Recruiting is a critical function for any organization as it is responsible for bringing in the right talent to help the company achieve its goals. Full-cycle recruiting is the entire process of recruiting, from sourcing candidates to onboarding them.
For recruiters to be successful in their roles, it is important to measure their success by tracking key metrics and KPIs.
In this blog post, we will discuss the key metrics and KPIs that recruiters should track to measure their success in full-cycle recruiting.
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Full-cycle recruiting is the process of recruiting candidates from the beginning to the end of the hiring process. It includes all the stages of recruitment, from sourcing potential candidates to onboarding them.
The process typically begins when a hiring manager identifies a need for a new employee and creates a job description. The recruiter then advertises the job opening on various platforms to attract potential candidates.
Once the applications start coming in, the recruiter screens the candidates to identify those who meet the requirements of the position. The recruiter then conducts interviews with the most qualified candidates to determine their fit for the position and the organization.
After the interview process, the recruiter selects the most qualified candidate and extends an offer. If the candidate accepts the offer, the onboarding process begins.
The onboarding process involves introducing the new employee to the organization and providing them with the necessary training and resources to succeed in their new role.
To be successful in full-cycle recruiting, recruiters need to have a deep understanding of the organization's needs and culture, as well as the ability to identify and attract top talent.
They need to be skilled at communicating with candidates and hiring managers, managing the recruitment process from start to finish, and working collaboratively with other members of the organization.
In summary, full-cycle recruiting is a comprehensive approach to recruitment that involves all stages of the hiring process, from sourcing candidates to onboarding them.
It requires recruiters to have a deep understanding of the organization's needs and culture, as well as the ability to identify and attract top talent.
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Time-to-fill is the amount of time it takes to fill a position from the time the job opening is posted to the time the candidate accepts the offer. This metric is important as it provides insight into how long it takes to fill a position and helps recruiters identify areas where they can improve the recruiting process.
A long time-to-fill can indicate that the recruiting process is too slow, while a short time-to-fill can indicate that the process is efficient.
Cost-per-hire is the total cost of hiring a new employee, including advertising, recruiting fees, and other expenses. This metric is important as it provides insight into the cost-effectiveness of the recruiting process.
A low cost-per-hire indicates that the recruiting process is cost-effective, while a high cost-per-hire can indicate that the process is inefficient.
Candidate experience is the overall experience a candidate has during the recruiting process, from the initial application to the final interview. This metric is important as it provides insight into how candidates perceive the recruiting process and the organization.
A positive candidate experience can help attract top talent, while a negative candidate experience can deter candidates from applying to the organization in the future.
Quality of hire is a metric that measures the performance of new hires. This metric is important as it provides insight into how effective the recruiting process is at bringing in top talent.
A high quality of hiring indicates that the recruiting process is effective at identifying and selecting top talent, while a low quality of hire can indicate that the recruiting process needs improvement.
Sourcing channel performance measures the effectiveness of different sourcing channels, such as job boards, social media, and employee referrals. This KPI is important as it provides insight into which sourcing channels are most effective at attracting top talent.
Tracking sourcing channel performance will allow recruiters can focus their efforts on the channels that provide the best results.
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Conversion rates measure the percentage of candidates who move from one stage of the recruiting process to the next. This KPI is important as it provides insight into the effectiveness of the recruiting process at each stage.
By tracking conversion rates, recruiters can identify areas where candidates are dropping out of the process and make improvements to keep them engaged.
Time-to-hire measures the amount of time it takes to hire a candidate from the time they are identified as a potential hire to the time they accept the offer. This KPI is important as it provides insight into the efficiency of the recruiting process.
According to research by LinkedIn from 2022, the average time-to-hire is 36 days. If it’s longer than that, one out of five candidates will bail. Tracking time-to-hire data will enable recruiters to identify areas where the process is taking too long and make improvements to increase the chances of wrapping things up faster than a month.
Diversity of hires measures the diversity of new hires, including gender, race, and ethnicity. This KPI is important as it provides insight into the effectiveness of the recruiting process in attracting and selecting a diverse pool of candidates. And keep in mind that 37% of employers have revealed that candidates are now expecting to learn about a company’s DEI efforts more than ever.
However, only about 10% of companies publish their DEI data. This could be due to the lack of ability to track and store important metrics in diversity hiring.
With the capability to track the diversity of hires, recruiters can identify areas where the recruiting process needs improvement to attract and select a more diverse pool of candidates.
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Implementing processes for continuous improvement can help recruiters identify areas where the recruiting process needs improvement and make ongoing improvements to ensure that the process is as efficient and effective as possible.
Recruiting technology has advanced significantly in recent years, and recruiters can now leverage technology to track key metrics and KPIs.
One of the most important tools for tracking metrics and KPIs is an applicant tracking system (ATS). An ATS allows recruiters to track candidates through every stage of the recruiting process, from sourcing to onboarding.
By using an ATS, recruiters can easily track metrics such as time-to-fill and conversion rates, as well as KPIs such as sourcing channel performance and diversity of hires.
Another tool that recruiters can use to track key metrics is a recruitment marketing platform. These platforms allow recruiters to create targeted campaigns to attract top talent, track the effectiveness of these campaigns, and measure the ROI of their recruiting efforts.
Recruiters can also use data analytics tools to analyze data from their recruiting efforts and identify trends and insights that can help them make informed decisions about their recruiting strategy.
In summary, leveraging recruiting technology is essential for tracking key metrics and KPIs in full-cycle recruiting. By using tools such as an ATS, recruitment marketing platform, and data analytics tools, recruiters can gain valuable insights into the effectiveness of their recruiting efforts and make improvements to ensure that they are attracting and selecting the best talent for their organization.
With all of the ATS systems available on the market today, Manatal is the one you should take a look at. Why? Well, not only does this AI-driven ATS can streamline the recruitment process from end-to-end, but it also comes with a Reports & Analytics feature that will help you ensure stronger KPIs.
How? Let’s begin with Manatal’s candidates report. Within a few clicks, you will be able to access candidates' data by source, from your recruiting team and your career page to employee referrals, etc. Tracking the number of candidates sorted by different types of channels over time can also be done in a heartbeat.
At the same time, its hiring performance report will grant you the ability to track the total number of placements or hires made during a given period of time.
Moreover, Manatal’s leaderboard report enables you to track the performance of each team member in the recruitment process from end to end. You can easily see a specific member of your team who may not do well in specific stages of the pipeline.
Wait. There’s more. Manatal also provides sales users with full visibility of the sales performance throughout the customer relationship management pipeline.
LEARN MORE: Explore Manatal’s Reports & Analytics feature
Full-cycle recruiting is a critical function for any organization, and measuring success in this function is important to identify areas for improvement and ensure that the organization is attracting and selecting the best talent.
By tracking key metrics and KPIs, recruiters can gain insight into the effectiveness of the recruiting process and make improvements to ensure that the organization is successful in achieving its goals.
Start a 14-day free trial with Manatal today and discover how its insightful reports and analytics can help improve your next recruitment strategy within a few clicks.