Recruitment metrics are the key to assessing the progress and performance of your recruitment process. Tracking the right mix of recruitment metrics won’t just reveal what’s working for you and what’s not but also identify areas that need your focus, time, and effort.
Following are the 6 recruitment metrics you need to focus on in 2019 for actionable insights into your recruitment funnel:
Time to fill is the time a recruiter takes to identify a potential employee and fill an open position. Tracking the time to hire is important because it has a direct impact on the recruiter’s ability to bring top talent onboard.
Also, if you want to optimize your sourcing process, it is important to know how long it takes you to fill a position with the right fit. Ideally it takes anywhere between 2 weeks to 2 months to fill a vacancy but with an applicant tracking system, companies are now hiring top choice candidates in under a week.
The cost per hire measures the average expense incurred on filling a vacancy from sourcing to onboarding. For big businesses, the recruitment cost has a major impact on the bottom line and for a small company; it can make or break the annual budget.
The recruitment metric is directly connected with the time to hire. For instance, the faster a position gets filled; the lower is the cost of talent acquisition. Applicant tracking software can track recruitment costs per candidate for every source from start to finish.
From advertising and administrative expenses to conducting interviews and background checks, every expense is tracked in real-time with an ATS. This enables the recruiter to look for ways to reduce costs without compromising on the quality of hires.
The candidate quality is measured in terms of percentage of candidates who accepted your offer and those who stayed, divided by 2. The resulting percentage reflects the effectiveness of the recruiting team in terms of high-quality candidates that are loyal.
The quality of hire is the distinction between more candidates and top choice candidates. This recruitment metric reveals if recruiters are wasting their valuable time and effort in search of top talent or actually making optimum utilization of available resources.
But how can recruiters improve the quality of hires? Applicant tracking software uses AI to analyze the performance data of new hires and feed this information forward into the initial screening process, making it easier to tap top talent faster.
The recruitment metric reveals where most of your candidates are coming from – job boards, professional networks, agencies or employee referrals. Applicant tracking software offers a complete breakdown of the number of applications coming from every source including how many candidates where shortlisted, selected, and joined.
This valuable information will help you to maximize your efforts on high-performing sources and shut down the ones that are not delivering desired results. This information also plays a vital role in helping recruiters plan and budget the recruitment process for maximum conversions.
This recruitment metric is a direct comparison between the number of candidates that have been offered a job and the ones who accept the offer. If you offer acceptance rate is low, it is likely that your job offer is not competitive.
Rethink your offer in terms of salary, perks or growth opportunities to keep your candidates from considering your competitors. If your job offers are being rejected due to salary and you are not in a position to compete with a better package, then think of something else like flexible work timings, free food or work from home.
A high attrition rate is an expensive issue because the cost of employee turnover can be as high as 200% in case of a highly skilled professional. If your attrition rate is high, the problem could be a misleading job description or possibly the job role is attracting less committed candidates. So if you are constantly hiring not because the company is growing but because your employees are leaving, then you need to asses why and accordingly optimize your hiring processes.
Get creative with your job description and lure your potential employees or revamp your onboarding process to ensure a smooth transition.
Use an ATS to Eliminate the Guesswork
Applicant tracking software generates accurate reports that help hiring managers understand the analytics, identify barriers and optimize the recruitment process. With accurate data available at your fingertips in real-time, recruiters are able to tweak the sourcing, selection, hiring and onboarding process for better. But you don’t need to measure all the recruitment metrics; just what matters to your company’s hiring goals.
Get started with Jobsoid’s free trial today and stay updated with real-time dashboards and custom reports.