hiring Manager SatisfactionMaking sure hiring managers are satisfied with the candidate pool you provide them will ensure that your agency gets more work. To measure this, providing hiring managers with a questionnaire at the end of the process will allow you to see what they liked and what they didn’t like about the candidates you sent them.
Application Completion RateIf applicants aren’t completing the entire application in the beginning, then something is wrong. You’ll have to go back and figure out what they’re abandoning the application. It could be that it’s too long or to difficult to comprehend. This could be why you’re not getting enough applicants for a position.
These are just a few recruiting metrics you should start tracking. But the truth is, there’s probably not enough time to track them all. You’re already busy doing other things and tracking all these metrics for every position can be time-consuming even though executives want this information. In order to incorporate these metrics into your hiring process, you’ll want to start automating top-of-the-funnel tasks to free up your time.
As a recruiter, metrics help keep track of your recruitment process and if it’s working. When you join Talentwolf, you’ll be able to keep track of your online presence and reputation. As the No. 1 recruiter review site, you’ll be able to gain more exposure in a competitive marketplace and grow your network faster.