Tracking your recruitment efforts and understanding your recruitment indicators can be difficult. From source quality to time to hire, how do you know what to track and when?
Whether you’re a one-person-show or working within a robust recruitment team, tracking your recruitment KPIs and understanding your recruitment metrics are key to making a successful hire. Getting started can seem tricky but it’s easier than you might think, let’s look at 7 key recruitment metrics examples to measure.
What: Measure the source of each place you are sourcing and posting.
Why: Sourcing for candidates and posting to job boards are hugely time-consuming but when done effectively can also lead to finding the right talent within your time frame. Understanding which sources are most effective allows you to better allocate your efforts and budget. Perhaps employee referrals are your highest source of quality candidates? Maybe it’s worth increasing your incentive or expanding your program? Maybe you always post on a once trusted job board only to realise, you’ve not moved a candidate to the first stage in a year! It’s probably safe to say, that’s not where you want to spend your time and your money.
How: Look at each source and measure the percentage of candidates that enter the hiring funnel. According to data from Jobvite, 12% is the average applicant to interview ratio.
What: Measuring the time it takes from when a candidate enters your hiring funnel to offer acceptance. This is a classic, but here for a reason. Understanding the length of your hiring process allows you to shed light on where you have possible bottlenecks and what you’re most efficient at.
Why: In a highly competitive market (recession or not high-quality talent will always be in demand) being able to look at your hiring process holistically allows you to see where you might have glaring differences compared to the market and help jolt you and the hiring team into action.
How: Whether via an ATS or a project board like notion or Trello, look at the date candidates enter your hiring process to the date of offer acceptance to understand and gauge total the total time a candidate is in play.
What: Measure the percentage of candidates that move to each stage throughout your interviewing process.
Why: This is key to understanding your pipeline, and can give you an estimation of how many candidates are needed to enter your pipeline so you can make a close. This is critical, as your hiring volumes increase and will differ from role to role. But knowing that it will take X amount of candidates to fill your Full-stack role vs X amount of candidates for your Data Scientist is crucial to help you better allocate your resources, e.g. your time, and will help to set expectations for your hiring team as well.
How: Looking at the number or percentage of candidates that move from one stage to the next. This information is normally available in your ATS, but if you’re still keeping spreadsheets (yes, we do this from time to time too), you can easily track it there as well.
What: Do 100% of candidates accept the first offer you proposed or is it more like half?
Why: Measuring and understanding your offer acceptance rates helps identify if you have glaring issues with compensation, final stage interviews, and the candidate experience in general. While it's not realistic to think that every candidate will accept your offer, most should still be accepted.
How: Take the number of accepted offers vs. the number of offers you’ve put out and voila!
What: Measure the candidate’s satisfaction in your hiring process while they are in the midst of it. Throughout the hiring process, recruitment and maybe the hiring manager is in touch with the candidate to check on their experience and expectations so far.
Why: We’re working with humans and it’s important to remember that! As much as you need to ensure the process is qualifying the candidate it also can’t be pointlessly repetitive or pose unrealistic hurdles for you and the hiring team to understand if it’s the right fit.
How: Easily collect feedback on your candidate experience, benchmark, and learn how to improve it with HiPeople's Candidate Experience Feedback tool.
What: Diving into your attrition and singling out everyone who left within their first 12 months.
Why: Although some attrition is to be expected having a high amount of employees leave within their first year can be a telling sign that your company culture or expectations for the role are not the reality you laid in the interview process.
How: Divide the number of employees who left within their first year by the total number of employees who left.
What: Align with your hiring manager to understand how the new hire is performing on the team.
Why: This is an extremely important recruitment KPI to understand. It's best to measure it at different stages e.g. 1-month post start date, 6-months and 12 months. If in the first month it’s going great see that this review is able to stay consistent and you know you’ve got a winning plan. However, if the hiring manager doesn’t see them fitting in with the team or performing the way they are required then you need to re-examine the hiring process, perhaps you put emphasis on the wrong areas and need to redo your scorecards.
How: Simple surveys will do the job and can be scheduled so you can continue to automate as much as possible.
We hope these top seven recruitment KPIs to measure have inspired you in your recruitment journey!
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