Is there a way to gauge whether or not you’re a successful recruiter? The easiest approach to evaluate your performance is to compare it to industry standards and benchmarks.
Here are some of the most frequent measures used to measure recruiter productivity and what good looks like in the recruitment industry.
Now is the time to begin the hiring process. The number of days it takes for an applicant to apply for a position and accept the offer is shown here. Time to accept is an excellent indicator of how quickly an applicant moves through the hiring process and speaks directly to the efficiency of your staff.
Generally, most companies take 15 days or less to fill a position. However, this varies by industry.
Per-Hour Rate. The cost per hire is an excellent approach to measure your hiring activity’s productivity in relation to your investment.” You’ll spend more per recruit on advertising, compensation, and tools if your team is underperforming.
Hiring Quality. It takes a longer-term view of recruiter productivity by focusing on the quality of the candidates you’re bringing into the company. However, quality of hire measures the percentage of employees considered to be performing at an acceptable level.
This is a rather specialized statistic, so finding industry best practices is difficult. However, you should aim for a customer satisfaction rate of at least 80% to be successful.
Alternatively, you might keep tabs on your First-Year Attrition rate to observe how many new employees quit within the first year of being on board. While this isn’t always the case, early departures may indicate a poor hire!
Hiring Source. Finding where your best employees are coming from is easy with the source of hiring measures. Your staff will be more focused and productive if they know where their top hires are coming from, whether through LinkedIn, job sites, or personal recommendations.
When it comes to determining the source of a new hire, recruitment tools are indispensable. Customers may see the ‘Traffic Sources’ of every candidate who takes an assessment on Toggl Hire, so they can see where their best performers are coming from!
Satisfaction with the candidate When it comes to evaluating performance, it’s not just about the numbers. Many recruiters don’t consider customer experience and don’t ask prospects how satisfied they are with the recruitment process.
The top recruiters should aim for a score of 7 or above out of 10 when using frameworks like NPS.
Application/Test Completion Rate Finally, even if candidates are doing the most of the work, effective recruiters should keep tabs on how many applications they receive. The more candidates who drop out in the middle of the interview process, the less productive it is for everyone involved.
In the 21st century, if you’re using Skills Testing, you’ll want to see how candidates find your assessment by looking at the test completion rate.
You should aim for a completion rate of at least 50%, regardless of whether you’re working on software or Testing.
In Conclusion
Going digital and utilizing the power of new recruitment tools is the greatest way to avoid these productivity saboteurs. Recruiter productivity indicators such as time to hire, candidate satisfaction, and hiring quality will likely improve due to your efforts. You’ll be a lean, mean, and productive recruitment machine in no time!
