Just like any other facet of your business, your recruitment process should be analyzed to ensure the strategies and processes in place are effective. There are many different metrics to consider when assessing recruitment. How do you know what metrics are best for your specific process and organization? To get started, here are few of the most common recruitment metrics for you to consider:
Time to Fill
Time to fill is one of the most common recruitment statistics companies monitor to determine the effectiveness of their recruiting process. This metric can be tracked in various ways such as time from search kickoff to accepted offer or hours spent on each requisition. Time to fill is great for uncovering inefficiencies and delays in the interview process.
Quality of Hire
Identifying talent quickly (time to fill) is just one piece of the puzzle. Assessing quality of hire is equally (if not more) important when determining the success of your recruitment process. However, this metric can be tricky to measure as it is largely based on subjective feedback. Use a survey to measure hiring manager satisfaction or look at the retention rates of your new hires over time to get a glimpse into quality of hire.
Source of Hire
Source of hire is a great metric to help you determine what resources provide the highest ROI and deserve your dollar. Where are your top performers coming from? How did they learn about your employment opportunities? Knowing where to source and post your jobs will help you accurately target the right audiences quicker.
Cost per Hire
Measuring cost per hire can help you assess the financial investment your company is making to attract and hire new talent. There are different methods used to calculate cost per hire. Choose the one that best fits your current process and business goals.
When assessing recruitment, we often only think of how our business is impacted directly. What about the new hire? How was her experience from resume submission to signed offer letter? Administering a survey for new hires geared toward applicant satisfaction will provide invaluable insight into candidate experience and help you make adjustments. Administer the survey within the new hire’s first 30 days while her experience is still fresh in mind.
Recruitment is an essential part of any organization. Ensuring you have an efficient, cost-effective, and rewarding experience for all involved is important. When you measure recruitment on a consistent basis and focus on continuous improvement based on those results, you’ll see better hires, less time and money spent, and a well-oiled recruiting machine overall.
If you need more information on how to measure your recruitment process, give me a call…we can help you improve your ability to hire the best talent to meet your needs.