4 Recruitment Metrics that really Matters in Talent Acquisition

By Published June 2, 2017
applicant search

In a highly competitive recruitment market, technology in human resources has been a continuous game changer. The introduction of HR software, HR analytics and the extensive use of applicant tracking systems (ATS) has made the process of job applicant search an entirely different ballgame.

applicant search

If we delve a little deep into the process, we would realize, that recruitment metrics has become an essential aspect of the overall hiring process. Whether it is about resume parsing, applicant search or even the simple process of candidate selection, recruiting metrics have an essential role to play.

While there are no one-size-solution-fits all to measure your hiring process, but recruitment metrics will be of great help. HR managers must consider some recruitment metrics that would make their hiring process more scientific and of course easier.

Some of the recruitment metrics that HR professionals need to consider are explained in the paragraphs below:

#1. Source of hire

The majority of employers or recruiters would resort to resume databases for applicant search. Or even embrace new recruiting candidate sourcing strategies such as social recruiting, referral programs and others to attract passive candidates.

To be able to optimize a selection of your current sourcing channels, it is important to monitor their return. Some of the key areas that one needs to focus on – how many candidates come from each channel, how qualified each applicant are; which sources added to your selection of candidates and where the successful job candidate first discovered the vacancy.

#2. Cost of hire

Calculating returns on investments (ROI) of each candidate is essential. Therefore, it is necessary to take into account all of the extra cost. A lot of time and energy goes into sourcing the right job candidates; creating captivating job advertisements, searching applicants, scanning through numerous CVs, conducting interviews and then finally making a decision.

Streamlining the process of recruitment will help keep costs cut down to a minimum level. To achieve this, as an employer you need to figure out exactly which areas are you choosing to spend much and where it is or is not generating the best returns. If you are not spending a disproportionate amount of money, then you have to decide what you want to do and how to balance out your finances.

#3. Time to fill vacancies

Monitoring how long it takes to get a job vacancy filled is another major recruitment metric used for tracking the hiring process.

This will give you a clear idea of the amount of time you are spending on each process; designing job advertisements, sourcing candidates, shortlisting and finalizing your decision for candidate selection.

#4. Vacancies vs. placements filled

Bigger organizations usually need to keep track of the number of vacancies the company has as against the number of vacancies that have been filled recently. This metric could be measured every month or every quarter, and the results should go alongside the “time to fill” ratio.

A company managing their talent acquisition will have a low percentage of open job vacancies when compared to positions that are already filled.

The proper implementation of recruitment metrics is essential to gauge and keep track of the hiring process. As recruiters or employers, if you are genuinely interested in developing and progressing with your hiring process, you must consider the metrics mentioned above.

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