Data is an intrinsic part of everything we do these days. The recruitment process cannot stay away from the effects of a data-driven society. You, as a hiring manager, should be capable of handling a fair deal of data. From that perspective, you should be aware that a proper understanding of the recruiting metrics is of utmost importance.
Which recruitment metrics improve the efficiency of your recruitment process?
Recruiting metrics are the best options for providing you with a better insight into the value of your recruiting process. These measures can be helpful in analyzing the time and efforts spent in achieving the best conversion rates in terms of your hiring process. It should be critical here to notice that companies like Greenhouse pay special attention to the concept. The Greenhouse recruiting metrics should be an excellent example in this context.
Here are a few metrics you should ideally focus on.
Rate of application completion
This is refered to as the percentage of applicants who get ready to apply for an open position. This can be an excellent metric that can assure you that you are attracting the right kind of talent. The metric can be improved if you can upgrade the look and appearance of your application page. An application format that is not intuitive enough and goes through a lengthy format may not be something you would be comfortable with. You can check out which factors in your application format attract applicants and which turn them off.
Cost per Hire
The cost per hire is calculated by dividing the total cost incurred in a hiring process by the total number of successful hires achieved in a particular time period. The recruiting costs can include both the internal and external costs of hiring. It may be a good idea to regularly check out the cost of hire in your recruiting process. This can help in a better way to assess the performance of your recruitment process and the improvements you can take up.
The candidate experience is defined as the way candidates have a look at your organization. The candidate experience should be such that you should be able to attract more candidates worth the effort. You should make it possible for the potential candidates to gain a perfect idea about your organization. A good candidate experience can be quite helpful in arriving at the best possible branding for your firm. Staying unique and attractive should be the key to beckon the right candidates to your open positions.
Quality of Hire
Quality of hire is a qualitative measure and should be an indication for measuring the ability of your recruiting process to select the right kind of candidates. Studies have indicated that quality of hire is one of the recruiting metrics that recruitment experts treat to be one of the highly held measurements to analyze the efficiently of a recruitment system. Measuring it should not thattricky either – especially with the feedback, employee surveys and other types of data collection. Ideally, the quality of hire is measured in terms of the performance of the hired candidate during the first year of their recruitment with the company.
Source of hire
This is yet another vital recruitment metric that improves the level of your recruitment process. The metric is an indication and a measure of where the candidate comes from – internal job boards, advertisements, social media or employee referral. This metric can help you understand the efficiency of each of your sourcing channels. It can also help you arrive at the best possible recruitment diversity. The candidates will arrive from different backgrounds and thus can help you achieve the best possible diversity (which, once again, has been considered to be a valuable parameter). If you find that any of the sourcing channels are not competent enough in bringing in the right candidates, you can decide to remove the said channel or take actions to improve the performance.
Those were a few salient pointers to the best recruitment metrics and how they can influence the performance and quality of your recruitment process. If you want your recruitment process to develop and produce the best results, it should be essential enough to arrive at the right kind of metrics and nurture them further. Analyze which metrics are essential for your kind of organization and come up with the best tracking options for these metrics. Those steps will indeed help you arrive at the best possible results.