In an ideal world, recruitment would involve posting the job, filling the position and then celebrating by going to happy hour because you now have a complete workforce. However, in the real world, measuring recruitment success is far from this simple. Here are the top five recruitment metrics that you need to know and should start measuring today.
Retention Rate
It can cost anywhere between 30 to 400 percent of an employee’s salary to replace them. Once you place a qualified employee in the role and they are happy, you know the position is a good fit. Regularly evaluate and measure company-wide retention. Employees should stay at least one year or longer at positions.
Qualified Candidates per Opening
Qualified candidates per opening are the number of total applicants that move to the second stage of your company’s recruitment process, such as an in-person interview, for a specific job opening. If you receive hundreds of job applications, but only select 10 people to interview over the phone, these are your qualified candidates. Tracking qualified candidates instead of just total hires is important. Keep track of the source of applicants, whether it’s personal referrals, job fairs, social media, website hits, etc. This will help you better concentrate on your recruitment efforts.
Days to Offer
The total number of days from when an applicant applies for a position to when he/she accepts or rejects your employment offer. This will show how long it takes for a qualified applicant to complete the employment process once they’ve applied. If you’re losing top talent, consider tightening that window.
Offer Acceptance Rate
If you send out 15 job offers to get one acceptance, you should probably consider evaluating your recruitment process because it’s not enticing qualified candidates. This rate shows the strength of the applicant pool you attract and whether or not candidates want to work with your organization. If you have many rejections, try to gain feedback to find out how to improve your current system.
Hires to Goal for Recruitment Metrics
The total number of hires needed to meet your company’s predetermined goal within a specific period. If your company isn’t meeting hiring goals, knowing your metrics can help you gain insight into how to fix your current recruitment process.
Read more recruitment metrics.
Ninja Gig offers online job applications, which makes it easy for you to track the number of qualified applicants that apply to your company. Stay up-to-date on the latest metrics, so you know how to alter your recruitment strategies. Sign up today to start accepting employment applications online.