Recruiting metrics to track are a standard set of measurements to enhance the steps and processes of hiring candidates to be part of the organization. Recruitment involves identifying, attracting, screening, shortlisting, interviewing, selecting, and hiring candidates for open positions in the company. As the job market widens and an organization s human capital needs increase, finding the right people for the job can be challenging.
Using recruiting metrics provides insights into potential candidates, which is useful in assessing the talent, skill, experience, and value they bring into the business. Recruiting metrics are also valuable in evaluating the effectiveness and efficiency of the hiring procedures and workflow.
Different organizations use different recruiting metrics, and the commonly-used metrics can be grouped into four categories:
- Time to fill: A calculation of the time it takes from requisition approval to identifying and checking the background of potential candidates.
- Time in a workflow step: The time spent in entering the applicant tracking system and going through the following steps: application, screening, submission and review, initial interview, final interview, job offer, background checks, and hiring.
- Applicant cycle time: The time spent in the overall hiring process of a successful candidate from sourcing to the start of the new job.
- Application completion rate: Determines the percentage of the candidates who start and complete the application process.
- Conversion rate: Percentage of the number of candidates submitted for consideration against the actual number of those selected to move forward in the recruiting process.
- First-year attrition: The retention and movement of the candidates recruited and hired for the job in the first 12 months of employment. Attrition refers to the termination or resignation of the candidate from the position.
- Offer acceptance rate: A calculation of the number of candidates who accept the job offer versus the number of those who decline.
- Hiring manager satisfaction: Involves assessing the overall experience of the recruiting function, quality of candidates submitted, speed and responsiveness, and value it adds to the business.
- Candidate satisfaction: A survey of the candidate s overall experience with the recruiting team and the application process.
- Vacancy rate: A percentage of the new requisitions or job openings against the total number of existing positions in the company.
- Source of application/hire: Determines the value of the company s investments and initiatives in attracting candidates for job opportunities and eventually hiring them.
- Candidate withdrawal reasons: A review of the reasons why the candidate refuses to proceed to the recruiting process and withdraws the application.
Overall recruiting cost: The total cost (cost per hire and sourcing costs) of the entire recruiting process to fill all requisitions.