When you engage in recruiting, you create volumes of data that can be collected and analyzed to show performance and improve the process in the future. If you do not analyze that data, you are missing out on an important part of your overall recruiting process.
Although you likely capture lots of data, some recruiting metrics are more useful than others in maximizing your recruiting efforts. Here are some of the most important recruiting metrics to consider.
Time to Fill
If it is taking you months to fill a position, your recruiting process typically needs help. Keeping tabs on how long a position takes to fill will show whether internal goals are being met and help you ascertain how your numbers compare to others in your industry.
Cost Per Hire
It is generally management that looks at cost per hire, but the metric is also useful for making budget requests or galvanizing the HR team to streamline its operations if costs are out of control.
Candidates Per Hire
Interviewing a high number of candidates indicates the need to tighten your recruiting process to get a better handle on which candidates are worth your recruiting efforts. It may also be helpful to compare the number of candidates per hire to the retention rate or see how it varies for different positions.
Percentage of Passive Candidates Converted
If you do not have some passive candidates in the mix for a given position, you cannot be sure you are really getting the best person for the job. Hiring the best person who applies is not the same as hiring the best person for the job; engaging passive candidates should be part of your recruiting process.
Referrals Per Call
Getting referrals is an important part of the recruiting process. Referrals lead to passive candidates that have been endorsed by someone else in the field. Getting a number of referrals for each position will raise hiring quality significantly.
Email Conversion Rate/ Passive Candidate Call Back Rate
Measuring the number of passive candidates who respond after receiving an email pitch or phone call for an open position is important, because email and phone calls are powerful recruiting tools when they are used in the right way. Crafting an email that is centered on the candidates’ needs and includes a clear call to action is more likely to pique their interest and result in a response. The same is true for a cold call with a dead-on pitch that will grab a passive candidate’s interest.
Job Posting Effectiveness
Many job boards now have ways of viewing how many people viewed the posting per each person that applies. By tracking this metric, you will be able to see which job postings are most effective so you can concentrate your efforts on the corresponding boards. You will also be able to measure how long it takes applicants to find your posting.
Measuring how many of your hires are still around after six months, a year, or more is an important metric for the effectiveness of your hiring process, and can tell you where adjustments are needed.
Quality of Hire
Many recruiting experts keep an eye on this metric, but it is an elusive one to measure with data. Quality of hire remains the ultimate goal, but takes time and effort to quantify.
Thrive TRM is a talent management solution that includes robust recruiting metrics to help you pinpoint where and how to adjust your recruiting strategies to best effect. Schedule a demo of Thrive TRM today.