Talent acquisition and recruitment have been one of the most essential elements of any organisation. If you are looking to grow your performance of your organisation, the best option you would look ahead to would be to focus on the essential recruitment metrics. Let us check out the important recruitment metrics that you should be focusing on for a better candidate experience and brand image of your company.
What are the Recruitment Metrics?
Recruitment Metrics are what would help you track and optimise your recruitment process. It will have a great bearing on how your hiring trends can influence the long term impact of your business. So, we will check out the most important metrics that you should focus on for an enhanced experience when it comes to improving your recruitment channels.
Time to Fill
Time to fill or time to hire is a great metric and is one of the plenty of them that is held in a high order by software tools like Greenhouse recruiting metrics. It involves the average time taken to complete the total hiring process. Under ideal conditions, the Time to Hire should range across 40 to 42 days.
Making an optimum use of the Artificial Intelligence can help you achieve better results when it comes to the time to fill the position. An effective Time to Fill metrics will help achieve increased productivity levels of the hiring manager, reduced cost of hire and an improved cost to fill.
Quality to Hire
Quality of Hire is a metric that refers to the performance of the selected candidates in the first year of their employment with the organisation. The metric is also referred to as First year Quality. The metric is calculated based on the percentage of the candidates employed from among those screened plus the number of employees that leave by the end of the first year.
The candidates chosen should be such that they tend to provide you with a competitive advantage for the company in the long run. It will measure the value that every candidate will bring to your organisation and attempting to maximise the value further ahead.
Cost to Hire
Cost to hire, also referred to as cost to fill is a metric that determines the cost incurred for each of the candidates absorbed into the organisation. This will involve the total cost incurred through several stages – right from attracting the candidate to onboarding a particular candidate. While it may not be huge for larger corporates, it can break the budget in case of smaller organisations.
Cost to hire does have a bearing on a host of factors and points. For instance, a lower time to fill can have a lower cost to hire. An increased quality of hire can also mean an increased cost to hire, but it should be something justified because of the benefits offered by it.
The Employee retention rate
The employee retention rate can be another important metric that should bear a lot of importance on the right candidates. While it may be easy enough to hire a candidate, it may not be as easy to retain your hired employee.
The cost per hire and time to fill can be a couple of metrics that can influence the retention rates. Your recruitment process can be quite difficult and annoying if your hired candidate tends to leave the company even before the efforts spent on the recruitment are yet to pay off. You can calculate the employee retention rate using the figures for the total number of employees still with the organisation and the number of employees recruited at the beginning of the period and then taking a percentage of them.
There are several factors that have been instrumental in enhancing the value of your hiring process. Of course, the recruitment metrics are not just limited to the ones we have featured here. However, these tend to provide you with a greater insight into how to achieve the best recruitment performance. In fact, the talent shortage, an enhanced skills requirements and changing demographics have been making it a little more difficult to work with the right strategy.
The golden metrics featured here should help you become a talent acquisition leader. Make use of the best techniques possible and be a powerful player in the realm of acquiring the right talent.