The eight hiring metrics that really matter..!!
Setting recruitment goals is about putting new tactics into practice and monitoring your progress in order to remain relevant in a cutthroat talent-driven environment. But in order to better understand your recruitment goals, it is imperative to closely monitor a few key criteria before defining a goal:
Applicant completion rate –
This metric measures the number of applicants who complete and submit a job application. It provides insights into how convenient or cumbersome a given application process is.
Applicants per hire –
This metric helps determine the average number of job applicants per job opportunity. It is simple, trackable, and measurable and tells volumes about how convincing a job description is and how compelling the employer’s brand is.
Time-to-fill –
This crucial recruiting metric helps determine how long it takes a company to fill a position once the opening has been made public. It speaks volumes about the efficiency of the recruitment process.
Cost of vacancy –
This metric can be considered a baseline metric for tracking the revenue lost due to an unfilled position. It can help employers set priorities for open positions based on the cost of vacancy of each role.
Cost per hire –
This metric identifies the expenses involved in hiring. In addition, it encompasses the overall cost of integrating new hires into the company.
Turnover rate –
This metric helps determine how many employees left an organization over a given period. Although employee turnover is a common phenomenon, a high turnover rate is alarming.
Offer acceptance rate –
This metric helps determine the percentage of applicants that accept a job offer. This metric can help employers uncover how appealing their job offers seem to candidates, which also determines the efficacy of their employer branding strategy.
Quality of hire –
This metric focuses on the value that newly hired candidates add to the organization’s culture and business. It helps employers understand what percentage of onboarded candidates have significantly contributed to the company and meshed well with their teammates.
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