5 Recruiting Metrics Businesses Should Consider
Recruiting metrics are used to gather and analyze information to improve a business’ hiring process. Recruiters and stakeholders must remain aware of evolving trends to successfully manage turnover.
Sourcing Quality Hires
Recruiting managers are deployed to proactively leverage the sourcing channels used to hire quality recruits. Some of the most common sourcing channels include referrals, recruitment agencies, resume search, social media shares, notifications, career sites, and other job boards. To ensure recruiter efficiency, metrics and activities reported in a timely manner can identify potential problems and opportunities for improvement.
A key business goal is to develop a pipeline of quality candidates, which hiring managers can call upon when positions have to be filled. This facilitates easy tracking and monitoring of leads, while also managing traditional metrics, such as the Interview-to-Offer Ratio (the number of interviews to the number of offers extended) and Offer-to-Acceptance Ratio (the number of actual hires versus the hiring goal).
New Growth Attrition Rates
In some cases, more time is spent on replacing employees instead of growing the team. Some businesses experience higher turnover rates in particular industries, which can result in high vacancy rates. Lower turnover is a main indicator of the effectiveness of the recruitment process. It demonstrates that real value is being contributed to the growth and success of the business.
To benchmark performance success, dashboards create a snapshot of key performance indicators for further examination and analysis. For instance, the amount of revenue generated is a clear indication of whether a growing organization should hire. They also act as a tool to measure productivity.
Satisfaction ratings can provide essential feedback from new hires and employees who are seeking opportunities for internal mobility. From the candidate’s perspective, feedback from the interview process through post-recruitment surveys can influence the company’s recruitment strategy. The surveys can identify gaps in the recruitment process and provide critical information for the improvement of recruitment campaigns.
In the information age, many businesses have implemented software tools, such as the Human Resource Information Systems, which aid in facilitating easy review of pertinent human resources functions. Most importantly, this system software encompasses metrics for monitoring and tracking recruiting data. Success factors can be achieved when a business efficiently and effectively understands the benefits derived from making investments in the Human Resource Information System.
L. Chadee | Contributing Writer