Getting the right hire isn’t the only metric that counts, when measuring the performance of your recruitment processes.
That’s where data and analytics come in and clarify the true value of how you’re getting people in the front door.
This post is about how to measure recruiting performance, use some key metrics that give you a balanced, well-rounded picture, by pointing to those aspects of the process which are effective and those which need reform.
Knowing how long it took you to fill any given position is an important window into how well your recruiting processes are working. How long does it take to fill a role, from the time you place your first ad until the day the role is filled?
This varies wildly from employer to employer, with some positions taking months to find the right fit for. Sometimes delays are about the market. Other times, they’re about the process and this metric can help you identify trouble spots and bottlenecks.
Vacancy rate/Hire rate
Your vacancy rate vs. your hire rate is another important indicator of both your recruitment and retention performance.
Tracking this aspect of hiring, on a monthly basis, works well with the time required metric, providing you with a clear picture of how well you’re managing and attracting talent.
When your systems are moving too slowly, your company can miss out on the pick of the litter. By the same token, moving too quickly can be the root of costly hiring mistakes.
This is where you find out how competitive you are in a job market in which talent makes the rules. A good acceptance rate is anywhere from 80% to 95%, depending on the type of role you’re offering.
Results falling short of desirable benchmarks indicate that you need to look at what you’re offering potential hires. Are you keeping pace with competitors to get at the talent you seek? Are you offering the right compensation, culture and benefits?
How many stay?
You’re getting people in the door, but how many of them are staying on and for how long? This is a crucial metric which can reveal if you’re missing urgent signals during the hiring process that may cost you attrition.
Hiring is already a costly affair, but low retention rates can cost you thousands of dollars per month, as you turn over the employee and start from scratch. Then there are severance packages and everything else that goes along with someone leaving, from business cards to nameplates to time spent expunging the employee’s presence from your online systems.
Get Applicant Tracking with Precedent HR
Those reading want to know how to measure recruiting performance and Precedent HR has the answers you’re looking for.
At Precedent HR, we’re setting the standard with our online applicant tracking tool that lets you see how your recruitment processes measure up with detailed tracking that follows applicants every step of the way.
We help you find and keep the top talent that spells organizational success. Contact us to find out more.