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7 recruitment metrics you should be tracking
Start tracking these 7 recruitment metrics in order to implement a data-driven assessment of the effectiveness of your recruitment process.
Tracking recruitment metrics will give you insight into how successful your recruitment process is. Research by LinkedIn shows that HR teams who track and measure recruiting metrics are twice as likely to find talent more efficiently.
There is a lot of data out there, but what are the most important metrics to look at? Here are seven recruitment metrics we think you should be tracking and why:
1. Applicants per job opening
Do you know how many applicants are applying for each of your job openings? Tracking this metric will help you understand which jobs are the most popular within your organization. If certain jobs are outperforming others, there may be reasons for this. Are these jobs being advertised or marketed in different ways? If so, you should think about whether this strategy can be replicated to bring in more candidates to other roles.
Time-to-fill tells you how much time your organization has taken from posting a job opening to hiring. The average time-to-fill varies from industry to industry. According to research from Workable, it can vary between 40 days for customer service roles and 62 days for engineering roles.
By analysing your time-to-fill metric, this will help you figure out where delays are occurring and in which roles. Time-to-fill is one of the biggest reasons companies lose money in recruitment – so being on top of your time-to-fill metric is key.
3. Offer acceptance rate
Are you finding that candidates are applying for jobs, coming to your office for interviews, but then declining your job offers? This could be because candidates are having negative experiences somewhere along the line in your recruitment process. By tracking the offer acceptance rate, you will be able to see how many candidates are accepting or rejecting offers and whether these are isolated incidents or common occurrences.
However, looking at your offer acceptance rate alone is not enough – looking at the reasons why candidates are rejecting your job offers is also important.
4. Quality of hire (QoH)
Your organization probably has a fairly robust recruitment process. However, have you considered the importance of analyzing the actual quality of your hires? This involves looking at aspects such as employee job performance or other relevant KPIs to review employees. This will allow you to assess the actual quality of your hires and whether you are really finding the best candidates out there.
5. Applicant drop-off rate
Do you know how many applicants start to apply for a position but don’t complete the process? According to iMomentous, most companies have an 80% drop-off rate during their application process. If you’re finding your rate is high, it may be because applicants are finding your process too long or tedious. Give applicants the opportunity to apply via mobile by optimizing your application form for mobile.
6. Cost per hire
How many resources are you using for each hire? Looking at this metric will help you better understand your recruitment costs. These may include hiring, advertising, expenses, software fees, and any other expenses that may occur. This metric will entirely depend on the size of your company, the seniority of the position, and the efficiency of your recruitment process.
7. Sources of hire
If you are relying on multiple channels to attract candidates, it’s important to have an understanding as to which are working best for you. That way, you can direct budget towards that particular source and accurately target the right audiences.
ATS software can offer you a breakdown of the number of applications coming from every source, including how many candidates were in the process, hired, or rejected.
Read more: New Analytics feature: Jobs Overview
Summary infographic on recruitment metrics
By tracking these metrics, you will be able to implement a data-driven assessment of the effectiveness of your recruitment process, as well as better understand where any bottlenecks are occurring.
You don’t have to use all of these metrics – choose the metrics that are most important to your organization and that will help you hire great candidates!