The Top 7 Recruitment Metrics Every Recruiter Should Track
According to some research, only 25% of companies said they track the conversion of an applicant being a job seeker to actually applying. On top of that, only 23% of companies track the source of the job applicants and consider it essential data.
However, these are only two key recruiting metrics that you need to be tracking if you want your recruiting efforts to be successful. These metrics are also essential to cut down internal recruiting costs and save time so you can snag the best talent.
When talent competition is fierce, having as much information as possible to help you improve your recruitment process is important. Keep reading to discover the top eight recruitment metrics that will be key in your hiring process.
1. Quality of Hire
The quality of hire is also sometimes referred to as the first-year quality. This is the percentage of candidates that recruiters submit that companies choose to employ that stay for at least a year. You’ll also want to know how many of those applicants don’t leave after the first few years.
This metric is important because it’ll show you your recruitment funnel’s effectiveness in finding loyal and qualified candidates. This is why it’s crucial to find the best candidates rather than the most candidates.
Recruiters find this metric important because you’re wasting time finding a quality candidate if you have a recruiting team that isn’t submitting great candidates.
If you notice that this metric is lower than you would like it to be, you could try using a new method to source candidates. If your recruiters are struggling with finding good talent in the first place, they can leverage powerful AI sourcing software that will give them a more comprehensive range of candidates to recruit from.
2. Time to Fill
The time to fill a position metric is how long it takes you to source candidates and eventually hire them for their first day. Recruiters usually measure this in days, but some positions could take months to fill. On average, the entire hiring process lasts around 27 days. If your recruiting process is much longer than that for a non-specialized role, you might want to find ways to streamline your hiring process.
Sometimes, the supply and demand can affect this metric, but other factors might increase the number. Your hiring team could be really slow and inefficient, or they could be posting job descriptions in the wrong places where no one can find them.
This is still an essential recruiting method to track because it’ll help hiring managers better understand how long it will take to fill a role. They can also use this to determine when is best to post a job opening to find qualified candidates in time.
3. Average Interview Time
One factor influencing the time to fill metric is how long your average interview process takes. However, when tracking recruiting metrics like this one, keep in mind that this can vary depending on how specialized the position is. For example, hiring an administrative professional might not need as long an interview process as a C-suite candidate.
Just ensure that you don’t have the same difficulty level that you would give a C-suite candidate to a waiter or retail clerk. Each job will have different requirements, so make sure you have a general need for the average time for this metric.
You’ll measure how long someone interviews with your company. Try to keep the time as short as possible since the best candidates are off the market in just ten days. Having an efficient interview process will ensure that you don’t lose job seekers to a company with a shorter interview process.
4. Offer Acceptance Rate
The offer acceptance rate (OAR) is one of the most important key performance indicators (KPIs) to show that you understand your candidate’s needs and wants.
Having a high OAR shows that your job postings are clear, you have transparent salary expectations, and an efficient hiring process. This will show that you’re also tailoring your offer to ensure that the candidate has all of their expectations met so that they can accept the offer.
However, if your OAR number is low, you’ll want to look at your hiring process to see what you can fix to lower the cost per hire. To find the problem, analyze different patterns and trends. For example, suppose candidates say that the salary offer isn’t enough money or was lower than they anticipated. In that case, you could try putting the salary in the job description or be upfront about it in the first interview.
You might also need to improve your communication. You may need to be more specific in the job ad or find ways to improve the candidate experience. Start experimenting with different hiring strategies and see if your OAR starts improving.
When you have a cohesive and efficient candidate experience, it’ll be easier for talent to accept a job offer and feel like they made the right decision.
5. Candidate Net Promoter Score
Many companies are releasing that the candidate net promoter score is also important. You can get this metric by sending surveys out to candidates.
Businesses use the Net Promoter Score (NPS) to determine how satisfied customers are with a product or service. However, you can also use it to gauge what candidates think of your recruiting funnel and process.
To measure this, you can send out surveys to candidates and ask them questions like:
- How likely are you to recommend this company to your friends?
- How satisfied are you with this hiring process?
- How likely are you to apply for a position with this company in the future?
You can ask these questions on a scale from 1 to 10. This will help you gauge how well your hiring process is doing.
6. Source of Hire
This metric is one of the most popular ones that most recruiters will keep track of. This metric will help them know which channels are working well. They may track how many people came from their social media, recruiting agencies, job boards, AI sourcing tools, or the company career page.
When you understand what channels work best, this will help you meet candidates where they are instead of wasting your budget and time. For example, if you see that many sources are applying on LinkedIn and not your job board, you should focus more effort on posting on LinkedIn.
This metric will also help you determine if you have a good and diverse stream of candidates coming in. If you only source from one location, you may not get a very diverse range of candidates.
7. Hiring Manager Satisfaction
You may also want to ask your hiring managers how satisfied they are with the quality of hires that recruiters find. You can send an anonymous survey to these managers to determine where you might need to improve.
You can automate this process and send them out to hiring managers who had a new candidate in the past ninety days. You should comprehensive questions to gauge manager satisfaction, like:
- How productive is the new employee?
- How satisfied are you with the new employee?
- Have there been any issues?
- Is the employee a good culture fit?
- Do they have all the skills needed for that job?
Encourage hiring managers to be as honest as possible with this survey so that you can adjust your hiring processes accordingly.
Adjust Your Recruiting Process
If you’ve tracked your hiring metrics and realized that there are some areas of improvement, you may have no idea where to even begin. That’s where Recruiter.com comes in.
We have the tools to help you improve your hiring process, whether our powerful AI sourcing software, job boards to find specialized talent, and an extensive network of recruiters that you can hire whenever your recruiting teams need extra help.
If you’re interested in any of these recruiting solutions, contact us today so that we can find what works for you.
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