A successful company is made up of top-performers that collaborate regularly and work effectively as a team. Regardless of what recruiting metrics a company uses, hiring managers understand that acquiring such individuals, who have the necessary traits and qualities to integrate and function in their team, is vital to the success of their company.
In order to successfully find and acquire the top talent you need, your organization needs to put a hiring process in place that helps you easily grasp some of the key recruiting metrics that you should care about. To ensure that you are getting the most out of your recruiting and hiring methods, pay attention to these recruiting metrics and make adjustments to improve your process where needed.
The overall cost of hiring in a company is typically comprised of a variety of inputs. In order to get a good measure of this cost, it is important to cover the entire process from sourcing of candidates to job offer acceptance. Some indirect cost factors that are often overlooked include:
When these factors are included in the calculations, a company can have a better sense for its overall cost of hiring
Tip: Measure and control these costs by implementing recruiting software that helps you easily track all recruitment related activities.
While the recruiting and hiring processes can be time consuming and expensive, these costs are much less compared to the cost of replacing an employee. It is in the best interest of the company to take the time to measure the employee retention rate every 3 to 6 months. This recruiting metric can give you valuable insights into determining the turnover rate for a specific position or even within different departments. When used in conjunction with several of the other recruiting metrics you can get a better view of the causes of turnover. In many cases, the problem could be with the quality of the hiring process, which can be improved greatly with an integrated recruiting software and applicant tracking system platform.
Tip: Take advantage of various assessment methods to help interviewers evaluate and rate candidate applications in detail. Record all interactions, feedback and scores in your applicant tracking system.
When considering the different costs associated with finding a quality candidate and offering them a position in your company, it is easy to overlook the possibility that they may decline the offer. Keep track of the number of job offers that you make, and how many of them were accepted or declined. Delving into this recruiting metric can help you in discovering the root cause of why offers are being turned down. Were you too late in making the offer? Was the offer less attractive you’re your competitor’s? Or were there other reasons your top candidate decided to decline the offer? Armed with this information, you can alter and adjust your hiring process to make it faster, competitive and more effective.
Tip: Keep an eye on some of the most relevant stats including time spent, delays, offers made and their relationship to offers accepted.
When a position opens in a company, it needs to be filled as soon as possible. The vacancy costs the company time and money. Tracking the average amount of time that elapses before a position is filled can help you determine the efficiency of your hiring workflow. This metric must also take into consideration the importance of the position and how much its role impacts the overall functions of the company. Leaving critical positions unfilled can have huge opportunity costs for the business.
Tip: Instead of waiting until the last minute to post your jobs and start your recruiting for your open positions, get started right away. Supercharge your hiring with a next-gen recruiting software platform and applicant tracking system.
Measuring and analyzing these recruiting metrics can help you get a broader and deeper understanding of your hiring process so you can take it to the next level. The above tips can help you locate both strengths and weaknesses in your current methods. Consider integrating these tools into your company operations.
What are some of the recruiting metrics you like to track?