Recruiting metrics are measurements used to track hiring success and optimize the process of hiring candidates for an organization. The proper mix of recruiting metrics won’t just tell you what’s working and what’s not: they tell you where you should be allocating time and budget.
1. Time to fill
This refers to the time it takes to find and hire a new candidate, often measured by the number of days between publishing a job opening and hiring the candidate. Time to fill is influenced by supply and demand ratios for specific jobs as well as the speed at which the recruitment department operates.
2. Time in Process Step
Time in Process Step describes the time a candidate spends in each step ( Examples of process steps include phone screens, submissions to the hiring manager, and interviews)
When you analyze time in each process step, chances are you’ll find some bottlenecks. Candidates could be sitting in hiring manager review for weeks at a time, or a faulty integration could be preventing candidates from moving along in the process.
3. Source of hire/ sourcing cost of hire
Tracking the sources which attract new hires to your organization is one of the most popular recruiting metrics. This metric also helps to keep track of the effectiveness of different recruiting channels. A few examples are job boards, the company’s career page, social media, and sourcing agencies.
4. Recruitment funnel
Recruitment is a funnel which begins with sourcing and ends with a signed contract. By measuring the effectiveness of all the different steps in the funnel, you can specify a yield ratio per step. This metrics you should build when having the #2 metrics available.
5. Cost to Fill
Cost to Fill is a metric that measures the average cost to fill a position, from candidate attraction to onboarding. In large organizations, cost to acquire has measurable impact on the bottom line. In smaller organizations, it can make or break the yearly budget.
Besides these 5 metrics, you could consider to build additional metrics would be helping you in evaluating your recruiting processes:
- Offer Acceptance Rate
- Candidate satisfaction rate
- Quality of hire