Recruiting metrics you should know to level up your hiring strategy

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Effective data-driven recruitment involves accurately capturing data on your candidates and your recruitment process. These data points can help you improve the hiring experience for both your talent managers and candidates.

Recruiting metrics are key measurements used to evaluate the effectiveness of your hiring process. They enable your team to generate the insights you need to improve your recruitment practices.

Some organisations prioritise getting a wider range of metrics instead of looking at a few key data points. However, looking at the right points is better practice than using a larger range of data points as focusing on a smaller amount of key metrics can be more valuable for developing your recruitment process and makes your data easier to analyse and interpret.

Recruiting metrics that matter

If your company plans to improve your data-driven recruitment, you may consider the recruiting metrics below which are important for many recruiters in tracking and measuring their hiring efficiency and effectiveness:

  1. Time to fill. This metric refers to the time required to identify a candidate and to fill an open position, providing insights into whether they are spending too much time recruiting. It is measured by the number of days between publishing a job opening and hiring the candidate. This indicator can serve as your guide in making decisions around any adjustments needed in terms of the recruitment process to increase the speed of sourcing and processing candidates.
  2. Sourcing channel effectiveness. Sourcing channel effectiveness measures how much each of your sourcing channels are contributing to your pool of potential candidates. These channels may include job boards, recruitment ads, and professional social networks. Data gathered from this indicator helps you track channels where you get most of your applicants, and where your best candidates are sourced from - enabling you to post any future opportunities through the best channels for your organisation.
  3. Application completion rate. This recruitment metric helps your team track the percentage of people who complete and submit their job applications. Identifying where and how your candidates drop out of the process will help you improve it accordingly, ensuring your applicants do not get lost in the initial part of their journey.
  4. Offer acceptance rates. This is computed by the number of acceptances divided by the number of offers made. Having a low acceptance may suggest your company is unattractive, perhaps candidates did not get a good preview into the role or they had a bad experience during the application process.
  5. Cost per hire. One of the most common recruitment metrics, it captures the total cost associated to fill an open position. It consists of multiple cost structures that can be divided by internal and external costs. Including this metric in your recruitment efforts gives your team valuable insights on improving and investing in recruiting efforts that best work for you and your potential candidates.
  6. Satisfaction rate. This metric is a simple way of measuring the experience of your recruitment process. This is based on how satisfied your hiring managers and candidates are during recruitment. Collecting and analysing feedback can help you further improve your process.
  7. Quality of hire. This metric measures the new hire’s performance rating.  Measuring the quality of hire includes many factors such as retention, cultural fit, and management abilities.
  8. Time to productivity. This metric helps determine how long it takes to get people up to speed and productive. It is measured between the first day of hiring and the period where the employee fully contributes to the organisation.
  9. First-year attrition. This metric shows the stability of your growing workforce. It measures the number or percentage of new hires who leave the organisation within their first year of employment. A high first-year attrition rate of employees suggests that your hiring and onboarding processes may need refinement to find the best fitting candidates.

While you may already be using metrics to track your recruitment, choosing the right indicators for your hiring process helps you to focus more on your organisation’s objectives in hiring the right candidates. 

Regardless of the recruiting metrics you choose, you must capture and collect data at various points so that these metrics are available if they need to be analysed. 

Learn more about translating your recruiting metrics into actionable insights with The Paradox of Hiring.

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