Got Talent? 7 Metrics to Improve Hiring and Recruiting

, ,
7 Metrics to Improve Hiring and Recruiting

Metrics provide important clues that can lead to improvements; measuring performance in talent acquisition activities is no exception. Here are some of the key metrics that can help you improve hiring and recruiting outcomes.

Improve Hiring by Understanding the Key Metrics for Talent Acquisition

No matter the size of your organization, chances are you have room to improve hiring and recruiting outcomes. Keeping track of these metrics can help you identify areas where you can do better when it comes to talent acquisition.

7 key metrics that improve hiring and talent acquisition

From time to time every business finds it challenging to fill a particular job opening or finds that it hired a sub-par candidate, and wonders what went wrong. In our highly competitive economy, it’s more important than ever that your recruiting process yields highly talented candidates and helps you narrow the field to find those individuals best for your business.

Here are some of the key metrics you should be tracking as part of your organization’s talent acquisition strategy, in order to improve hiring processes and attract staff who can help you grow your business.

7 Key Metrics to Track to Improve Hiring and Recruiting Outcomes

Average Time to Fill

How long – on average – do positions remain open once you have begun recruiting candidates? Time to fill could be negatively impacted by many factors, such as poorly written job postings, an unappealing list of job duties, below average starting salary or even failing to include information for candidates about why your business is a great place to work.

Average time to fill can be tracked overall but should be broken down by department and job title in order to identify the specific jobs or job postings which may be under-appealing to qualified candidates.

Qualified Applicant Sources

Where do your best applicants come from? You might be able to eliminate unnecessary advertising costs by placing job postings on fewer sites or placing specific job postings only on the particular site/s from which the most qualified candidates are emerging.

Number of Applications or Resumes Submitted by Qualified Applicants

If you are not getting enough candidates for openings which are qualified (neither particularly under nor over-qualified), it could be another indication that the job posting is poorly written or poorly placed, or it could be an indication that the job itself needs to be enhanced or simplified in terms major responsibilities, salary range, etc.

Cost per Applicant, Cost per Vacancy, and Cost per Filled Position

It’s normal to expect that positions which bear greater levels of responsibility and are at a higher pay grade may require a larger investment when it comes to recruiting and hiring costs. If these costs per unit rise significantly, it might be an indication that job postings are not placed optimally or job postings need to be improved.

New Hire Satisfaction Ratings

Candidates are customers too! New employees can provide you with valuable feedback about what they did and did not like about the hiring process, where they found your job listing, what factors persuaded them to apply and why they decided to accept your offer.

Candidate Behaviors

Do you have many interview no-shows or cancellations? Candidates that turn down your organization’s job offers? Candidate dissatisfaction and disinterest could point to problems in how your brand is being presented online (assuming that candidates may be researching your organization before coming in to an interview) or may also be indicative of a poor impression being made by someone within your organization – such as one of the interviewers, human resources or someone else who impacts the candidate during the application and interview process.

Employee Churn

While not precisely a talent acquisition metric, measuring and analyzing employee churn can be invaluable in helping you determine where you may be choosing candidates that are not right for the job or even where department leaders or a negative unit dynamic might be driving good hires away.

New hire failure rate is an important part of employee churn. If you have a particular job or department where newbies seem more likely to fail, it’s definitely time to find out why!

***

We help our clients find the best staffing factoring companies with fees as low as 1%, advances up to 98%, free same day funding on advances and no application fees, hidden fees or long term contracts. Get a free, no-risk quote:

Get a Staffing Factoring or Payroll Funding Quote

  • This field is for validation purposes and should be left unchanged.

 

 

1 reply

Trackbacks & Pingbacks

  1. […] You might also like: 7 Metrics to Improve Recruiting and Hiring in Your Organization […]

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply