Bringing in quality candidates quickly is the goal of every recruiter, but doing so continuously and effectively requires you to strengthen your hiring strategy. Like a good football play, your hiring strategy is only as good as the stats to prove it.
Recruitment metrics track your hiring success while optimizing the process. Recruitment metrics help give valuable insights into every part of your recruitment funnel as you hire top talent. It is vital to measure and track each one as you go through the talent acquisition process.
By tracking your recruitment metrics, you can bring in qualified candidates while reducing your hiring time. Resources such as SHRM can help you better understand the hiring process and how to track your metrics. Here are 6 recruitment metrics that you should know and why they are important to the hiring process.
Quality of Hire
Quality of hire is one of the most important recruiting metrics for hiring managers. By measuring the quality of hire you have a preview of the candidate’s first-year performance. This allows team leaders to identify the quality, loyalty, and talent of their workers. If recruiters are submitting lower-quality candidates time is wasted. Mapping your average quality of hire can improve turnover and long-term goals.
There are options when it comes to sourcing. Measuring the effectiveness of these choices is important to maximize your recruiting efforts. Sourcing can include job boards, employee referrals, and social media, all of which can act as recruitment. By measuring which source is the most effective with your recruitment metrics, you can create a recruitment plan that leads to quality hires in the future.
Applicant Drop-Off Rate
Applicant drop-off rate is the percentage of applicants who begin but don't finish the application. It’s important to improve this metric, allowing for a better candidate experience and hiring process. Top performers will not put up with a tedious application process that takes a long time to complete. It’s also important for your recruitment team to consider a mobile application for those who primarily use their phones to apply for jobs.
Time to fill is the time it takes to find and hire a new candidate, often measured by the number of days between posting a job and hiring the right candidate for the role. Time to fill is mainly influenced by the supply and demand for various roles. This hiring metric gives insight to the speed that your recruiting department operates.
Time to hire, often referred to as Time to to Accept, measures the average time it takes for a candidate to move through the hiring process once they’ve applied. This includes from the moment a candidate is approached about a role to the moment they accept the job. Time to hire can help you understand and optimize the efficiency of your recruitment methods. Shortening your time to hire enables you to hire better candidates and improves the candidate experience by preventing lags in the process.
Cost Per Hire
It’s important to know how much each hire costs you in the recruitment process. Knowing this will help optimize your recruiting budget and give insights into the effectiveness of your recruiting process. The average cost per hire includes the resources to recruit a candidate, job description advertisements, recruiter fees, LinkedIn and job board fees, social media platforms, etc. By keeping these costs in one place, you will be able to determine part of your ROI.
Stop guessing and start measuring your recruitment metrics. By keeping track of your recruitment metrics, you can streamline your hiring process and make it as efficient as possible.
Use these metrics to maximize your hiring strategy and streamline your work with interview tools like Qualifi. This will reduce your time to hire and improve your candidate experience, allowing you to identify qualified candidates 7x faster.