The 4 New Recruiting Metrics
12 open roles.
30 days to fill them.
0 candidates in the pipeline.
Yikes.
A feeling most in-house and agency recruiters are quite familiar with. There’s the responsibility of finding the best talent for the roles and your boss wants to know how to measure the success of the business’ recruiting team.
And the big question is: what metrics really matter?
1. Time-to-hire
The purpose of this metric isn’t to recruit faster. Especially if that compromises the quality of talent you hire. Why hire the people who only fill 80% of what you’re looking for when you know the 100% exists?
Why this metric matters: This gives you an idea of the average time it takes for a role to get filled, from the moment you begin your search to the day the offer comes back signed. Once you know the number, you can evaluate the recruitment process to see if anything needs changing to improve how long it takes to fill a role. Is the candidate waiting too long for an answer? Do you have a low number of applications coming in and need a sourcing strategy? Is your employer brand strong? Is your business taking too long to make a hiring decision?
2. Offer-to-acceptance ratio
How do you measure candidate experience?
Well, how many unicorn candidates accept your job offers?
Why this metric matters: We live in the day and age where it’s the candidate’s game. We’re looking for unicorn talent; when we find it, the unicorns know they have other options.
If your offer-to-acceptance ratio is low, look into why candidates aren’t accepting your offer. Is it the salary? The role? The experience they had as a candidate?
Remember, they’re comparing every step of your recruiting process with every other business they're in talks with.
3. Rate of promotions
Promotions and how employees are rewarded and recognized vary based on an organization’s values. But the growth of your employees is one way to measure the quality of the talent you’re hiring.
Why this metric matters: As recruiters, your job isn’t done once you’ve filled a role. The real success is seeing the performance and growth of the talent you bring on board. Were they let go or did they voluntarily leave within the first 6 months of the job? Do their managers rave about them and invest in their growth and development?
4. Retention Rate
In addition to calculating your turnover, how many people stay at your company year over year?
Why this metric matters: It’s important to be present to the number of high performers who choose to stay because they enjoy their experience at your company. If this number is low, look into why. Do they have career trajectories at the company? Is their performance strong? If it’s not, are they receiving constructive feedback to help them improve?
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The game of recruiting is changing. It’s not just about filling people into seats as fast as you can. It’s about pairing a human and company together to create a partnership. And if you need help finding that partnership, we’re here for you. Send us a note and let’s make it happen!
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Shoutout to Namely for putting together a great guide for overall HR metrics and giving us some great inspo!