Measure the success of your recruitment practices with the right recruiting metrics.
It is essential to understand the best-recruiting metrics to measure in order to verify that your recruitment practices are benefitting your company and not costing it money. Follow these best practices in recruiting metrics to know how successful your efforts are.
Being able to measure the success of your recruitment practices is essential to be able to know if they are benefitting your company. When it comes to measuring the success of your recruitment practices, it takes more than just filling the position, it takes knowing the recruitment metrics and analytics of your efforts. To know if your recruitment practices are successful, here are a few recruitment metrics best practices to follow to guarantee that your efforts are paying off.
Recruiting Metrics that Matter
It’s not enough to just fill a position to know that your recruitment practices are successful, you have to hire candidates that stay with the company for a long time. This is a vital aspect because it is estimated that replacing an employee is anywhere between 30-400% of their salary which adds up quickly if you are constantly replacing employees. It is important to know the retention rate within the company and even in certain positions to ensure that you are not only recruiting candidates but retaining them as well. Retention rate is one of the most important recruiting metrics benchmarks and it is recommended that you analyze this at least once every year or so.
Number of Qualified Candidates
It is a lot of work to sift through piles of resumes every time you have an open position, so it is important to understand the number of candidates that apply to each of those open positions that move on to the next phase of the process. When you know how many qualified candidates are responding to your open positions you can then discover where each qualified candidate came from and focus your recruitment efforts on that source. Knowing this metric will also allow you to improve your future hiring goals so if it usually takes four qualified candidates to fill a position, you now know to find four qualified candidates before you move onto the next phase of the hiring process.
Offer Acceptance Rate
One of the most important recruiting metrics of 2018 is knowing how many candidates are willing to accept an open position within your company. This is important with current job applicants because millennials and Gen-Z are willing to make less money in order to work in a fun, life-friendly environment. Knowing this metric will allow you to revise your job offers depending on what type of person is applying for the position. If you are experiencing a low acceptance rate, it is a vital sign to revise your job offers and to improve the candidate experience you offer.
This metric is measured by knowing the number of hires is takes to meet a predetermined goal within a certain time period. While it is important to know all of the above metrics, it becomes less important if you aren’t meeting your hiring goals. It is important that your hiring team have monthly, quarterly, or annual goals to meet and the above metrics will allow them to know how many hires they’ll need to land in order to reach these goals.
Recruitment Analytics Software
Some of the best recruitment analytics software on the market include:
- ICIMS Recruit
- Crelate Talent
- Zoho Recruit
It is essential to know the recruitment metrics of your hiring practices so, if you are having trouble figuring out the best way to measure your recruitment analytics and metrics, try implementing a recruitment analytics software into your recruitment process.