Recruit Like a Pro: Beginner's Guide to 10 Key Recruitment Metrics
Recruiting Metrics are a crucial part of your recruiting strategy. Today, with improved and newer hiring methods, tracking metrics can be quite difficult. You must rely on data-driven insights and measure success by understanding recruiting metrics.
In this blog post, we will dive into the 10 essential recruiting metrics you should start tracking today, along with some related stats.
The Recruiting Metrics You’ll Need to Succeed This Year
Time-to-Fill refers to the time it takes to create a vacancy, source, and hire the right candidate. A long time to fill can affect the productivity of hiring managers and increase hiring costs.
For instance, it takes 30 days to fill a job vacancy from the time it is posted.
Time-to-Hire measures the time the candidates take to move through different parts of the interview process. In other words, it is the time each candidate takes to move from application to acceptance.
The average time it takes to hire a candidate from application to offer acceptance is 45 days.
3. Applicant-to-Interview Ratio
This is an essential recruiting metric that tracks the effectiveness of your screening process. With this metric, you can track the number of applicants progressing to the interview stage.
For example, for every 100 applicants received, 20 are selected for interviews.
4. Candidate Satisfaction
Candidate Satisfaction plays a vital role in fostering your employer brand. It helps with building a reputation for your company, as candidates that review your experience positively will help you with your recruiting process.
90% of candidates rate their overall experience during the recruitment process as positive.
5. Cost per Hire
Cost per hire helps you identify the costs of recruiting for an open position. It can help you understand your recruitment expenses and how you can minimize costs.
The average cost to fill a position is $5,000, including advertising, recruitment software, and agency fees.
6. Diversity Hiring Metrics
Diversity and inclusion are the pillars of a great organization as they can help improve productivity and eliminate bias from organizations. This also ensures your recruitment process evaluates candidates from different backgrounds and countries.
7. Employee Referral Rate as a Recruiting Metric
Employee Referrals can help you with your hiring needs and help you get access to candidates interested in working for your organization. As your existing employees refer these, they can help you get candidates that might be the right fit for your recruitment needs.
30% of new hires were referred by existing employees.
8. Offer Acceptance Rate
This is the final stage of the interview process, which helps you understand the number of candidates who accept job offers. A low offer acceptance rate can negatively affect your hiring process.
On the other hand, if the Offer Acceptance Rate is higher than expected it can help you fill positions quickly.
For example, 75% of candidates who receive job offers accept them.
9. Quality of Hire
The Quality of Hire helps recruiters understand the new hire's performance in your organization. This can help you make informed hiring decisions and improve your hiring process.
For instance, for a good hire, 90% of new hires meet or exceed performance expectations quickly.
10. Sourcing Channel Effectiveness
Today, with improved social media penetration, having added hiring channels can help you reduce the time-to-hire. By leveraging different sourcing channels and tracking their effectiveness, you can use them to streamline the hiring process.
40% of hires come from job boards, 30% from referrals, and 20% from direct sourcing.
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