Recruiting metrics you should know about in 2019
By analysing the recruiting metrics of your organisation, you are able to get a better understanding of the hiring process. You are also able to understand what’s working for your company and what just isn’t.
Apart from telling you more about the quality of hire, these metrics give you information about how the team and your company is doing after the recruit. There are a number of metrics, which when you combine together, give you valuable insights about the recruitment process.
Here are six recruiting metrics you should know about in 2019:
1. Time to fill
This metric uses the number of days spent between uploading the job requirement to hiring a candidate to determine business planning. It encourages managers to optimise the process and find creative ways to find a candidate after a former employee leaves the office.
2. Source stats
Companies use different sources to find employees including employee referrals, job boards, social media, and cold calling. One source can be more effective for company B but not for you. You will get source statistics on Urchin Tracking Module, which your marketing manager can describe and track for you. Use Google Analytics to track your converted-to-applicants visitors to know whether the job advertising is working or not.
3. First-year attribution
Calculate the number of applicants that leave your company within a year of employment as it takes at least a year to achieve complete productivity and break even with the recruitment costs. If the employer fires the employee, it indicates that they were a bad fit for the company. If the employee leaves, it indicates that the job description created unrealistic expectations, which were fulfilled by the company.
4. Applicants per opening
A high number of applicants per opening indicate two things -- there is high demand for the job or the description is too vague for several candidates to apply. The less number of applicants you receive, the less time and resources you spend on hiring the ideal candidate. Narrow down the description to create a hard-to-fit job opening.
5. Cost per hire
Cost per hire is a technical metric that divides total hiring cost by the number of hires. You need to include advertising costs, agency fees, candidate expenses, training cost, and any other cost in the total hiring cost. Then there are internal costs like time spent by the recruiter and the manager. Lower the money you spend, the more efficient your recruitment process is.
6. Candidate job satisfaction
Run a survey among your employees and keep their identity anonymous so that they can express their true opinions. A low score indicates that they aren’t satisfied at work, had unrealistic expectations, or the job description doesn’t match their qualification. When you present the job to them, you should inform about the positive and negative aspects to help them create realistic expectations.
Always set goals as it gives a target to team leaders to work on. There is always a room for improvement, so analysing the recruitment process against these metrics regularly is essential for your company’s growth. At International Manpower Resources, we can help analyse and understand the recruiting metrics for your firm.
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