There are thousands of recruitment metrics out there. In 2015, Rob McIntosh of ERE Media collated nineteen metrics while John Sullivan from the same firm came up with just six two months later. The disparity is huge, and the industry is still in a flux. Jon-Mark Sable talks about 8 metrics that will help you track recruitment processes in 2018.
The 8 Essential Metrics for 2018
All know the benefits they derive out of measuring departmental performance. However, the functional contribution of metrics varies from company to company. This year, consider these 8 metrics to measure your recruitment processes and experience the resultant improvements.
1. Time Taken to Close a Position
Time to Fill is the hours you are dedicating to finding out a prospective resource and closing a position. If you hire within in a week, you have more chances of getting the best.
2. Hours Taken by the Candidate for Each Process
Candidates go through several screening processes like telephonic interviews, document submission and verification, and HR and departmental interviews. Time in Workflow Step counts the hours resources are spending in each of these steps.
3. Hiring Loyal Candidates
To get the result for Quality of Hire, add the percentage of eligible recruits submitted by you with the percentage of employees that are still working. Once done, divide the sum by two. The result stresses on getting loyal talents rather than more candidates. Recruitment costs money and time, so it is crucial for the stakeholders too.
4. Candidates That Got Hired
To get Submittal to Business Acceptance Percentage (SBA), divide the number of resources you submitted by the number of candidates that got hired by the company. A high SBA means your screening processes are effective.
5. Resources That Took the Offer
To get the percentage of Offer Acceptance Rate, just divide the number of resources you offered jobs to by the number of candidates that took them. If this rate is low, get candidate feedback where you are going wrong.
6. Candidates Who Left It Midway
Application Drop Off Rate is simply the percentage of prospective employees that left the interview process midway. The reasons behind the dropout might be your problematic job portal or the amount of information you demand from them.
7. Satisfaction with Hiring Process
Net Promoter Score (NPS) is used to understand consumer satisfaction. It can be utilized to find out candidates’ satisfaction level with the hiring process. This is necessary as today’s resources will use their social media presence to vent out frustration. Virgin Media lost approximately US $5 million worth of revenue as they found out from a survey that 18 percent of candidates were customers.
8. Required Fund to Fulfill Recruitment
Cost to Acquire measures the money spent in the hiring process. This impacts the budget of smaller businesses especially. This mostly depends on the above-mentioned metrics.
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