13 Sep Recruiting Metrics | Measuring Success
Recruitment metrics are a standard set of measurements used to manage and improve the process of hiring candidates into an organization. Recruitment metrics illuminate the recruiting process by revealing what works, what is broken, what is under-utilized, and what we can be done to improve. Keeping track of metrics is essential to measuring success in talent management, and it involves more than answering the question “Is the position filled or not?” Answering questions such as where the candidates are coming from, how long the process takes, and how many offers are being taken can help to streamline the recruiting process and save time and money along the way.
Of the multitude of possible metrics that can be measured, we have narrowed down some of the most important for guiding and monitoring the talent management process:
Time to hire
This metric represents the time that passes between the job posting to start date. Knowing where your team typically falls can be useful in setting goals and identifying gaps in the process.Sourcing channel
Knowing where your qualified candidates came from is essential. Identifying the channel through which qualified employees are sourced can let a recruiter know where their time is best spent.Offer acceptance rate
Having a candidate reject an offer costs time and money. This metric shows the strength of the offers being made, as well as the quality of the candidate experience.Cost of hire
When paired with the ‘souring channel’ metric, this can show where resources are being spent, and how they could be better utilized.Qualified candidates per opening
This refers to the number of candidates who make it to the second stage of the process. Once you learn how many candidates it takes to fill a position, it is possible to set actionable goals for the future hiring process.
How important are recruiting metrics to your process? How does your company measure them? Join the conversation. Tag your post with #AccuroTalks and let us know what you think!