It’s essential to keep track of your recruitment efforts in order to identify what strategies are working and which ones aren’t. By analyzing your methods, you can see which techniques are producing the most hires and focus on scaling those up. On the other hand, you can also identify which methods aren’t as effective and adjust or eliminate them. Keeping track of all your recruitment efforts, from sourcing to interviewing to hiring, will give you a better understanding of the entire process and help you make data-driven decisions.
Here are 15 recruiting metrics that you should be tracking:
1. Time to fill
The faster you can fill roles, the faster you can get paid! Track your time to fill for a month as a baseline. Then see how you compare for the next month. Think about some ways you could shorten this time frame.
2. Time to hire
Similar to time to fill, this includes the time it takes including the hiring process. Compare your time to fill to your time to hire. Are you partnering with companies that start candidates quickly? While you can’t change the onboarding and screening requirements of companies, you can diversify so that you have some companies that pay a bit quicker.
3. Source of hire
Make sure you are tracking the source of your hires. Which platforms and methods are you landing hires from? This will help you when deciding where to invest in.
4. Sourcing Productivity
You need to track your overall sourcing efforts. The number of candidates sourced, number of emails and calls made, and number of candidates submitted per req all need to be tracked.
5. First-year attrition
When your candidates are hired, you want them to stick around. Otherwise, your clients may not be as excited for your submittals in the future. Keep track if your placements. When they decide to leave, find out why.
6. Quality of Hire
In addition to how many candidates stay after a year, you should check in with your clients to see how they are performing. Again, you want to give your clients high quality so they keep using you for their placements.
7. Hiring manager satisfaction
Obviously, you want hiring managers to be as happy as possible! Consider asking them to fill out a survey after you work with them to holistic feedback. If you think that is too much, try just asking them. Focus on what you can do better, not aspects out of your control.
8. Candidate job satisfaction
Keep in contact with your placements to see how they are enjoying their position. Not only will this help you sell the company in the future if feedback is good, but your candidate will come back to you when they are considering a move. Negative feedback will tip you off to a potentially bad employer that you should avoid sending candidates to.
9. How much are you pipelining leads?
Take an inventory of how often you are doing this over a few weeks. Review it and see if you need to up your time spent on this. Set a new goal and then keep track for another two weeks. This will help you keep yourself accountable and increase your candidate flow.
10. Applicants per Job Post
This can tell you how well you are marketing your positions. The more applicants you get, the less searching you may need to do.
11. Cost per hire
Keep track of the average cost to take you from start to finish with a hire. This includes job posting, memberships like LinkedIn, etc. Are there ways you can lower this cost?
12. Candidate experience
One of the best ways to get candidates is by word of mouth. Make sure your candidates enjoy the process to keep referrals coming. Ask your candidates for feedback and make sure it is improving over time.
13. How many submittals are you averaging?
The more candidates you submit, the greater your chances of getting someone to the next stage. If the candidates get sent to the interview stage, the hiring manager you are doing a great job.
14. How many submittals are getting to the interview stage?
If your candidates aren’t making it to the interview stage, this is a sign that you are missing something. Dig into this to get some insight into what you can do differently.
15. Offer acceptance rate
This is one of the most important stats. After you put in the work and the candidate receives an offer, how many of them are accepting? If the rate isn’t high, it’s time to dig into what is going wrong.
Data is extremely valuable information when evaluating your sourcing business. I would recommend picking a few of the options above to get started. Avoiding data overload is a must. If you focus on a few areas to start, you can start to improve in those areas and then expand to additional data points as you go. Before you know it, you will have a full picture of what is going well and what needs some attention.
Recommended Reading:
How are Recruiters and Sourcers Different?
How to Send A Text Message Using Email
How to Make Your Work Culture Authentic
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