Recruitment is critical for any organization’s continued success. Good employees are the best resource a company can have. However, finding the right talent can be hard in today’s competitive job market. Effective recruitment takes more than a job posting and a positive attitude.
That’s why knowing today’s recruiter best practices are essential to finding the best candidates out there. Here are a few recruiter best practices you can implement today:
When you’re looking to improve your recruitment process, there are some key metrics you need to need to know. Tracking the following metrics will help you understand what you need to improve and how.
As the name implies, cost-per-hire simply refers to the average amount spent on new hires. According to SHRM, the average cost-per-hire totals a staggering $4,129.
To measure your own cost-per-hire, you will need to combine your external costs (external spending such as advertising) and internal costs (internal spending such as the salary of the recruitment team) and divide the total cost by the number of hires in a given period.
Another on-the-nose metric, time-to-fill represents the total time between when you recognize the need to make a new hire and onboarding that new hire. Think of it as your complete timeline of your recruitment process. Long time-to-fills are costly. According to Zippia, the average vacancy costs a company $98 per day.
Not to be confused with time-to-fill, time-to-hire measures how long a candidate spends in your recruitment process from application to onboarding. To find it, simply measure the days between those two points per candidate. To find your average time-to-hire, add the per candidate total together, and divide that by your number of hires.
A slow time-to-hire is a strong sign of inefficient recruitment tactics.
Quality of hire refers to the value a new hire brings to the company. More precisely, it’s how a new hire contributes to the company’s long-term success. As a metric, it can be difficult to measure. That’s because the value being measured is often intangible information such as completed tasks, skill growth, and assisting coworkers. As such, quality of hire is a long-term metric that focuses on job performance, retention, and ramp-up time.
Days in stage allows you to measure how quickly a candidate is moving through your recruitment process. Whereas time-to-hire encompasses the entire process, days in stage breaks this down into individual steps. How long are candidates in the interview stage? How long are they spending on assessments? These are the questions days in stage answer. This further helps you identify where the inefficiencies in your process lie.
The offer sent and acceptance rate tracks the percentage of candidates that accept a job offer. A large rejection rate signals there is something significantly wrong with your recruitment process, and knowing that data can help you solve it.
With these metrics in mind, we can use them to better measure and understand the 7 steps in the recruitment process.
It’s no secret that diversity should be important to a recruiter. Many teams across industries are actively working to improve DEI in hiring and mitigate bias. And it’s not just because it’s the right thing to do. Research, such as the McKinsey 2020 report “Diversity Wins: How Inclusion Matters,” consistently shows that more diverse companies are more likely to outperform their less diverse peers.
To this end, you’ll want to assess adverse impact in your hiring process to determine where they may be a problem. Adverse impact refers to business practices that disadvantage a given protected group. As these practices are for the most part unintentional, many recruiters are looking for ways to prevent unconscious bias from affecting their decisions.
On-demand interviews have proven remarkably helpful in this endeavor. This interview format, specifically phone interviews, improves accessibility and standardizes the screening process. Every candidate receives the same interview and is given an equal opportunity to show why they’re the best candidate for the job.
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