Identifying the right employees for your company is key to success. Because of this, it is essential to keep track of hiring data and learn how to use it to your advantage. Below are the top hiring metrics that companies should be monitoring for success.
Your time to hire metric is an important piece of data that can give you insights into your recruitment process as a whole. This gives you the average number of days it takes for a candidate to go from applying to a position to accepting an offer with your company. Time to hire is a key metric for incoming employees as well. When you have a low time to hire, it shows the candidate you are truly interested in them working with you.
Knowing your time-to-hire average can also help you identify things you can improve upon in your hiring process. For example, many companies may bottleneck the hiring process by handing the candidate off to multiple people in the company. Removing some of these bottlenecks can help make the process more efficient.
While your time to hire metric focuses on how efficient your current internal processes are, the interview yield ratio is more outward-focused. This gives you a percentage of candidates who were recruited and moved forward to the interview stage. Many companies use various sources for obtaining potential candidates. The interview yield ratio can give you a good idea of where the top talent stems from and focus on obtaining applicants from those sources.
Another great outward-facing metric to keep a close eye on is your application completion rate. This will give you some insight into the applicant’s journey of interacting with your organization. If the company’s overall completion rate is low, you can examine your application process and identify the problem. For instance, you may go onto your website and realize there is a glitch preventing people from completing the application. You may also discover many people are dropping off at a certain point, like a long-winded quiz. Overall, the application completion rate can help you get insight into the process and what you can do to improve it for incoming candidates.
Hiring new employees is expensive and time-consuming. Cost per hire is a good metric to look at when you want to know how your recruiting efforts are paying off. This data gives you an idea of how much of your company’s budget is being used on recruiting, employing, and training new hires. Then you can adjust your process as needed to fit your budget better.
More diverse companies tend to be more successful. So, having some data to look at about your organization’s hiring diversity is essential. While there is no numerical way to track this metric, you should implement diversity policies in your hiring process. Having a more diverse workplace creates a more productive and happy environment for your team.
Last, but not least, you should closely monitor your offer acceptance rates. If you have a large number of candidates go through the interview process, receive offers, and turn them down, you may not be offering a competitive employment package. Salary compensation is also another key player in acceptance rates.
Employing the help of a staffing agency can help you keep your hiring metrics on track. Contact Joynus to see how our team of professionals can assist you.