To stay at the top in today’s competitive job market, every organization strives to implement the best recruitment strategies to retain quality talent. Indeed, there’s no talent shortage, but connecting with the best possible candidates becomes challenging for recruiters.
So, how to know what’s working and what’s not if you don’t measure it?
Regular monitoring of recruitment metrics is the key to assess the performance of your hiring process. It gives you a deep insight into performance so that you can meet your desired organization’s goals. Not only is it essential to onboard the candidate, but it’s also essential for new hires to fit into your work culture, stay happy, motivated, and engaged at all times.
By leveraging the power of recruiting metrics, you can develop new recruitment strategies to structure and streamline your recruitment process to enhance the candidate experience.
To enhance your overall recruitment process, it’s essential to gather some crucial data such as where your candidates are coming from, how they apply for jobs, and the total experience.
Smart use of recruitment metrics allows you to analyze data from your recruitment process against the organization’s goals to get a deep insight into what you need to maintain and enhance your hiring practices.
This article will discuss 9 insightful metrics that every recruiter should track and measure accurately to understand the importance of recruiting metrics.
Time To Hire
First of all, the most crucial recruitment metric is the total time taken to hire a candidate. It is also known as Offer Acceptance Rate (OAR). OAR helps you understand the candidate’s preferences and priorities.
You must consistently track your OAR to determine if your job specs are clear to candidates and whether you are satisfying your candidates’ needs and meeting their expectations. However, if your OAR is below average, you must take strategic action to improve your job specs, communication skills, and overall candidate experience.
Regular tracking of such metrics will help you improve your hiring process and hire the right talent for your organization.
Believe it or not – your recruitment process is directly related to candidate experience. Measuring candidate experience metrics will help you identify if candidates are stepping out of the hiring process or not. If yes, you must make your hiring process short and straightforward to avoid the candidate drop-off rate.
You can also ask for candidates’ feedback about how their overall experience with the recruitment process was. Is the hiring process lengthy or complicated? How much time is taken to fill a job application form? What changes should be made?
This powerful combination of qualitative and quantitative data will give you a clear picture of candidate engagement efforts across touchpoints, giving you a real sense of your existing recruiting process.
Applicant Drop Off Rates
We have already mentioned in the above point that if your process is too lengthy or complex, there’s a high chance that most candidates will prefer to step out of the hiring process.
This metric will help you identify how many candidates don’t make it to the end of the application process? At what point do most candidates drop off? Do they drop off via desktop or mobile phone?
The insights you get from the collected data can benefit your business when you structure your application process. Today, most candidates apply for a job via mobile phones. So, this metric will help you hire tech-savvy digital candidates and enable the mobile recruitment application process.
Total Cost Per Hire
The cost per hire metric measures the overall cost involved to fill a vacant position. For big companies, the recruitment cost significantly influences the bottom line, whereas, for startups, it can either make or break the annual budget.
The faster a vacant position is filled, the lower will be the cost of hiring a candidate.
Diversity recruitment metrics are not essential from a legal viewpoint. Equal opportunity should be given to every candidate regardless of their caste, color, age, religion, gender, disability, or genetic information. This metric will also help you employ a fair and equitable employee compensation process.
Hiring diverse candidates can benefit a business a lot – from reduced turnover to increased innovation.
Time To Productivity
The time to productivity metric measures -
- how long it takes for recruiting teams to speed up the hiring process; and
- be productive at their specific day-to-day tasks.
It is measured between the first day of hiring to the point when the candidate is hired.
Research states that it takes 28 weeks for a new employee to reach their Optimum Productivity Level (OPL).
Hiring Source Stats
Hiring sources refer to the platforms you use to recruit, attract, and retain quality candidates. Today, candidates are everywhere – from social media platforms to online platforms to job portals.
So, how do you know which platform is generating the best outcomes for your organization? Measuring the hiring source stats indicates information such as:
- The number of applicants that are applying from each source.
- Of all the applicants that came from a particular source, how many of them were qualified?
With this metric, you can easily identify your recruiting costs and stop using less effective channels. It will help you save a lot of time, money, and effort to hire the right talent.
Manager Satisfaction Metrics
This is a crucial metric as it will help you understand your manager's satisfaction with employee performance.
If your manager is satisfied, it indicates that the employee performs well and your hiring is successful.
First-year attrition metrics will give you a deep insight into whether the employer terminates the employees’ contract or the employee decides to leave the company.
It could indicate that the job description didn’t meet the candidate’s expectations or that the candidate did not fit well with the company culture.
Recruitment metrics are valuable for every organization as it helps to enhance or revamp the existing hiring strategies. As a result, you can make work life a lot easier for everyone in the company, including employees, teams, managers, and yourself.
The nine crucial recruiting metrics mentioned above will give you a deep insight into what’s working and what doesn’t. Regular monitoring is crucial to assess employee performance and improve the overall business’s productivity.