Hiring shouldn’t be guesswork. It should be based on clear metrics that help you make informed decisions. So what are they – and what do they matter so much? Here’s what to know.
What Are Recruitment Metrics?
Recruitment metrics are key performance indicators (KPIs) that help you to understand and assess the effectiveness of your company’s recruitment process. There are many of them with some of the most common including: the cost-to-hire, time-t0-hire, source of the hire, the acceptance rate compared to the offer rate, interview-to-hire ratio, turnover rates, referral rates, and more.
Why Are Recruitment Metrics Important?
The bottom line is that when you have this information in place, you can better evaluate your company’s hiring procedures, identify where there are weaknesses, and refine them as needed. You can also gain a bigger picture understanding of your current workforce and whether they’re happy on the job. With metrics on hand, you’ll have the knowledge you need to:
Evaluate your recruitment sources.
When you know your metrics, you can evaluate your recruiting and referral sources. If these aren’t giving you access to the pool of candidates you need, then it’s time for a change.
Improve the candidate experience.
Metrics can also help you understand how effective your recruitment process is in terms of the number of candidates interviewed, number offered a job, and how many accepted the offer. This can help you uncover bottlenecks in the interviewing and hiring process and help to improve the candidate experience.
Assess the onboarding and training process.
In addition, metrics offer insight into new employees and their satisfaction on the job, training time, and success or issues with the onboarding process. Turnover metrics can further help to identify engagement issues or other problems that need attention.
Enhance retention.
With metrics in place, you can identify those areas where employees are unhappy, or whether there’s the potential for a problem to occur. They can also help you meet or achieve the specific diversity goals you have for the workforce at your company.
Get Recruitment Help!
If you need help recruiting for your company, turn to the award-winning recruitment firm trusted across Orlando, FL. At Future Force, we can help you pinpoint recruitment challenges and identify areas for growth. We can also deliver solutions through a custom staffing strategy, as well as temporary and direct hire staffing services. Contact us today to find out more.