Metrics Every HR Professional Should Track for Effective Recruitment Process

Have you ever wondered what sets successful businesses apart? They leverage data and metrics to analyze performance and frame strategies. One key method they use is tracking HR metrics. After all, human resources are a cornerstone of any company’s success. Carly Fiorina (Former CEO of HP) says, “The goal is to turn data into information and information into insight.” 

This article will help us understand the metrics HRs should track for effective and efficient recruitment. 

Time to Fill

HRs should track the time it takes to fill a position. Time to fill is usually calculated as the number of calendar days it takes to find and hire a new candidate from the day the job opening was posted. A shorter time to fill can reduce costs associated with unfilled positions and minimize disruptions to operations. Therefore, it is essential that recruiters keep track of their time to fill. 

Source of Hires

This metric helps you identify the channels that attract new hires to your organization. It's like a compass that guides you to the most effective recruiting channels. Some examples of these channels are job boards, your company’s career page, social media, and sourcing agencies. By doing so, you can analyze which channels are bringing you the most ROI and manage your costs accordingly. 

Selection Ratio

The selection ratio measures the number of hired candidates compared to the total number of applicants (Selection ratio = Number of hired candidates / Total number of candidates). This metric offers insights into the effectiveness of assessment and recruitment tools and helps estimate their utility. 

Candidate Retention Rate

The retention rate refers to the percentage of new employees who remain with the company for a specified period. For HRs, measuring and tracking the candidate retention rate is crucial. If the retention rate is less, then HRs need to change their recruitment strategy and enhance onboarding programs.

Candidate Experience

Measuring candidate experience is crucial in recruitment. It reflects how job seekers perceive your hiring process and is often measured using a candidate experience survey. Assess this experience at various recruitment stages, including feedback from both hired and unsuccessful candidates, for a comprehensive view. Measuring employee experience after they are hired is equally crucial as it helps gain valuable insights and improve employee retention strategies. 

Conclusion

An effective recruitment process is the need of the hour, and recruiters need to track metrics to improve their hiring processes. Basic metrics such as time to fill, source of hires, selection ratio, retention rate, and candidate experience are some of the crucial parameters that need to be checked. Effective recruitment is not about filling positions but bringing in individuals who will thrive and contribute to the company’s long-term success.