The world of recruitment metrics can be overwhelming in terms of deciding which of the various metrics you should be paying attention to. If you were to track every metric that had been suggested to you by each of the various internet articles you would never get any actual recruiting done. So, here is a brief breakdown of the ones that are worth spending your time tracking in 2017.
1. Source of Hire
The majority of recruiters will source their potential candidates from multiple channels – search and matching platforms such as; SourceBreaker, CV databases, adverts or direct contact with passive candidates.
To be able to optimise selection of your current sourcing channels it is vital to be monitoring their return. Key areas to focus on include; how many candidates come from each, how qualified each of the applicants are, which sources added to your shortlist of candidates and where the successful candidate first discovered the vacancy.
2. Cost per hire
In order to track the return on investment of each candidate it’s important to take into account all of the associated costs. A lot of time and energy goes into sourcing the right candidates; creating eye-catching job adverts, scanning through numerous CV’s, scheduling/conducting interviews and ultimately deciding which applicants to hire.
Streamlining the recruitment process will help keep costs to a minimum. To achieve this you will need to figure out exactly what areas you’re spending out on and where it is/isn’t generating the best return. If you are spending a disproportionate amount of money, it’s up to you to determine where you can cut costs.
3. Time to fill
Monitoring how long it takes to fill each available role is another key metric to be tracking. This consists of the number of days from when you acquire a vacancy until the candidate offer is accepted.
It will give you a clear idea of how long you are spending on each process; designing job adverts/ sourcing, interviewing, shortlisting and finalising your candidate decision and how can you make it more efficient.
4. Open Vacancies vs Placements Filled
This metric should be measured alongside the time to fill ratio and can be based on either a monthly or a quarterly figure.
By tracking it closely you should have a clearer idea of how efficiently you are able to fill the open vacancies once they come in. If you notice it is taking longer than expected to fill certain roles then try and focus your attention on the roles that haven’t been filled and the possible reasons why.
Running an efficient recruiting process can be tricky, but by tracking key metrics you can easily improve your current one. For additional sourcing tips, feel free to subscribe to the SourceBreaker blog for weekly posts.