In yesterday’s Advisor, we started to review some of the various metrics available to recruiters to assess recruiting effectiveness. Today we’re taking a look at a few more!
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Recruiting Metrics, Continued:
- Source quality. This metric aims to assess how many candidates—and how many qualified candidates—you’re receiving from any given recruiting source. For example, if a job is posted on multiple external job boards, there may be quite a bit of variance in terms of how many prospects each source provides. This is one aspect of the metric. The more important aspect, however, is to assess the quality of the candidates. If job board A provides 5 candidates, but none are qualified, it’s not as good as job board B providing 3 candidates who are all well-qualified. Pay attention to the number and quality of the candidates uncovered by various sources so you can assess which ones are worth the time and money.
- Offer acceptance ratio. If you’re finding roles difficult to fill, it may be beneficial to assess how many offers are made that are not accepted. This can help to understand whether there’s a disconnect in the salary and benefits package being offered to new hires or if there’s something deeper at play that is keeping the organization from finding the right talent. This can also directly impact your cost per hire, since having offers declined means you have to redo at least some (if not all) of the recruiting process with the next best candidate.
- Satisfaction rate. This metric can be used in a couple different ways. First, the organization can ask all employees (both new hires and existing employees) to rate their satisfaction levels. This is often done via employee engagement surveys and is a topic worthy of its own discussion, but it can provide insight into how well the organization is doing in terms of retaining people in the long term. Separately, the new-hire satisfaction rate can be assessed from the other side: the satisfaction of the hiring manager. Are the hiring managers satisfied with the new talent that has been brought on board recently? How do they feel about the hiring process and quality of talent that has joined the organization? Getting their input can be beneficial to improving the quality of hires in the future.
This is just a sampling of the many recruiting metrics available. Which ones do you use in your organization? What metrics are the most important to you?