10 Metrics Recruiters You Should Know About

It doesn't matter what the size of your company is; recruitment of new employees is a critical process. Your employees are the people who will ultimately help achieve your short-term and long-term objectives.

The employee market is getting more competitive every day. Today, hiring managers from different industries are more intrigued by modern technology to hire new candidates. Data-driven recruitments are getting in trend. If you want to hire new people for your team, you can easily streamline the hiring process.

If you are new to the recruiting team and are planning on hiring new candidates for different departments of your company, you need to know about the top recruiting metrics that are in trend.

What are recruiting metrics?

Recruiting metrics, also known as staffing metrics, are the complete set of points that recruiters need to track, manage, and optimize for the hiring process. In simple words, recruiting metrics are used to monitor and keep track of the hiring success and the process of hiring for a specific organization. Recruiting metrics can help the recruiting team understand whether they are hiring the right people in the right way.

In this article, we will discuss about the top ten hiring metrics that every recruiter should focus on. There are more than a dozen different recruiting metrics. Still, we will only discuss the most popular and helpful ones in this post.

If you are new to the recruiting team and are planning on hiring new candidates for different departments of your company, you need to know about the top recruiting metrics that are in trend.

What are recruiting metrics?

In this article, we will discuss about the top ten hiring metrics that every recruiter should focus on. There are more than a dozen different recruiting metrics. Still, in this post, we will only discuss the most popular and helpful ones.

Ten recruiting metrics hiring managers should know about!

Considering these metrics in the hiring process would help you get the best team for sure! Let us dig into the details of these metrics.

Application Completion Rate

You can easily understand how smooth your hiring process is by tracking the application completion rate.

Some organizations prefer candidates to complete a form to understand how relevant the candidate is for the job position, but not all job seekers are interested in filling out Google forms when applying for a job. Rather they are simply interested in dropping their visual CVs in your inbox. So if you are worried that your application completion rate is low, you can easily boost it by accepting drop-in applications and resumes. Drop-in resumes are trending these days because applicants today have the ease of creating attractive resumes with the help of a resume builder. These online CV makers help candidates create resumes. Still, they also help them share their applications/resumes on different job listing platforms. In short, these modern resume builders play an important role in connecting seekers with recruiters.

Another factor that might be leading to incomplete applications, is the need to repetitively fill in the same information from resumes time and again. The Skillate resume parser auto-fills the application forms on your career page to make the process faster and easier for the candidates.

Like all other recruitment metrics in this list, this one is also considered helpul and crucifocusingr. You can easily understand how smooth your hiring process is by tracking the application completion rate.

Time to Hire the Candidate

Often confused together, the time to hire is different from the time to fill. Time to fill refers to the time a recruiter takes to fill an empty position in the company. In contrast, the time to hire is the time your recruiting team would take to hire a candidate. The hiring process consists of different stages. This includes receiving the resume or job application from the candidate, detailed analysis of the resume, comparison with other resumes received, calling for the interview, and of course, final hiring.

Different companies take different amounts of time to hire. This time is dependent on the recruitment process of the team. Suppose you are the only person responsible for the hiring process. In that case, you might recruit a candidate in less than a day. Still, if you have a complete channel through which a candidate's resume has to go through, then it can take a couple of days to a week to hire a new candidate.

Using a cutting-edge ATS that can take care of the end-to-end hiring process might be a great way for most enterprises to significantly cut down the time to hire.

Source of Hire

This metric can help you find out the sources from where you are getting the most job applications. You can easily post your open roles on these platforms if you know about the sources where most job seekers drop their resumes and applications. You can always use the same sources to find the most relevant candidates. Posting jobs on the right sources would help recruiters save a lot of time and cost!

Today, hiring managers are inclined to post job ads on social media platforms and paid advertising channels. Job seekers are active the most. Today candidates are using creative resume templates to create attractive resumes which help them pass the recruitment process.

Cost Per Hire

This metric refers to the amount of money you have spent hiring optimize to fill out a specific position. You have to consider both the internal and external resume matching and be consumed to fill out the job.

To calculate the cost per hire, You have to add the total internal and external c and divide the sum by the total number of hires during a specific time. The answer would be equal to the product offering total cost per hire.

Cost per hire = Total internal cost + total external cost / Number of employees hired during a particular period!

Here, total internal cost refers to the internal expenses incurred by the organization for hiring an employee. This would include a referral bonus, infrastructure, space rental if you need it, and of course the salary of the recruitment team.

External cost is what you have paid to external vendors and platforms to advertise your open job positions. In some cases, this cost can increase if you have to pay a recruitment agency fee, job fairs, and any signing bonuses.

Time to fill

Time to fill is the most commonly used and helpful hiring metric. This refers to the total amount it takes for an employer to hire a new candidate. There are different ways you can measure time. The most commonly used is measuring the days between when you have published the advertisement for the job and the day you have hired the candidate.

Time to fill in a very important metric that you need to consider, but before that, you should know that supply and demand in the market is the most influential factor on this metric. The number of days to hire a candidate depends on the number of people applying for the job and how quickly your team operates when it receives job applications.

Time to fill is essential because it gives the hiring manager and the team an idea of how long it would take to fill or replace a position in the team. The Skillate recruitment dashboard provides hiring managers with data-backed insights and analytics of the recruitment process. It gives you an in-depth analysis of your own hiring trends and provides you with analytics based on location, experience, education, past companies, and skills.

Diversity and Relevancy of Candidates Applying

Diversification in the hiring process is getting common these days. In fact, in some industries, this metric is considered an essential part of the hiring process. Diversity recruitment helps you in sourcing the top talent for your company.

If you want to get diverse applications, you need to make sure that you post your open positions on multiple diverse platforms like social media. You also have to monitor the data closely to see the candidates that are applying for the job. Open candidate surveys and hiring feedback can help you focus on the diversity of candidates. The more diversified your workplace would be, the more people are interested in working with your company. You have to ensure that you hire people from both genders, all colors, and don't discriminate against any candidate based on their demography!

Also, you need to ensure that you are attracting relevant candidates for a job post. If you have posted a job post for an electrician, you would not want resumes dropping in your pipeline related to candidates having experience in plumbing. So always ensure that you focus on highlighting relevant skills and experience required to fill the open position. Today, thanks to the resume maker, candidates are creating multiple resumes for different kinds of job posts, making it easier for recruiters to get relevant and job-specific resumes.

Skillate’s automated solutions minimize human bias in your recruitment process to ensure that candidates are hired only on the basis of their merit.

Candidates Applying per Opening

This is another important metric that tells the recruiting teams about the number of people for the job position you have listed on different platforms. This metric is very helpful as it tells the team how productive their job post has been in the employment market. If the job post you published didn't get much application or got you some unqualified candidates, then it is time that you take a step back and find out what's wrong in your post or with the platform. Sometimes changing the job description or the application criteria can help you attract more candidates towards the job post.

Whenever you post an open position in the employment market, you have to make sure that you know what kind of applicants you will find there. You have to ensure that the eligibility criteria are not too difficult for the candidates to apply.

Offer Acceptance Rate

The offer acceptance rate would tell you and your team whether there is room for improvement in your recruitment system or you have reached perfection. Those of you who don't know how to calculate the offer acceptance rate should simply know that the total number of job offers accepted divided by the total number of job positions against a specific time frame would give you the exact offer acceptance rate in your company.

If the offer acceptance rate is higher, it is a good sign that your company has a good employer brand in the market. Most candidates are interested in working with your company. But in case your offer acceptance rate is low, then it means that there are some flaws in the recruitment system. If you are getting tons of relevant and good quality applicants, but still, these candidates are not accepting your joining offers, you need to work on your flaws and take some corrective actions to grow this rate.

Relieving your recruitment team of mundane tasks, and allowing them to focus on valuable objectives like candidate experience would be a great way to increase the Offer Acceptance Rate.

Recruiter and Hiring Manager Happiness

Happiness matters a lot, and you don't have to be an expert to understand it. The recruiting process doesn't only revolve around the comfort space and happiness of the candidate but also around the satisfaction of the hiring team. As a recruiter, you must understand that you need to satisfy your team to make the recruitment process better.

The more you work on internally improving your team and communication in the hiring process, the more beneficial it would be for hiring new candidates. You have to consider what the hiring team thinks of your decisions and your hiring procedure. It would be best to get feedback from your team and welcome suggestions and constructive criticism, which can be favorable for the hiring process. As a recruiter, you should always be open to working forward for improvements with the help of your team.

For instance, if you like the old-school hiring process and are not interested in getting resumes built with online resume builder tools, you have to make sure that your team is on board with this opinion and plan of yours before you execute a job post. The more effectively you can communicate with your team members, the better your recruitments.

Attrition Rate

The attrition rate refers to the rate at which your company loses employees in a given period. Some companies also call this hiring metric the first-year attrition rate. You must understand that the attrition rate is a big recruitment concern. You might end up consuming a lot of your expenses in hiring the best candidate who would probably leave as the first year ends.

You have to consider the cost involved in hiring and replacing an employee before you start thinking about new ones. High attrition rates are common in companies that don't accurately communicate their expectations with their new employees. We have seen that lack of communication results in loss of employment as soon as the probation period ends. There are multiple reasons why a new employee might leave the company. The leading one is a lack of transparency in defining roles and responsibilities at recruitment. So this is an important metric that you and your recruitment team have to work on before taking new employees on board.

Conclusion

Hiring candidates for new job positions is better if you focus on data-driven recruiting and the metrics discussed above for you and your team. You must also know that the process and metrics related to recruitment keep on changing from time to time and according to the modern trends in the employment market.

Today, you can see different recruitment industry changes like resume scanning tools for short listing relevant CVs. So the only suggestion we would give you, in the end, is to consider all the recruitment metrics but keep yourself updated with the modern trend and changes so that you can update yourself and your team along with the process of hiring new candidates. The more you take help from modern technology and data-driven tools, the more valuable candidates you can find for your company.

Skillate is an advanced talent intelligence platform to make hiring easy, fast, and transparent. The product helps in optimizing the entire value chain of recruitment beginning from creating the job requisition, to resume matching, to candidate engagement. Skillate’s sophisticated AI engine goes much beyond a simple keyword search, to find the perfect fit. As a product offering, Skillate integrates seamlessly well with ATS platforms like SAP SuccessFactors, Oracle Taleo, and others. The best part is that any end to end recruitment platform (even homegrown systems) can also leverage the AI capability of Skillate within their own Platform.