Recruitment is a complex process. It involves candidate sourcing, candidate assessment, hiring manager satisfaction, offer acceptance rates and quality of hire. In order to make quality improvements in your recruitment strategy and processes key metrics are needed. There are a wide variety of metrics to choose from. Here is a list of the recruiting metrics that we recommend using in order to make improvements in your Recruitment and Staffing Solution USA.
Candidate sources evaluates the channels where your candidates are coming from. Candidate source is important because it shows you which recruiting channels are yielding the best candidates. What were the sources of your top 5 or 10 candidates? These are the candidates that were considered the best quality. This metric tells you were to invest your money and time during your next recruitment effort for the same position.
Time to fill is the number of days between when a job is posted and when the offer is accepted by a candidate. Time to fill measures the overall efficiency of your recruiting process. If your average time to fill a specific position is 45 days, then you can begin to improve your recruitment process by reducing the time to fill to 30 days. What strategies resulted in the improvements?
Quality of hire measures the overall performance of new hires. A higher quality of hire is a key indicator of hiring success. Key Job Performance Indicators, Tenure, Ramp-up-time, Hiring Manager Satisfaction and Employee Engagement level can all be indicators of Quality of Hire. The Hiring Manager’s satisfaction rating of the competencies, performance and overall fit of the new hire is very important feedback. Employee engagement is the extent to which a new hire feels passionate about their job, feels committed to the organization, and puts discretionary effort into their work.
Candidate job satisfaction measures a new hire’s fulfillment in their new role. Satisfaction scores indicate how well a recruiter presented the job opportunity and whether the reality of the job matches the candidate’s expectations.
Total Applicants measures the number of people who showed interest in your open position. A low volume of applicants per open job can indicate a poor or unattractive job description or job posting. Do the minimum qualification requirements match the skills and experience of the candidates who applied? Is the job posting not attractive enough relative to other postings of similar positions? Re-writing the job description and job posting may be needed.
Cost per hire is a key recruitment metric because it measures the total cost invested in recruiting divided by the total number of hires. Cost per hire is important because it shows you how much you spend on filling an open position. If you completed multiple hires it is your average cost for all hires made in a given period of time.
Offer acceptance rate measures the ratio of job offers that are accepted compared to the total number of offers made. A low acceptance rate can be indicative of poor compensation and benefit programs, poor company brand image, or a recruitment process that takes too long.
Application abandonment rate indicates how many job applicants have quit their application process before completing it. Application abandonment rate measures the effectiveness of your job description, job posting, application process and candidate assessment process. Abandonment can indicate that your assessments are alienating your candidates or that they are finding other opportunities because your application process takes too long.
Given the complexity of modern recruiting having a metric driven recruitment process is essential. Using some of the above recruiting metrics, you can develop a more successful Recruitment and Staffing Solution USA that consistently delivers more qualified candidates.