Hiring the right talent is crucial to the future success of your business and measuring this metric will prevent you from making mistakes. The best way to improve your recruitment performance is by tracking every stage of your hiring pipeline that provides real-time insights into the talent acquisition process. Analytics provides actionable insights into the effectiveness of the hiring process by exactly capturing the time, effort and resources spent on the various aspects of the recruitment process. These metrics offer reliable data on which processes and procedures are working well and which ones are under-performing so that enhancements can be made where required. Here, we present a few key metrics that will keep you on the right track.
Time to Hire
This metric helps you evaluate how long a recruiter takes to fill a vacancy from the time a requisition was posted. While for some organizations this can take a few days, for others, filling a vacancy with the right fit may take months. Technically, the time to hire is the total number of days between posting a job requisition and bringing a candidate on-board. This metric points out the productivity of the recruiter and reflects the efficiency of the recruitment process. It helps you get to know when you are recruiting the right fit, your speed, and efficiency when you recruit the right talent and the existing hurdles in your hiring process.
Source of Hire
It has main implications on your job advertisement spend because it reveals you where the best talent is coming from. A recruitment system can exactly identify the most beneficial source of hire and also gives you helpful insights into where your job postings are being received best. Once you have the source reports generated by your recruitment system, you can take better sourcing decisions and discover maximum ROI sources for recruitment success.
Created Requisitions Vs Positions Filled
Every business needs to stay updated on the number of vacancies generated and the positions filled against every job vacancy. Top talent is grabbed pretty quickly, so if you take too long to fill vacancies your organization tends to lose out on the best talent. An automated system gives real-time access to candidate applications received for every posted job opening. With an HR system, recruiters can see the status of the hiring pipeline at every stage at-a-glance. Analyzing this report will also tell you the best time to advertise your job vacancies for better outcomes.
New Hire Retention Rate
Making sure that new hires stay and perform is crucial to stay ahead for any company. This is why retention rate is one of the most important metrics for measuring hiring success in a tight job market. You can measure the retention rate business-wide with a recruitment system and create a satisfying work environment that keeps top talent enthusiastic for longer.
An applicant tracking system that comes with robust reporting capabilities helps you stay on top of your recruitment process at every stage.