SMB recruiting is an important activity because good hires help small businesses grow faster. In this article at LinkedIn, find out the twelve metrics to make SMB recruiting better and more efficient.
Metrics from SMB Recruiting
The fact that you have grown from a startup to a full-scale business is a big deal. Here are the twelve metrics to make your SMB recruiting effort a success:
Rate of Application Completion
If your application is lengthy, unstructured, intrusive, or technical, the candidates will not complete nor submit it. Formula: No. of Submitted Applications/ Total No. of Applications
Rate of Candidate Calls
The more callbacks you get from candidates, the better your SMB recruiting process is.
Formula: No. of Candidate Call Back/ Total No. of Candidates You Asked to Call Back
How Many Candidates Per Hire?
How many candidates have you interviewed before hiring someone? An excellent recruiting process saves management bandwidth. It ensures that the recruiting team and manager goals are the same.
What Is Your Cost Per Hire?
It finds out the total cost of getting a person on board.
Formula: (Total Internal Costs + Total External Costs)/ Total No. of Hires
No. of Employee Referrals
Companies encourage employee referrals because it speeds up the SMB recruiting process and reduces turnovers. Select a period and calculate the number of candidates your employees recommended.
Rate of Jobs Filled by Your Hires
You should be able to fill the required positions within a reasonable amount of time.
Formula: Total No. of Jobs Filled/ Total No. of Jobs Assigned
Analyze the Quality of Hire
SMB recruiting should make quality hires to meet the demands of the market.
Formula: (Job Performance Score + Ramp-up Time Score + Engagement Score + Cultural Fit Score)/ No. of Factors of Indicators
Rate of Retention
While hiring is essential, retaining high performers is a must.
Formula: No. of Individual Employees Who Remained Employed for Entire Measurement Period/ Total No. of Employees at Start of Measurement Period
Rate of Satisfaction
Are the HR team and candidates happy with your SMB recruiting process? Run a survey, make them score between 1 to 100. Accumulate all the surveys to get an average.
Efficacy of Your Sourcing Channel
To attract candidates for the interview, you must have proper channels to reach out to them. For instance, job platforms, recruitment posters, tools, social media platforms, etc.
How much time did you take to hire for a job post? Consider the day you got the job requirements as the first day of the timeframe. You can mark an end date when you post the job online, or someone accepts the offer, or the new hire joins the post.
Rate of Turnover
When employees leave the job or managers fire them, the turnover rate increases.
Formula: No. of Employees Who Turned Over During the Measurement Period/ Total No. of Employees During the Same Measurement Period
To view the original article in full, click on the following link: https://business.linkedin.com/content/dam/me/business/en-us/talent-solutions/resources/pdfs/cheatsheet-recruiting-metrics-for-smbs_v2.pdf