Recruitment metrics play a vital role in the continuous improvement of your hiring functions and measures success with razor-sharp accuracy. They are a set of measurements that track and evaluate hiring success and optimize your recruitment process using information-driven insights to guide you.
Leveraging data from talent analytics and recruitment reports helps you stay ahead of the competition by quickly seeing what needs improvement and where to focus your efforts.
Why Should You Track Recruitment Metrics?
Recruitment metrics give you the visibility you need to make informed, data-driven strategic decisions. The data provided can show valuable insights about your recruitment team and process so you can use your resources more effectively and increase your ROI.
These metrics allow you to measure the success of your hiring goals, track progress on internal recruiting benchmarks, and see how you compare with the market.
Top 10 Recruitment Metrics to Track
The sheer volume of metrics available makes the prospect of data-driven recruitment seem overwhelming. We’ve put together a list of the key metrics you should track to get you started..
1. Time to Fill
Time to fill refers to the number of days between approval of a job requisition and acceptance of the job offer. It measures the speed and efficiency of your recruitment process.
You can use this recruitment metric to optimize your talent strategy. By monitoring time to fill, you gain a better understanding of the time it takes to fill or replace a position, and identify which factors cause delays (such as industry and type of position).
2. Time to Hire
Time to hire refers to the number of days between a candidate applying for the position and accepting the job offer. This recruitment metric measures how fast each step of your recruitment process moves, zeroing in on bottlenecks and inefficiencies that create slowdowns.
3. Application Completion Rate
The application completion rate refers to the number of candidates who completed the job application process versus those who started but didn’t finish it. A low application completion rate can signal process issues. This allows you to see where to streamline processes to provide a better candidate experience and not miss out on top talent.
4. Offer Acceptance Rate
The offer acceptance rate refers to the difference between the number of candidates given a job offer and the number that accept it.
A low rate is typically a sign of a lackluster employee value proposition for things like compensation and benefits. These insights can help you fine-tune your offering to be competitive with the talent market and create more transparent job postings.
5. Quality of Hire
Quality of hire is measured by how quickly a candidate adjusts to their role and how well their performance is rated within their first year.
This metric indicates whether you’re hiring the right people, which helps you cut costs associated with bad hires.
6. Source of Hire
This refers to which sources your best hires and applicants come from. This includes conversion rates from your career page, job platforms and boards, and employee referrals.
Monitoring this metric improves your ROI by allowing you to determine where to focus recruitment efforts and where to cut sourcing costs.
7. Cost Per Hire
Cost per hire refers to the internal and external spending that make up the cost of hiring a candidate. Internal costs can include referral fees, admin costs, and training expenses. External costs can include background checks, marketing fees, and sourcing expenses.
This metric adds value to your recruitment strategy by helping you drill down into the specific costs for each step in your process. Allowing you to make data-driven decisions to fine-tune factors that unnecessarily drive up your cost per hire.
8. Number of Open Positions
This refers to how many open positions you have at any given time and how long they remain open on average.
A large percentage of open positions indicate high demand and rapid growth. But this recruitment metric could also indicate a low candidate supply, and/or lack of demand or interest in the role.
9. Applications Per Open Role
The number of applications per open role is the total number of candidates that submit an application for a role.
A lot of applicants can signal high demand and interest in a position. But, depending on how many are qualified, it can also indicate an overly broad job description.
Minimal applications may indicate low demand or interest due to a poorly written job description or lackluster offering.
This metric is a great way for HR leaders to see the level of exposure their recruiters are able to achieve for their job postings.
10. Attrition Rate
Attrition rate is the rate at which employees leave. A high attrition rate can be very costly in both recruitment and also hiring expenses and resource expenditures. This is especially true for first-year attrition.
Factors influencing first-year attrition can include:
- inaccurate job descriptions
- lack of proper communication regarding processes, roles, and expectations
- poor onboarding
Tracking this metric helps you determine if you have a problem with employee retention and, if so, trace where the issue is coming from.
Using a Talent Intelligence Platform to Track Recruitment Metrics
Talent Intelligence platforms like Oorwin make tracking recruitment metrics easy. They enable you to analyze large sets of data patterns in a comprehensive way using advanced visualization solutions and dashboards.
AI-enabled functions like predictive analytics can even help you predict factors like:
- the probability of job closure based on market factors
- salaries using internal and external market trends
- current versus potential workforce productivity
Data-driven recruiting helps you work smarter to hire and retain the best candidates using powerful insights and resources.
Learn more about how recruitment reporting can give you an edge over the competition by requesting a demo from Oorwin today.
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