E-Learning

An eLearning Guide to Improving Recruitment Metrics

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Recruitment Metrics

People make up businesses, recruitment metrics and recruitment are what get people into organizations. Hiring managers are the ones who find both frontline workers, qualified professionals, and senior executives at every level of the business sector. The quality of their job is extremely important to teams.

Teams may manage their hiring process and employee adaption, enhance their brand and corporate reputation, and assure team sustainability by using recruitment analytics. We’ll go over the most important recruitment metrics and how to evaluate them in this article. Furthermore, we’ll show you how to use a corporate LMS to improve recruitment.

What Are the Different Recruitment Metrics?

One type of HR indicator that demonstrates how well recruitment is progressing is recruitment metrics. These metrics can be used to evaluate the hiring process, identify potential roadblocks, and optimize hiring in your company. In-house data can be used to calculate recruitment metrics quickly. They’re used at every stage of the hiring process and can be categorized into numerous categories. We’ll go over each one individually and present you with the necessary solutions. Let’s get started.

Metrics for Sourcing

These indicators are used by staff recruitment teams for recruitment metrics. In order to post job openings effectively, they help determine where to post them.

Source of hire

The source of hire metric indicates how many candidates each of your sourcing (recruitment) channels has brought in. Job boards, recruiting firms, the company’s career portal, and employee referrals are examples of sourcing channels. You can use the analytics feature to track the sources of hire, which demonstrates what attracts job seekers.

Effectiveness of sourcing channels

This indicator shows which sourcing channel offers you the most likely and prospective prospects over a given time period. Alternatively, it measures conversion rates. These statistics can be used to determine which hiring methods are most efficient and beneficial. Employee referrals, for example, are effective, while job boards are not. Your new hires from those sites have a tendency to leave quickly. What’s going on here? Perhaps the job description is deceptive. You can try updating it and tracking the measure to see how it evolves.

Cost of sourcing channels

This measure represents the cost-effectiveness of a hiring channel. It refers to the money you spent on these sourcing channels to advertise.

Recruitment Metrics for Application Process

These indicators can be used to determine how prospects apply for employment, how many people compete for a job, and what percentage of them accept your offer.

The number of applications per opening

This measure reflects the popularity of a job by showing how many people apply for it. It doesn’t necessarily indicate you have a lot of suitable prospects if it’s high. It could indicate that your job description is too broad and needs to be revised. Comprehensive job descriptions will help with recruiting screening.

The ratio of interviews to hires

This ratio compares the number of job interviews conducted with the number of candidates that are eventually hired. It aids in evaluating a recruiter’s success in terms of new hire sourcing and screening.

The acceptance rate of offers

The percentage of candidates who accepted your employment offer is represented by this metric.

Offer acceptance rates can help you enhance your employment rules and investigate why they’re so low. What if you shifted the work schedule and increased the pay? Or should you speed up your offer in order to avoid losing talented prospects to competitors? The acceptance rate of job offers can be improved by making changes to the hiring process.

Ratio of selection

The selection ratio is a measure of how competitive your job openings are.

Recruitment Metrics Efficiency

These are the primary metrics used to evaluate the amount of effort and money spent on hiring new personnel.

The time for filling

This indicator measures the average time it takes to discover and hire a new employee to fill a job opening. The amount of days between posting a job and employing an applicant is used to calculate it. This measure is updated every quarter.

When counted and applied to a certain firm or job, it will become more significant. Filling frontline positions, for example, can take as little as a few days, whereas hiring a product owner for an IT firm could take much longer.

Time to hire

The number of days between the initial contact with the candidate and the day they accept the job offer is represented by this metric. The time to hire differs from the previous statistic in that it indicates how quickly your HR team recognizes the best candidate.

Effectiveness of the recruitment funnel

This measure is used to evaluate how things are going throughout the recruitment process. It’s also known as the ‘yield ratio,’ and it indicates how many candidates pass each step. Application, resume screening, phone screening, applicant evaluation tests, interviews, and job offers are common phases. A summary of recruitment performance and plain numbers can be presented to the board of directors based on this statistic.

Cost per hire

This is the average cost of a new recruit at your organization. What can you include in your recruitment costs list? Recruiter salary, employee referral bonuses, agency fees, travel and relocation, applicant tracking systems (ATS) and other software, as well as advertising and recruiting event expenditures, are all factors to consider.

 Quality of hire

This is the number of new employees who stay with the company for the first year and perform well. It reflects new hires’ devotion and the quality of their job. It also demonstrates the value of recruiting effort.

This statistic is complicated, and it may incorporate aspects that differ from one company to the next. When this percentage is high, it indicates strong productivity, low turnover, and, as a result, less money spent on ineffective personnel. If it’s low, it’s possible that recruiting teams are doing something incorrectly and missing out on the best candidates.

Job satisfaction among candidates

This number, also known as the applicant net promoter score, determines how satisfied a candidate is with a position and a firm. It reveals whether their expectations were satisfied and how they felt about the job.

90-day retention period

This indicator indicates how many new hires make it through their three-month trial term. It also interacts with an early turnover rate, which identifies persons who willingly leave new employment within the first 90 days. 90-day retention is a good sign of how well onboarding is going and how happy new hires are. If it isn’t, the problem could be due to misaligned expectations and a lack of flexibility.

First-year dropout

This graph depicts how many employees leave a company within their first year. It can be replaced with the new hire retention metric, which indicates how many employees choose to stay with a company. This measure is crucial to understand since high attrition suggests potential bottlenecks in onboarding, training, and operations.

Pre-boarding, induction, onboarding, and job-specific training can all have an impact on the quality of hire, applicant satisfaction, and retention metrics. Online training can help new hires adjust more quickly, reduce churn, and improve employee performance. A learning management system (LMS) can facilitate this process.

How to Use Kloudlearn LMS to Improve Recruitment Metrics

Learning management systems assist in managing the entire training process from storing resources to enrolling learners, assigning them courses, collecting training results, and more. The right LMS is like a reliable assistant for HR: it relieves you of boring, repetitive work and allows you to focus on employee development. It allows employees to fit training into their schedule by making online courses and tests so handy and accessible.

Kloudlearn is an online platform that may help employees get the training they need at every stage of their careers. You can use it to deliver knowledge to big groups of people and assess new hires in any role.

Automate your Onboarding Process with Kloudlearn

A good LMS not only keeps all of the necessary training resources in one place but also relieves the HR department of repetitive responsibilities and makes things easier. Take, for example, Kloudlearn to see how it works.

You only need to set up certain procedures once with Kloudlearn, and the LMS will take care of the rest. By creating rules, you can automatically generate groups of users and enroll them in courses. 

The system can also automate the re-enrollment process if you need to teach workers on a regular basis, such as to renew their abilities.

You don’t have to manually send notifications using Kloudlearn. They are automated and can even be used during live training sessions. With a single click, add a new event to the built-in calendar and set a reminder. The system will send notifications to all event participants. If the training time or venue changes, make the necessary changes, and the participants will be alerted in advance.

Kloudlearn collects and organizes all training data into easy-to-understand reports, and it automates the process. Instead of manually generating a report every two weeks, you can have the LMS send it to the board of directors by email. There should only be a few clicks needed.

If you use HR systems for recruitment, Kloudlearn integrates seamlessly. And it can automatically transfer all potential candidates or new hires.

To Sum Up

Your organization must recruit to bring in fresh blood and ideas. Recruitment metrics may help you understand how well you attract and retain new employees, as well as how prospects perceive your firm. Everything can be enhanced by paying close attention to new hire pre-boarding and onboarding. An LMS like Kloudlearn ensures that your new hires receive speedy course delivery on any device and have a positive training experience. Contact us today for a free trial!

 

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