Using recruitment metrics means you get the best people for your business. Learn how with this free download
The article was produced in partnership with Harver.
Increasingly, HR professionals are asking how to improve hiring strategies by using metrics to optimize recruitment of the best talent.
If you are ready to build more analytics into your process, download the free white paper today and learn:
- The top metrics and how you should measure them
- How to improve each metric and what to consider when targeting problems
- How to achieve fairness and consistency in your hiring
Applicant quantity is used to generate a ratio of applicants per hire. Normally, at Harver, we see a ratio of 10:1 for hourly paid roles and 5:1 for specialist and managerial roles.
The use of an optimized hiring process makes it possible to generate improved applicant quantity, which has advantages when recruiting for harder-to-fill posts.
You may already screen for applicant quality but by collecting performance data during a new hire’s first 90 days you can do so more effectively. Where new hires are not achieving a strong performance, you can tweak your selection process to deliver the quality required.
An assessment will allow you to remove 20% of your applicant pool and to examine the link between assessment scores and early performance data.
Time to fill is the metric we use to measure the period from the issue of a job requisition to the filling of that post. The average time to fill is 36 days.
Cost per hire measures recruiter effectiveness. By measuring it we can identify areas where costs can be reduced. It therefore becomes possible to streamline internal costs and evaluate external costs.
The offer to acceptance rate is helpful in evaluating the success of your recruitment program. It can be improved by using numerous methods including employer referral programs.
The onboarding engagement metric will provide you with an objective measurement in the first 90 days of employment. By asking new hires to complete a survey we can better understand how to improve the selection and onboarding process.
In addition, a diversity and adverse impact metric is important to prevent discrimination against specific groups. The metric collects demographic data during the application process. To improve diversity, you can target specific groups which are currently underrepresented.
By measuring compliance and adoption we can also establish how recruiters and hiring managers follow your hiring standards. Better and more extensive use of technology can greatly improve compliance and adoption rates.
Harver’s comprehensive white paper can give you all you need to know about these eight hiring metrics you should be measuring. Download the free white paper today.