In recent years, HR managers have been striving to raise the standards and quality of their recruitment process. Using data-driven tools in hiring has boosted business productivity and reduced biases or inequality. This is due to the quality of employees businesses have hired. Note that the hiring process can be overwhelming, making some employers or recruiters want to track and measure their teams’ performances. In this regard, they need to integrate recruitment metrics to get the complete picture of their teams’ performance. So, what recruiting metrics do you need to track? Keep reading for the top 10 insightful ones in 2023.
What are Recruiting Metrics?
Recruiting metrics are measurements used to track the quality, success, and effectiveness of recruitment to optimize talent acquisition. Sourcing metrics are relevant in understanding where the hiring process needs adjustments and improvements, thus saving time and expenses that drain into the recruiting budget. In addition, it maximizes your chances of hiring quality employees that contribute to increased productivity. Below, we have discussed the top10 recruiting metrics examples you need to track and succeed in getting the best candidates in the market. Whether it is your first time implementing recruitment metrics or you are fine-tuning your hiring procedure, the list below will provide you with an excellent overview.
Top Ten Recruitment Metrics
1. Quality of Hire
Every recruiter would like to know if their sourcing style effectively promotes employee retention. With the quality of hire or the golden metrics, you will measure how well your recruitment process can select the right candidates. This metric has a long-term effect on the performance of employees, which directly affects production levels.
Quality of hire works by calculating the success rate of recruitment by dividing the number of high performers by the number of hired candidates. As a result, you will have an insight into the best hiring practices.
2. Hiring Manager Satisfaction
Hiring managers play a significant role in the success of the recruitment process. For instance, if they are satisfied with the previous recruitments, the current ones will be successful. On that note, the recruitment teams should inquire from the managers about their satisfaction with the organization’s recruitment strategy. This can be done by sending anonymous surveys to gauge their comfortability in production and employee adherence to the company’s culture.
3. Source of Hire
Source of Hire is one of the most used recruiting metrics in 2023 due to its ability to show which sourcing platform works best for most candidates. It helps save time since the recruiters know where to find candidates in high numbers. As a result, you may need to consider other platforms if you get low candidate turnouts. For instance, if you are using Linkedln as a sourcing tool but SeekOut seems to get more candidates, use both and focus on the one with high candidate numbers.
4. Time to Hire
Time to hire is the duration between when a candidate makes an application or is being sourced and when they accept a job offer. This recruiting metric gives details on the performance of the recruiters. It is therefore essential to maximize time and make succession plans. For instance, short recruitment periods maximize the chances of getting good candidates fast. Additionally, candidates will have an excellent experience since they get extra time to focus on doing other things.
5. Cost per Hire
Everything has a price, including a good recruitment strategy, forcing recruiters and candidates to make financial sacrifices. Cost per hire recruiting metrics shows organizations how much they spend on getting new staff. The cost structure can be divided into internal and external costs. Internal costs are the organization’s expenditure for hiring managers, organizational development, and training of recruiters. On the other hand, external costs are those spent on matters associated with the candidates, including traveling expenses, marketing costs, sourcing expenses, and conducting background checks.
6. Candidates Experience
Many employers tend to ignore the reviews made on their organizations, not knowing that reviews market their brand. No candidate would like to work for an organization with negative reviews, so the candidate experience hiring metric is key. This is done using a candidates’ experience survey that uses the net promoter score to gauge candidates’ satisfaction. The survey asks questions that will help you determine the effectiveness of your recruitment funnel.
7. Offer Acceptance and Rejection Rates
Not every candidate will accept your offer at the end of the recruitment process. Offer acceptance hiring metrics shows the number of candidates who accepted your job offer. Due to one reason or the other, candidates may pose a high rate of rejection, poor recruitment strategy being one of the reasons. Most candidates reject offers because of low salaries, but if your organization cannot make amendments, use another form of motivation to lure them into your company. i.e., free days off, lunch treats, etc.
8. Early Turnover
The early Turnover hiring metric describes the number of employees who have left your organization within one year. If candidates don’t adjust to the new environment and blend with colleagues, there is a likelihood your organization will experience high turnover rates. Therefore, the talent search team should communicate the culture of the organization and job details to avoid employee turnover after investing in recruitment.
9. Adverse Effect
Every human being would feel bad and disappointed when they are discriminated against. Discrimination is not something new in the hiring process, and therefore this sourcing metric tracks malpractices that can lead to division in the workplace. The adverse effect metric considers race, sex, disability, and religion so that everybody gets an equal chance to serve per the human rights legislation.
10. Time to Productivity
Time to productivity hiring metric measures the duration it takes for a candidate to contribute to the organization’s development from the first day on duty. Organizations seek qualified candidates to boost productivity, and it is disappointing if they don’t deliver. In addition, it would be a waste of time and resources to hire such candidates.
Undoubtedly, better production requires the best working personnel, which can only be achieved by employing hiring metrics to improve the recruitment process. All the above-mentioned recruiting metrics 2023 help employers get insights into the best hiring practices. In addition, you get to know the shortcomings your organization is facing when it comes to recruitment and work on improvements. Therefore, if you have been trying to implement the best hiring practices, try integrating recruitment metrics into your hiring strategy.