To measure the effectiveness of your hiring strategy, you need more accurate recruiting metrics. This data is invaluable when you are assessing the workflows and budgets. With this data, you can certainly improve the hiring experience for your team and candidates, prove your value to your organization, and save your organization’s money. In this article at TechnologyAdvice, Jenna Puckett provides a comprehensive overview of how to optimize and measure the value of your recruiting process.
Important Recruiting Metrics and Ways to Measure Them
Source of Hire
This metric indicates where most of your candidates are coming from – professional networks, agencies, job boards, or employee referrals. Besides, you can also determine the number of applications coming from every source, how many candidates were shortlisted, joined, and selected. The data collected from this metric will help you maximize your efforts on high performing sources and shut down those that are not delivering desired results.
The conversion rate offers a direct comparison between the number of candidates who accepted the offer and those that have been offered a job. If your offer acceptance rate is lower, you must know that your job offer is not competitive. You must rethink your proposal in terms of perks or growth opportunities and salary to keep your candidates from considering your competitors. Additionally, consider offering flexible work timings, work from home options, and free food.
Are you offering a positive candidate experience throughout the recruitment process? Well, according to studies, 60% of candidates believe that timely communication during the application process has a positive impact on their minds, and more than 80% of candidates mentioned that a single negative experience makes them change their decision at the last minute. Make sure that candidates remain informed of their progress. This increases candidate satisfaction and keeps them from considering other opportunities. With these metrics in mind, you can go forth and truly make a mark. To read more about recruiting metrics, click on https://technologyadvice.com/blog/human-resources/recruiting-metrics-that-need-tracking/