In the modern business world, technology has had a strong impact on many different levels, including recruiting the best candidates to fit in positions. While talent seekers rely on innovative technologies to speed up the process, without looking at the statistics, one cannot fully understand and optimize recruiting performance.
This article will share some of the most frequently used recruiting metrics, so as to help you better evaluate your hiring experience and cope with the booming data-driven world.
Source of Hire
The first thing you need to know is how Source of Hire shows where your candidates come from. Are they most often referred by one of your employees? Do they see the job posting on your website career pages or social media? Knowing your source of initial contact can not only help you examine the value of your current recruiting channel, but it also provides a chance for you to find out the reasons why they leave instead of taking the job. It’s never too late to identify the crux of the issue and solve it.
In order to measure Source of hire, you need to define what your sources are. Collecting data through surveys for the new-hires and from your recruitment team is often-used by recruiters. Also, adopting a smooth applicant tracking system and issue a report for data analysis. For example, Manatal’s ATS provides smart sourcing tools for recruiters. Everything you need to know is shown clearly on the system. Also, Manatal ensures companies reliable security support. You can easily track your source of hire and thus re-adjust your recruiting strategy.
Time to Fill
From the moment one wanted position is publicized, to it is filled with a final candidate, this duration of time is called Time to Fill. It is another index that professionals look at when attempting to maximize efficiency. With the data gathered by these metrics, companies are able to organize recruiting time frames wisely. Candidates’ time and energy are saved leading to the ideal win-win situation. More importantly, companies that track down time-to-fill number are able to alter advertising techniques and thus, use the sourcing tools and ATS more accurately and efficiently.
Applicants per Hire
Applicants per Hire is the ratio of the number of applicants applying for a job to the number people hired for that job. For instance, you open up 2 manager positions and end up with 50 candidates, the applicant-per-hire ratio of it is 1 to 25. This metric is often seen as a reminder for companies to modify their recruiting marketing and branding strategies.
Companies willing to optimize their applicants-per-hire ratio usually look for recruitment management tools, like the applicant tracking system, as a solution to save time and effort. For example, by applying Manatal’s applicant tracking system, recruiters are able to give out a precise job description, thus attract adequate candidates. Meanwhile, it automatically sources out the best candidates. Also, using alternative tests and data-driven benchmarks is another way to monitor one company’s hiring process.
Certainly, there are more metrics for evaluating your recruiting performance, such as Cost per Hire, Candidate Experience, and so on. Used wisely, metrics will tell you things that you don’t see. It’s now time to embrace the joy that numbers bring to you.