The business landscape is composed of people, and recruitment is an essential factor in bringing people to the organization. And recruitment goes on at every stage of the business sphere, and it is the duty of hiring managers to find and hire professional and qualified people. This is because business success relies heavily on the quality of work. Businesses can quickly manage their recruitment process, employee adaptation, brand reputation, sustainability, and more with recruitment metrics.
What are Recruitment Metrics?
Recruitment metrics refer to a type of HR statistics that shows how well the recruitment process is going. You can quickly evaluate the hiring process, identify bottlenecks, and develop a sound plan for further improvements with these measurements. Moreover, with in-house data, you can determine recruitment metrics very quickly. Additionally, you can apply these metrics at any stage of the recruitment. The metrics are divided into several groups and categories.
The recruitment teams use sourcing metrics for their employee search. Sourcing metrics help them understand where to post their vacancies to attract the best candidates.
Source of Hire:
The source of hire metric shows how many candidates each of your sourcing channels have brought. Moreover, you can make use of Google Analytics to track sources of hire.
Sourcing Channel Effectiveness:
The sourcing channel effectiveness metric counts the conversion rate of candidates per channel. This metric can help you figure out what hiring channels are most effective and beneficial. It is calculated as
Sourcing channel effectiveness = a Total number of candidates obtained from a channel/ Total number of successful candidates.
Sourcing Channel Cost:
Sourcing channel cost highlights the cost efficiency of each sourcing channel used to hire candidates. In simple words, it refers to the money a business has spent on advertising vacancies on these channels to attract skilled candidates. It is calculated as:
Source Channel Cost = Total Ad spent/ Total number of visitors.
Application Process Metrics
These metrics help organizations figure out how many candidates applied for jobs, how many competed, and ultimately what percentage of them accepted the job offer.
Applications Per Opening:
This metric highlights that how many people applied for the job. If this metric is high, this does not necessarily mean that you might have got quality candidates. On the other hand, it can signify a job description that is way too broad.
Interview to Hire Ratio:
This metric compares the number of job interviews conducted against the number of candidates who are hired.
Offer Acceptance Rate:
This metric determines the percentage of candidates who accepted the offer letter and agreed to join the company.
The selection metric demonstrates how competitive your job vacancies are. It can be calculated as:
Selection Ratio = a Total number of hired candidates/ All candidates.
Recruitment Effectiveness Metrics
These metrics determine the time and money invested in acquiring new employees.
Time to Fill:
The time to fill metric refers to the average duration required to prospect and hire a new employee.
Time to Hire:
Time to hire highlights the number of days between the first contact with the employee and the day they finally accepted the job offer.
Cost per Hire:
Cost per hire refers to the average cost that an organization spends on new hiring. The average cost per hire in the United States is $4100. However, while determining such metrics, you should also consider factors such as departments, sources of hire, position levels, etc.
This metric measures the total time needed by employees to reach their optimum productivity level (OPL). On average, it takes 28 days for employees to reach this level.
How to Enhance Recruitment Metrics with KloudLearn?
A Learning Management System assists you in managing your entire training process, from enrolling learners to assigning courses to analyze their training results. A suitable LMS is like a robust helper for HR teams as it saves you time and money and allows you to focus entirely on employee development.
KloudLearn is an impactful LMS that facilitates employee training across all stages of the employee development lifecycle. With its help, you can deliver effective enterprise training, create engaging training courses using a built-in and powerful course authoring tool. Furthermore, you can enhance your employee engagement via technologies like Gamification, Blended Learning, Social Learning, and more. You can also track the training progress made by your employees using pre-built reports and dashboards. You can also host online employee training with KloudLearn’s Zoom integration. Moreover, KloudLearn’s mobile application offers your employees a continuous learning experience.