Recruitment metrics are important to improve your talent acquisition process.
There are a few major metrics to keep in mind when conducting your talent acquisition process. If you keep these metrics in mind during your talent acquisition process, you will be sure to attract and retain the best candidates.
There are not many things worse than going through a rigorous interview process only to have the best candidate reject your offer or realize that the person you just hired isn’t as good at working as they were at interviewing. These mistakes can teach hiring managers a lot about their recruiting funnel metrics. If you’re a hiring manager or just someone who wants to learn better ways to improve the way your company goes about the hiring process, follow these recruitment metrics best practices to improve the hiring process at your company.
How to Improve Talent Acquisition with Recruitment Metrics
Recruitment metrics allow you to get the most from all the hard work you put into your talent acquisition process. One important metric to analyze to improve your efforts is the rate at which your applicants begin the application process but don’t complete it. While this could be happening for many reasons, it is beneficial to take an objective look at your application and answer tough questions like it is redundant, are there spelling errors or is it too long. Having an errored or redundant application could be sending well-qualified candidates out the door before ever giving your company a chance.
A good metric to understand is how long it takes for your teams to fill an open position. If the time to fill a position is long, there could be many reasons for this like too many interviews, a lack of internal communication or even that the team is taking too long to make their decision. It is best to have a short fill time when it comes to any position so if your fill time is long, consider using hiring software to help cut that time down significantly.
One of the best talent acquisition metrics to understand is the satisfaction of your candidates. The internet and social media have made it incredibly easy for you to understand how candidates feel about your hiring process. Don’t be afraid to read reviews candidates have written about your hiring process and take anything negative and turn it into a learning opportunity for something you can work on. Companies that have higher candidate satisfaction rates attract the best talent on the market.
While this next metric is extremely important for small businesses to keep an eye on especially, larger companies also want to keep their cost to acquire the most qualified candidates low as well. If your company is spending an exponential amount of money on the hiring process, there are probably many things that can be cut to make the hiring process more efficient. Be careful with what steps you cut, though, as cutting the wrong steps could lower your candidate satisfaction levels.
Another recruitment metric to analyze is your offer to acceptance ratio. If this ratio is low, you could be offering an insulting amount of compensation to candidates. It is important for hiring managers to take a realistic look at this ratio and determine if they’re offering a competitive enough package. Don’t be afraid to offer other perks besides more money like work-from-home days and additional holidays.
An important recruitment metric to keep high is your retention rate. The hiring process can be very time consuming and expensive. It is not in your best interest to put all this time and money into hiring a candidate just for them to leave quickly. Analyze this metric and if your retention rate is low, focus on major areas of the job experience you can change to make your retention rate stronger.
While the hiring process is an important aspect of acquiring the best talent, it is also important to give new employees the proper training once they’re on board. To boost team efficiency, employees need to excel in their new role. When your new candidate exceeds in their new position, it not only benefits their own personal growth but the growth of the company as well.
