What Recruiting Metrics Do You Need to Track?

If you want to capture the best talent for your organization, it’s imperative that you build the perfect recruiting strategy!

For that, you need to know what metrics are working right, so that you can incorporate them in your long term hiring plan.

You may wonder what is meant by recruitment metrics, and why do you need them?

Well, recruitment metrics are the key to evaluating the success of your recruitment process.

 They are measurable parameters that track your performance record and ensure that you make game-changing hires for your organization.

Talent matters! It’s time to get the best for your organization, and not compromise on the quality of recruitment.

Here Are the Top Recruitment Metrics That Human Resource Leaders Need to Focus Upon

1. Time to Fill

 This is one of the most essential recruitment metrics, as it reveals the entire speed of your recruitment process. Time to fill refers to the amount of time taken to identify a suitable candidate to fill a vacant position in an organization.

Time to fill depends on a number of variables such as seniority of the position, geographical region, employer brand, and skills base. However, the use of automated recruitment solutions goes a long way in closing the time gap and aims at removing bottlenecks from the hiring process.

If you want to check how efficient your recruitment process is, just take a quick glance at the ‘time to fill’ metric. You will immediately get to know how long you are taking to find candidates of the right fit and can take measures to step up efficiency. 

2. Offer Acceptance Rate

This is a straightforward recruitment metric that you need to monitor, as it simply compares the number of candidates to whom an offer is given to those who actually accept and avoid mistakes during online recruitment approaches. If you feel that your offer acceptance rate is on the lower side, as compared to the industry average, you are probably not getting something right.

There are many reasons that your company could be experiencing lower offer acceptances. It could be that your salaries are not competitive enough, or you are not providing challenging job profiles. 

Whatever be the reason, you will need to improve the quality of your final job offers so that candidates are motivated to accept them and all your hiring efforts are worth the investment.

Also, Read: A to Z of Recruitment Software: Buyers’ Guide

3. Candidate Net Promoter Score

Recruitment is not only about the recruiter, but also the candidate. The candidate net promoter score is a metric that aims to quantify the experience of a potential candidate through a set of structured questions.

In the 21st century, it is important for companies to provide a positive candidate experience. You need to engage, communicate, and keep candidates informed at every stage of the hiring process so that they stay connected with your organization.

Candidate net promoter score is vital, as you definitely do not want dissatisfied candidates ruining your brand reputation through social media or other digital portals. So keep a check on this metric, and ensure that your recruitment process has an overall positive impact on all stakeholders!

4. Quality of Hire

This is a vital recruiting metric that can be calculated through a simple formula – the percentage of candidates that are accepted for hire plus the percentage of those candidates who do not leave, divided by two. So this parameter basically indicates the quality of the person hired, alongside the loyalty to the company.

The quality of hire is a tremendously important recruiting metric. It enables the HR personnel to focus not only on the capability of the potential candidate but also the probability of long term retention. The value of the quality of hire enables recruiters to know whether they are optimizing resources such as time, money, and energy in getting the best possible talent in the market or just wasting resources.

4. Attrition Rate

It’s no surprise that checking the actual rate of attrition is super important to keep your recruitment process on the right track. If your company is experiencing high turnover, it is surely time to reevaluate your recruiting strategy right from the beginning.

Recruiters that have a high attrition rate need to revamp the job descriptions, make more competitive offers, and ensure a smooth onboarding process. It is important to make sure that candidates do not have false expectations, and have a clear understanding of their job profile.

Turnover is part of every company in all industries, so it’s not a bad thing. However, the key to success is to understand why people are leaving your organization, benchmark higher standards, and rework on your recruiting to make it work.

5. Cost to Fill

Every organization is on the lookout to find innovative ways to keep their hiring costs low; hence it is definitely a good idea to monitor the ‘cost to fill’ metric. This recruitment parameter measures the total monetary expense to fill a vacant position, right from attracting the right candidates to the final onboarding process.

The cost to acquire candidates can make a considerable dent in any organization’s annual recruiting budget. This mainly contributes to the ‘cost to fill’ metric. Recruiters and HR professionals need to find ways to keep their monetary costs low and use cost-effective mediums to attract the best talent in the market. Cost to fill is a vital metric that can help companies justify the recruitment expenditure, and ensure that they use financial resources in the best possible manner.

Your business needs to establish a strong recruitment foundation, without any cracks. You simply do not want to waste money and time on the wrong people. This makes it absolutely necessary to remain aware of the latest recruiting metrics, and make all efforts to track them frequently.

There is limited talent in the job market, so make sure to try and get the best for your organization. These important recruitment metrics will make sure that your strategies work, and you get the right job-person match!