In recruitment, metrics will not tell you exactly what is the problem you are facing with your selection process. However, you will be able to catch a glimpse of it. Perhaps your job offer did not attract candidates as you thought it would. Facebook might have been a bad channel for promoting the job application. The face-to-face interview lacked something crucial.
The analysis of metrics will give you a hint of where the issue is, and increase your chances of successfully hiring talent by 50%. If you hire a candidate on average of 60 days, and your competition does it in 35 - something definitely needs improvement. In this article, we’ll cover the basic recruitment metrics you should keep an eye on.
This metric shows how much time did it take for a position to be filled from the moment it was published as a job offer. It also gives information about the speed of hiring, as well as the status of the labor market.
Longer time to fill = More costs for the company who is hiring.
Often confused with time to fill. It’s measured from the moment a candidate uploads their resume and fills in the application until the position is filled.
Through this metric, the success of the hiring team can be measured. How fast they can make decisions about candidates and how efficient they are.
Longer time to hire = Bigger chances for a talented candidate to be lost. On average, the best applicants are lost in less than ten days, because they lose interest when the application process takes too long.
It’s common practice that potential candidates will be forwarded to your website when they want to apply for a specific position. The applicant conversion rate is the number of potential candidates divided by the number of candidates who filled in your application form. In other words, it’s a metric that lets you know how many people who came to your website through a sponsored post, actually applied for the position.
For example: If 2.000 people visited the website, and 200 of them became applicants, your conversion rate is 10%, which is fairly decent.
The number of candidates who made it to the screening round, compared to the total number of initial applicants. If you are not satisfied with what this metric will show, consider reviewing your application process as well as the interview requirements.
If it’s over 90%, your company can be considered as an established one, with a good reputation. However, if the rates are lower, it can mean one of the following:
Knowing where your candidates come from is an important aspect of hiring. Is your employee referral program the most successful, or you get the best candidates from a network such as Facebook/Instagram? Answering these questions will help you know where you should invest time and money in the future.
It represents a number of candidates who abandon the application process during any of the steps in the selection process. On average: 60% to 90%, which shows that candidates are not satisfied with the present job posts and offerings. Something needs to change, and it’s in the companies’ best interest to do so.
Last but not least, this metric lets you know how many new hires stay at the company, compared to the number of total new hires. It is usually measured in periods of 3, 6, 12 months, or more.
If the candidates leave in the first three months, try to improve the communication between the old and new employees. Think about what could cause their dissatisfaction in the beginning months. However, if they choose to leave after a year or two, perhaps it’s time to consider increasing employees’ salaries and promoting them to keep them motivated.