5 key metrics recruiters should keep track of
Recruitment agencies collect a vast amount of data and this data could be invaluable to improving your productivity - as long as you know what to track and how to use it to inform business decisions.
Having a clear understanding of the insights available to you can be the difference between making informed decisions and sticking your finger in the air, so it is crucial that you know which metrics to track and how they can help you improve productivity.
Becoming more data-driven can help with long-term business impact and the need for accurate recruiting metrics has never been more important. Let’s take a look at 5 key metrics your recruitment agency should be keeping track of:
1. Time to fill
Keeping track of the number of days between a job requisition being approved and an offer being accepted by a candidate can help you measure how efficient your recruitment process is. The lower the time to fill the more efficient your process is, so it’s crucial to monitor this metric so you can make changes to your processes to streamline them.
Reducing your time to fill not only helps you place more candidates faster, but also gives you a competitive advantage over your competitors if you can make your candidates an offer quicker.
2. Time to hire
As a candidate-centric metric, time to hire is the length of time a candidate is engaged in the recruitment process. It begins when a candidate applies for a job posting to the moment when the individual accepts the job offer.
This metric informs you on how your hiring process is perceived from the candidates perspective. The lower this number is the better as it shows you are placing candidates quickly which will improve their experience.
3. Source of hire
Knowing your most common sources of hire provides insights into where you can reduce costs, informs where you should allocate your marketing and advertising spend and helps you make informed decisions about the recruitment programs and tools to invest in.
Common sources of hire include, job boards, employee referral, company career site, LinkedIn and internal hire.
4. Quality of hire
It is imperative that you measure quality of hire to ensure you are placing the right candidates in the right positions. Quality of hire is one of the most important metrics that hiring managers care about.
When measuring your quality of hire you will need to consider:
- Retention - the length of time new hires stay at the company
- Time to fill - how long it took to fill the position
- Hiring satisfaction - how satisfied hiring managers are with the new hire
5. Cost per hire
Measure the cost effectiveness and efficiency of your recruiting process by tracking your cost per hire. Analysing the data you hold for cost per hire can help you identify areas for improvement and can help your agency increase its productivity.
It is crucial that you regularly review your cost per hire data and especially following any changes you have made to your process such as adopting new technology or automation or a recruiting event so that you can measure the impact of your new approach.
Access WorkView is an integrated and powerful mobile workforce solution designed for agencies to reduce the time and stress associated with placing candidates. Find out more by watching this on-demand webinar.
