The Top 10 Recruiting Metrics You Need To Measure
When it comes to recruiting, there are dozens of metrics that you could report on, but what help is a bunch of numbers if they lack the necessary context to truly gauge performance? With help from a comprehensive survey of our audience of HR professionals, we have picked the top 10 most important metrics that relate to wider business KPI’s and are important benchmarks for you versus the industry, and for your Exec team.
1. Time to Hire
This metric refers to the amount of time it takes to bring a new hire on board. This is probably the most important recruiting metric to focus on as it relies on the efficiency of both the recruiters and the sourcing channels used.
2. Sourcing Channel
Sourcing Channel refers to the efficacy of the different job boards or media your company used to list openings. Once you know which sources provide you with the best candidates you can start focusing on them to save you time and money on future openings.
3. Cost per Hire
It is crucial to know exactly how much it is costing your organisation to fill each position. HR will be able to show how much money they are saving the company by reducing the time to hire.
4. Retention Rate
Not only does this metric show how successful you are at finding qualified candidates who have a skills and culture match with your organisation, but is also a great indicator of the overall health of an organisation.
5. Quality of Hire
The longer a new hire stay with your company, the easier it will be to establish the quality of hire. This should take into account not only performance ratings, but also their potential.
6. Pipeline of Talent
Companies should constantly be looking for quality candidates and keeping track of these candidates is essential as your company may expand in the future. Rather than starting the process over again, you can start with the candidates you already screened-in for the last position.
7. Applicant Satisfaction
The best way to measure this metric is to have a standardised new hire survey, and then use performance reviews as another chance for employees to express their satisfaction with their job.
8. Qualified Applicants per Requisition
This is a good indicator of the effectiveness of your sourcing channels. This takes into account the number of applicants and the quality of the applicants.
9. Offer Acceptance Rate
Companies should aim for around 90% of offers accepted. If you can’t reach this goal, you will need to look at the reasons behind the declined offers.
10. Recruiter Efficiency
It really comes down to how effective your recruiter is at finding the right candidate that will become a valuable asset to your company.
Download the e-book ‘Top 10 Recruiting Metrics HR Should Care About’ to get more insight on recruiting metrics.