Filling up vacancies requires plenty of time and money. That is why companies make it a point to gather data and calculate recruitment metrics to determine which hiring strategy is best for them. Measuring these metrics shows how well you are performing and where you stand, especially when making essential or challenging hires.
Depending on the company, they might keep track of different recruitment metrics. Some of the metrics a company might collect are applications per hire, time to hire, cost per hire, retention, and quality of hire.
Here are some of the essential metrics companies should take note. Make sure you apply the knowledge you learned the next time you hire at JobsDB.
The source of hire
Hiring managers have to use various sources such as social media and job boards to find their perfect candidate. It is vital to track which source attracts most talents and which do not produce any result. Focus on the sources that generate better results so you can reduce cost and save time.
The cost per hire
Did you know that your company can lose as much as $50,000 when a hiring mistake happens?
Cost per hire is measured by the time you invested when recruiting and expenses incurred divided by the number of hires in a given time frame. Analyzing data on your cost of hire is crucial to evaluate the success of your recruitment campaign and to identify areas you can improve.
The number of interviews conducted per hire
This recruitment metric is indicative of the hirer’s ability to align the organization’s goal and a position’s requirement. An ideal number of interviews is four to five once a candidate is shortlisted.
It could be a sign of poor collaboration between the recruiting team and the company if the number of interviews needed for every hire is always high.
The quality of hire
Hiring managers take the quality of hire very seriously as it measures how well the recruiting process chooses the right candidate. The top three ways of quality hire are measured by retention, the time taken to fill a position and hiring satisfaction.
The candidate experience
Communication and response time play crucial roles in the candidate experience. More than 80% of candidates state that a single negative experience can change their mind even at the last minute.
Ensuring a positive candidate experience means a higher chance of hiring. Updating candidates with their progress is the best way to keep them engaged so they will not turn to other companies.
Recruitment metrics are essential to keep track for the sake of a company. An organization will never understand what is right or wrong about their hiring strategies, and suffer loses if they do not accurately measure their recruitment metrics.
Make sure to calculate these metrics accurately to ensure a successful hire. Get on to https://hk.jobsdb.com/hk/en/home/employerindex and start your recruitment now!