Did you know that… According to a recent study on best practices, companies that keep track of recruitment indicators are more likely than those that don’t meet their hiring targets.
The following are the top 8 criteria, according to industry experts, that you should observe to improve your recruiting procedures.
1. Time to Fill
Time to Fill is the time needed to find and hire a new employee. Employers often use the number of days to go from posting a job opportunity to employing someone.
This statistic helps you develop and execute realistic headcount objectives, which is why you should measure it.
2. Onsite to Offer
What it does: The proportion of onsite interviews that result in an offer is known as the Onsite to Offer ratio. If a candidate accepts an offer, it does not count.
It’s important to know why you need to measure it: A high selection ratio indicates that only the most qualified job seekers will be invited to the interview session. A low onsite to offer rate indicates that unqualified applicants are not being singled out early in the recruitment process.
3. Candidate Volume
Simply said, Candidate Volume is the number of people who apply for a certain job position, both from the inside and from the outside.
It’s important to know why you need to measure it: You may use this figure to measure the performance of your talent marketing efforts. Further down the funnel, it’s important to estimate applicant volume, such as screening interviews and onsite.
4. Quality of Hire
A new recruit’s first-year performance rating may be a good indicator of their hire quality, but it can also be taken into account early in the hiring process.
It’s important to know why you need to measure it: Quality of hire may be the most difficult of these measures to gauge, but it is unquestionably the most relevant. It provides an answer to the basic issue of “is recruiting bringing in the right talent?”
5. Candidate Drop-off
What it is: Candidate Drop-off is the proportion of applicants that drop out of the recruitment process at any moment. For technical assessments, this frequently refers to the number of applicants who completed an examination divided by the number of candidates that were asked to take the assessment.
It’s important to know why you need to measure it: This metric is necessary to gauge how candidates feel about your recruiting process.
6. Interviewing Time Spent on Unqualified Candidates
This metric is related to the number of hours recruiting managers and interviewers spend analyzing resumes, evaluating coding challenges/projects (for technical recruits), and/or interviewing people that are unqualified for the position.
It’s important to know why you need to measure it: If you want the hiring team’s support for screening evaluations, which guarantees that only the most qualified individuals continue in the hiring process, you’ll need this number.
7. Cost of Hire
Recruiting costs are split by the number of new employees hired within a certain period (such as a quarter). This is how the Cost of Hire is calculated.
This statistic lets you determine and anticipate your recruitment budget based on the number of vacancies your team needs to fill.
8. Offer Acceptance
It is computed by dividing the number of employment offers accepted by the number of applicants that got job offers.
It’s important to know why you need to measure it: Candidates’ perceptions of the recruiting process may be revealed by this metric.
Set aside some time each day for you and your team members to sit back and reflect on how you conduct applicant screenings and interviews. The information gleaned from the data might help you improve.