Recruitment is indeed a double-edged sword, unless you can assure the actual effectiveness of the outcome of the recruitment process. If you do not want to go through a pitch dark environment, it would be very essential to check out a few key parameters of an efficient recruitment process.
The parameters employed in a perfect recruitment process are referred to as Recruitment Metrics. Which measures should you consider the best options when picking the best recruitment possibilities? Well, while there are several metrics used in the recruitment process, there are only a few of them that would definitely assume a lot of importance in deciding your needs.
Recruitment Metrics that you need to focus on in a modern Recruitment Process
Having understood the essence of the need to focus on the recruitment metrics for an efficient recruitment process, let us check out the most important metrics that would need special attention. We would make use of a broad push approach in this venture.
Source of Hire
The source of hire obviously refers to the source from which your hires come from. Having good information on the source of hire can help you channelize your efforts in planning your strategy in the right direction. If you are aware which sources bring you more qualitative hires, you would be able to focus on that mode of outsourcing.
The right ATS software would help you pick the right options in the right spirit. Tools such as Greenhouse recruiting metrics can definitely be helpful, bringing in huge enhancements. The source of hire as a metric can prove to be extremely handy enough in letting you get access to an improved experience in getting a perfect degree of success in channelizing proper sources of hire.
Time to Fill
This metric is essentially helpful in finding how long it takes for you in picking the best candidate for your job opening. This is essentially a measure of your hiring speed. Technically speaking, this refers to the time between the advertising for a vacancy to the day when the actual recruitment is completed.
This measure essentially lets you examine the productivity of the recruiter and the efficacy of the recruiting process. The Time to fill as a metric provides you with an insight into the bottlenecks if any in your recruitment process. Since hiring the right candidate is the key to achieving a better standard, it would be one of the best recruitment metrics you should ideally focus on to help you avoid mistakes.
Quality of Hire
The quality of candidates or the quality of hire is determined by the percentage of the number of candidates that have accepted your offer and those who stayed on. This percentage is divided by the number 2 and is used in the calculation of Quality of Hire.
The quality of Hire as a metric can be the best measure to assure you that you have acquired the right type of candidates, if you are capable enough to arrive at the best standard, in hiring the best candidates that are loyal. This metric would help you pick the best candidates and average candidates.
Cost Per Hire
The Cost Per Hire will determine the financial implications of your recruitment process. The metric will measure the average expense incurred per successful hire right from the stage of sourcing the candidate and completing the process of hiring. It can have a serious implication on the recruitment budget of a company. It would be practical enough to give a serious thought to it if you are not willing to jeopardize the allocated budget.
The Cost of Hire is directly proportionate to the time to fill. If the time to fill is fast enough, you can be assured of a lower cost of hire. You should ensure that the time to fill metric does not take Cost Per Hire beyond a specific limit. This will ensure a proper budgetary allocation.
Rate of Conversion
The Conversion Rate is one of the robust metrics and calculates the percentage of the total number of candidates who are offered the job to the ones that have been formally hired. In case your acceptance rate is considerably lower, it would mean your job offer is not competitive enough.
If you find your rate of conversion is not competitive enough, you would need to improve your terms of employment. If you cannot provide a better salary than the competitors, it may be a good idea to check if you can provide a few alternate options – flexible work timings, free food or accommodation and similar other ideas would be practical enough.
Well, these few recruitment metrics can be some of the excellent options that can prove to be one of the great choices you would want to go with. Focus on these factors to arrive at the best results with respect to the success of your recruitment plans.
