Numbers play an essential role in any kind of analysis. Of course, qualitative analysis may be much more essential due to your own personal instincts – however, the numbers and thus the quantitative analysis should be quite helpful for better analytics. What are the best metrics that you need to think of as a recruiter? Let us explore the best metrics you need to take into account.
Most important recruiting metrics you should look for
If you are a talent acquisition professional, your reliance on data will help you achieve the best results. Apart from skimming through the applications, a recruiting process has evolved to be a completely intricate process.
Of course, handling the data in a perfect manner can be a little tricky. But, when done in an exact manner, it would help you make a smart changes to the recruitment schedule so that your organization will stand to gain a better option in terms of hiring the highest level of candidates.
From that perspective, we will learn about the best recruiting metrics you need to focus on.
#1 Application completion rate
The Application completion rate refers to the number of applications started vs the number of applications completed. This can help you break down the efficiency of the weakness of your application process.
You should focus on improving this metric. That will help you get better talent. Check out what is preventing the best talent from applying to a job at your firm. This is one of the metrics that has a good chance to improve.
#2 Cost per Hire
Cost per hire is the average amount you would spend on making a single hire. It is a measure of the costs involved for one successful candidate to move through the recruitment funnel.
The costs calculated in this calculation would include the recruiter fees, costs of advertising, social media profiles, job fairs and other elements that go into the recruitment process. The cost per hire can be calculated by dividing the total cost incurred by the number of successful candidates that have gone through the funnel.
#3 Rate of retention
Retention rate corresponds to the total number of employees that would stay with your organization over a specified time. It is essential to measure how long the successful candidates remain with your organization after their induction.
This metric helps you understand and identify the positions that are difficult to keep filled. You will also be able to understand why employees are leaving a few positions. You will be able to devise measures to avoid attrition to a better extent.
#4 Time to fill
Time to fill is a metric that measures the number of days needed between the identification of an opening to the first day of the work of a successful candidate. Ideally, it is measured in terms of the number of days from the date of publishing the job requirement to the date on which the successful candidate joins the organization.
This metric can provide you with an analysis of the efficacy of your recruitment process. You can use the time to fill calculation to optimize and plan your recruitment process so that you stand to reduce the time to fill to a considerable extent.
#5 Hire Quality
This metric can be ratherqualitative than quantitative. It can be challenging to calculate as it will ideally be dependent upon a number of variables. One of the best options to calculate these measures is the performance reviews conducted at the end of the year.
The metric can be very helpful in arriving at the right decisions about whether your hiring decisions have been beneficial to the companies in the long run. You would be able to assess the contribution made to the organization in terms of the level of hire.
Recruiting measures can be really challenging. The metrics – some of which we have already defined and explained – can help you detect the areas that you need to take care of for improving your recruitment processes. Top level recruitment services make it a point to analyze these measures in a consistent manner. Greenhouse recruiting metrics is one of the best examples created by greenhouse, which is a great recruitment software provider that holds itself to high standards in recruitment.