If you want to hire the best talent for your organization, it’s imperative that you diligently work towards perfecting your recruitment strategy. To do that, you need to track and monitor various metrics related to your recruitment activity and make adjustments to your long-term hiring plan accordingly.
What Are Recruitment Metrics?
Recruitment metrics are measurable parameters that enable you to monitor and track the success of your recruitments efforts and optimize your hiring strategy accordingly.
In this article, we will discuss some recruitment metrics that you need to track to manage and improve the overall quality of your hiring activity.
Top Recruitment Metrics That Need Your Focus
1. Time to Fill
Time to fill refers to the amount of time taken to find a suitable candidate to fill a vacant position in an organization. Several variables may impact the time you take to fill a position such as the complexity of the job, geographical factors, the availability of the skillset you are seeking, and so on.
Recruitment software solutions go a long way in eliminating bottlenecks from the hiring process. They automate various tasks related to the recruitment process and enable you to save time and close positions quickly.
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2. Offer Acceptance Rate
This is a straightforward recruitment metric. It merely compares the number of candidates to whom an offer has been made with those who actually accept the offer. If your offer acceptance rate is lower than the industry average, you are probably not doing something right.
There are many reasons why your company could be experiencing low offer acceptances. It could be that your salaries are not competitive enough, or you need to work on your brand image as an employer.
Recruitment requires a substantial investment of time, effort and money. Therefore, when a candidate ditches you in favor of another employer, it can be a significant setback. You must do all you can to motivate candidates to accept your job offer.
Also, Read: A to Z of Recruitment Software: Buyers’ Guide
3. Candidate Net Promoter Score
The candidate net promoter score aims to quantify the experience of a candidate with a set of structured questions. Companies need to provide a positive candidate experience. You need to communicate with candidates and keep them engaged and informed at every stage of the hiring process.
The candidate net promoter score is vital, as you definitely do not want disgruntled candidates ruining your reputation as an employer, especially on social media and other digital platforms.
4. Quality of Hire
There is no point in hiring candidates who do not bring anything of value to the table. Quality of hire is a critical recruitment metric. It measures the value that new recruits create for an organization.
Quality of hire measures the success of the new hire in the organization. In other words, it evaluates how new hires contribute to the success of an organization based on their performance and tenure in the company.
This recruitment metric can tell you a lot about your hiring strategy. You may find that candidates obtained from a particular source tend to be of a low quality. Therefore, you can make adjustments to your recruitment activity accordingly.
4. Attrition Rate
It’s much easier and cheaper to retain candidates rather than hire new ones. If your company is experiencing high turnover, one of the first places you need to look for clues is your recruitment strategy.
There are various adjustments you can make to your hiring activity to bring down your attrition rate. You can work towards making more competitive offers. You must also ensure a smooth employee onboarding process. Candidates must have a clear understanding of the job role and what is expected of them.
Every company experiences turnover, and it is not necessarily a big deal. However, when you try to understand why employees are leaving your organization, you will gain valuable insights into how you can improve your recruitment strategy.
5. Cost to Fill
This recruitment metric measures how much it costs an organization to close a vacant position, right from attracting the right candidates to the final onboarding process. Cost to fill is a vital metric that can help companies ensure that they use their financial resources optimally.
Hiring is an expensive activity. Your business needs a sound recruitment process so that you do not waste money and time on the wrong candidates. Recruiters must track this metric and control recruitment costs. They need to focus on cost-effective mediums to attract the best talent in the market.
Wrapping it Up:
There is limited talent in the job market and the competition is intense. Tracking the recruitment metrics discussed in the article will help you improve your hiring strategies and enhance your chances of finding the best talent for your organization.
Have you tracked any of these recruitment metrics? Would you like to add some more to the list? Do let us know in your comments.