5 Crucial Recruitment Metrics You Should Track for Business Value

Ceipal : No. 1 In Recruitment Management Software

If you want to hire the best talent for your organization, it’s imperative that you diligently work toward perfecting your recruiting strategy. To do that, you need to track and monitor various metrics related to your recruitment activity and make adjustments to your long-term hiring plan accordingly.

What Are Recruiting Metrics?

Recruiting metrics are measurable parameters that enable you to monitor and track the success of your recruiting efforts and optimize your hiring strategy accordingly. 

In this article, we will discuss some recruiting metrics that you need to track to manage and improve the overall quality of your hiring activity.

Top Recruiting Metrics That Need Your Focus 

1. Time to Fill

Time to fill refers to the amount of time taken to find a suitable candidate to fill a vacant position in an organization. Several variables may impact the time you take to fill a position such as the complexity of the job, geographical factors, the availability of the skillset you are seeking, and so on. 

Recruiting software goes a long way in eliminating bottlenecks in the hiring process. They automate various tasks related to the recruitment process and enable you to save time and close positions quickly.

2. Offer Acceptance Rate

This is a straightforward recruiting metric. It merely compares the number of candidates to whom an offer has been made with those who actually accept the offer. If your offer acceptance rate is lower than the industry average, you are probably not doing something right. 

There are many reasons why your company could be experiencing low offer acceptances. It could be that your salaries are not competitive enough, or you need to work on your brand image as an employer. 

Recruiting requires a substantial investment of time, effort, and money. Therefore, when a candidate ditches you in favor of another employer, it can be a significant setback. You must do all you can to motivate candidates to accept your job offer.

3. Candidate Net Promoter Score

The candidate net promoter score aims to quantify the experience of a candidate with a set of structured questions. Companies need to provide a positive candidate experience. You need to communicate with candidates and keep them engaged and informed at every stage of the hiring process.

The candidate net promoter score is vital, as you definitely do not want disgruntled candidates ruining your reputation as an employer, especially on social media and other digital platforms. 

4. Quality of Hire

There is no point in hiring candidates who do not bring anything of value to the table. Quality of hire is a critical recruiting metric. It measures the value that new recruits create for an organization.

Quality of hire measures the success of the new hire in the organization. In other words, it evaluates how new hires contribute to the success of an organization based on their performance and tenure in the company.

These recruiting metrics can tell you a lot about your talent acquisition strategy. You may find that candidates obtained from a particular source tend to be of a low quality. Therefore, you can make adjustments to your recruiting activity accordingly.

4. Attrition Rate

It’s much easier and cheaper to retain candidates rather than hire new ones. If your company is experiencing high turnover, one of the first places you need to look for clues is your recruiting strategy.

There are various adjustments you can make to your hiring activity to bring down your attrition rate. You can work towards making more competitive offers. You must also ensure a smooth employee onboarding process. Candidates must have a clear understanding of the job role and what is expected of them.

Every company experiences turnover, and it is not necessarily a big deal. However, when you try to understand why employees are leaving your organization, you will gain valuable insights into how you can improve your recruiting strategy.

5. Cost to Fill

This recruiting metric measures how much it costs an organization to close a vacant position, right from attracting the right candidates to the final onboarding process. Cost to fill is a vital metric that can help companies ensure that they use their financial resources optimally.

Recruiting tools are expensive. Your business needs a sound recruiting process so that you do not waste money and time on the wrong candidates. Recruiters must track this metric and control recruiting costs. They need to focus on cost-effective mediums to attract the best talent in the market. 

Wrapping it Up:

There is limited talent in the job market and the competition is intense. Tracking the recruiting metrics discussed in the article will help you improve your hiring strategies and enhance your chances of finding the best talent for your organization.

Have you tracked any of these recruiting metrics? Would you like to add some more to the list? Do let us know in your comments.

Chanchal Soni is a Growth Hacker and CRO Specialist at Appitsimple. She has experience in digital marketing, social media, content strategy, and marketing communications. Lover of huskies, the ocean & Boston sports.