Most recruiters know that a good talent management system can both capture metrics and forecast trends and patterns on the horizon. You rely on these metrics to track the hiring process and tell you what is and is not working about your strategy. However, how do you know that you are capturing the right metrics and that you are getting the most from your data?
For best results, make sure your software is capturing at least the four following metrics:
Time to Hire and Time to Fill
How long does it take for an open position in your company to be filled by a qualified candidate? The answer to this question can reveal a lot about the overall effectiveness of your recruitment strategy. Time to hire, also known as “time to accept”, measures the number of days between a candidate entering your talent pipeline and accepting a job offer. Time to fill measures the time gap between publishing a job opening and a new hire starting work. Parsing out these two processes can help you identify vital touchpoints along the way that may speed up the process and allow you to fill roles faster with better talent.
Candidate Attrition Rate
You will also want your software to track how many candidates drop out of the hiring process prematurely. This can uncover underlying issues such as a recruiting procedure that is not engaging enough or that does not do a good job selling your company as an employer. For example, does your recruiting page have a high bounce rate? What is causing candidates to click the “back” button before completing their application? The answer may be as simple as fixing a technical bug or may require a total overhaul of the page for aesthetics and user-friendliness.
Getting a great new hire into the right role fast is not the end-game for recruiters. Keeping them there and keeping them engaged is equally important. With this in mind, the final metric you will want your software to capture is your new hire retention rate. If you have a number of candidates leaving their roles within months or weeks of hiring, then that means you likely have an issue with recruiting, training, onboarding, or your overall company culture that needs to be addressed.
Candidate experience refers to the way candidates and job applicants perceive the process of recruiting, hiring, and onboarding. While this metric is somewhat subjective, measuring candidate experience by using new hire surveys can help you spot bottlenecks in your onboarding process or spot areas where candidates encounter difficulties. Quickly addressing any negative patterns you see improves future candidate experience and contributes much to your recruitment efforts.
Capturing the right data is a good starting point but a successful recruitment strategy takes in-depth analysis and a 360-view. Partnering with Thrive TRM can help you interpret your data and use it to make more informed decisions about your recruitment, hiring, and employee engagement practices. Contact us today to schedule a demo and unlock our real-time reporting and collaboration features that make for better recruiting and retention.