Interview to hire ratio is an important KPI for how your hiring is doing.
Interview to hire ratio measures the number of conversations your hiring staff has with prospective employees, from phone conversations, to assessments, to various rounds of interviews. Interview to hire ratio shows the effectiveness of a company’s recruiting efforts and whether they could be improved.
When companies have a high interview to hire ratio, it usually means they are wasting time interviewing too many candidates for each job. While it is important to interview several viable candidates to find the best person for each open position, it is equally important to be able to identify the top few candidates before interviews begin.
By taking a few important steps early in your search phase, you can decrease your interview to hire ratio and save valuable time overall.
Step One: Screening
It will be easier to screen prospective candidates more accurately when you start the hiring process with an accurate job description and when your hiring team has adequately familiarized itself with not only the ins and outs of the position being filled, but the ideal candidate that will fill a position. Taking a little extra time at the beginning of the process will save time later on by bypassing interviews that were not going to work out anyway.
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Thrive TRM can ensure that everyone on the hiring team has access to the job description, and allows hiring staff to share opinions and impressions about applicants before they are interviewed. Instead of lengthy screening meetings, the entire screening process can take place through Thrive TRM’s collaborative reporting features, which will speed up the process so hires can be made faster.
Step Two: Assessment
Once applicants have been screened, assessments ensure that they have the needed skills for the position before interviews take place. Assessments may be behavioral, skills-related, or reference checks that assess the applicant’s work history.
Thrive TRM can create reports that include assessment data to objectively compare applicants and give a more well-rounded view of who might best fit the position. While numbers alone cannot give a total picture of an applicant, assessment is an important piece of the hiring process.
Step Three: Interviews
If you take care of the first two steps of the process, it should leave you with just a few top candidates to interview. Most companies have a set interview process they follow; the only variable is how many candidates they end up interviewing and whether they end up with a viable candidate that accepts a job offer or need to go back and start the process all over again.
Thrive TRM tracks every step of the interview process, allows communication between hiring team members about candidates, and can even keep candidates updated about where they are in the hiring process. Sometimes, promising candidates drop out of the process due to lack of communication or taking too long to make a decision, and Thrive TRM can partner with companies to streamline the process and prevent candidates from dropping out, which will improve the interview to hire ratio in many cases. To see all that Thrive TRM can do to help you improve your hiring metrics, schedule a demo today!