It is very important to know that all your marketing decisions are falling in the right direction and none of them are going off-track. With that in mind, there are specific recruiting metrics that will help you track and monitor the success of your recruitment marketing strategy. Doing so will ensure that your company is hiring the right employees.
Importance of Recruitment Metrics
Recruitment metrics help small businesses to understand which things are working for recruitment and which aren’t. The metrics provide a validated evaluation of the recruitment strategy with complete data analytics. These metrics, in turn, helps the organizations to know their best working practices as well as identifying the bottlenecks.
In a nutshell, the recruitment metrics help the small businesses to track, monitor and manage the recruitment strategies. Also, it gives invaluable insights into optimizing time and money for the entire recruitment process.
Every stage of recruitment funnel needs candidate engagement and building strong relationships for a quality-driven talent pipeline. The below mentioned recruiting metrics will help the recruiters and the hiring managers to fine-tune their recruiting metrics to a great extent.
Read More: A Small Business Owner’s Guide To Recruiting
1. Cost per Hire
Cost per hire is directly proportional to time to hire parameter. The lower is the time to hire, lesser will be the cost per hire. This value signifies the total cost incurred right from sourcing till onboarding of an employee. These costs are so significant that they have a major impact on big businesses. For small businesses, it can eventually make or break the entire annual budget.
2. Source of Hire
Having an ATS (Applicant Tracking System) on board will help the hiring managers to track the sources of hire. This way it helps the recruiters to understand from where the major chunk of applicants is coming from? In fact, an ATS can also provide an entire database of candidates- those who were shortlisted, interviewed, selected and finally taken aboard.
This information on sources helps the recruiters to leverage their efforts to channelize more from high-delivering sources. The sources which are under-performing can be shut. This makes the planning of the annual recruitment budget easy as now the recruiters can rope only those sources that yield maximum conversions.
3. Time to Fill
Time-to-fill actually evaluates the hiring speed of the recruiter. It is counted from the time the job was posted to the time position gets filled. There are different variables affecting this metric such as talent base, resume filtering speed, interview time, etc. it clearly depicts the speed and efficiency of the recruiter.
Applicant Tracking systems drastically reduce the time to fill as they automate the most tedious and time-consuming aspects of recruiting.
Read More: Small Company Applicant Tracking System
4. Quality of Hire
Quality of hire is something which is calculated over time. The results are visible after the first-year appraisals. If a hire shows excellent performance in the first year, it’s indicative of a quality hire and vice versa.
One bad hire will cost tens of thousands of dollars to a company. The company may even lose a project due to the poor performance of the employee.
The recruiters need to check the source of hire at this level, to avoid further bad decisions.
5. Conversion Rate
Conversion rate reflects the number of candidates who have been offered the position and the ones who accepted and joined. A low acceptance rate or conversion rate indicates incompetent employer branding and the job offer.
The recruiters and the higher managements should take this metric very seriously and should take steps to increase the conversion rate. The management can rethink about compensation being offered, work from home options, flexible working hours, other benefits, bonuses or growth opportunities.
6. Attrition Rate
A high attrition rate means a never-ending recruitment drive. The recruiters should work on the underlying areas which are causing the attrition rate to grow leaps and bounds. The problem could be either a misleading job description, bad candidate experience or not enough employer branding. It may happen that the job-description may be attracting ineligible and less committed candidates.
A high attrition rate should not be ignored. Rather, the management should take some strategic calls to bring down the attrition rate.
It is high time that recruiters should start using ATS and boost the candidate experience. By offering creative job descriptions and floating those on social media and online job boards will ensure a strong and competitive job offer.
Read More: Why ATS is a must-have tool for recruiters?
7. Application Time
A longer application form increases dropout rates. The job seekers don’t have enough time to sit down and fill the lengthy job applications. This is irritating and frustrating too.
The recruiters should give all their work to the applicant tracking system. The ATS not only helps in designing attractive job descriptions but integrates with the job application form. It only asks some basic details and a resume. Everything rests assured.
This makes the entire application experience seamless, straightforward, short and quick. Additional information can be asked at the later stages when the candidate is shortlisted for an interview.
8. Applications Received Per Opening
This metric helps to gauge the popularity of the job and the organization as well. Well, but it doesn’t imply that all the applications received would be from quality candidates. The reason may be too broad a job description or high demand for such jobs. The best way is to create a narrowed down job description by including certain eligibility criteria. This, in turn, would make only the eligible and suitable candidates apply for the job.
9. Candidate Experience
It is one of the most impacting and influencing metrics in the entire recruitment workspace. Single negative feedback or experience may turn the odds against the company. The best way to ensure a positive candidate experience is by getting an ATS aboard. An ATS assures candidate engagement through the entire recruitment process by sending notifications at every stage. This eventually increases candidate satisfaction and refrain them from seeking other opportunities.
For Better Hiring Metrics- Get an ATS
The reports generated by an ATS help the recruiters to analyze and track their daily operations. Through this performance analysis, the recruiters get to know the key performing areas. This way they can leverage their focus, resources and effort accordingly.
Recruiteze equips the recruiters with comprehensive recruiting analytics which helps them to stay ahead of the competition. Recruiteze is just not recruiting software but serves as an allegiant employee which helps the recruiters to track performance indicators at every level. This helps the recruiters to improve and strategize their marketing efforts.
We are overwhelmed with the love and affection received from our readers which has indeed made Recruiteze the top-ranked blog in the e-world. For latest and in-depth information on the recruiting world, stay tuned with us.