Key Recruitment Metrics You May Not Be Tracking
KEY PERFORMANCE INDICATORS (KPIs) IN THE RECRUITMENT PROCESS CAN OFFER VALUABLE INSIGHTS INTO WHAT’S WORKING WELL AND WHAT’S LACKING IN YOUR HIRING PROCESS.
Recruitment KPIs are the foundation on which hiring analytics can be conducted. The recruitment process can be optimised with recruitment metrics – but which ones should you be tracking?
Whether you want to increase your applications, gain insights into your application process or make the candidate experience better, KPIs can provide pinpoint accuracy to aid your recruiting process. But before reports and data can be analysed and tangible actions implemented, choosing the right key performance indicators is essential.
What are KPIs?
KPI stands for key performance indicators. These are metrics of your choosing which you can use to increase the efficiency of your application process. KPIs can help you understand:
- How long does the recruitment process take?
- How successful are your candidate placements?
- How much money are you spending on recruitment?
- How many people are applying?
- How efficient is your hiring process?
KPIs That Might Be Missing from Your Recruitment Strategy
Time to Hire
Time to Hire is usually tracked in HR departments, yet the insights that it can glean is often overlooked. Offering realistic hiring timescales for your managers will help keep day-to-day business running whilst the vacancy is being filled. Your Time to Hire metrics can also be used to pull analytics when compared with other KPIs such as attrition and turnover rates.
Hireserve can help shorten this time to fill by using Smart Talent Search tools to speed up the hiring process. Finding the right candidate for tough roles becomes easier when you can streamline your shortlisting, candidate screenings and candidate communications.
Source of Hire
Tracking your Source of Hire ensures that you look in the right places for candidates. With Hireserve’s visual data and reporting, analysing this data is simple.
Evaluating the various channels, job boards and agencies potential candidates are viewing your vacancy from enables you to see which are most effective and provide better ROIs. Analyse your expenditure of each channel vs. the Source of Hire to discern which channel is the most efficient.
You may also be interested in finding the best free job posting sites to advertise your vacancies.
Application Completion Rate
The frequency of which a potential candidate fails to complete a job application from a job board is a piece of data that the HR sector can analyse to find out whether there are teething issues with your application process.
With help from Hireserves Applicant Tracking System (ATS), you can automate the recruitment process and gain valuable insights into the status of your candidates’ application. This can help you to understand if there are parts of your application which cause confusion, are irrelevant or are long winded, leading to a lower employee engagement with the application process.
Hiring Manager Satisfaction
Another recruitment metric measure of how successful your recruitment of new employees is your hiring manager satisfaction. When your talent intelligence pays off, your hiring managers can report back with how satisfied they are in relation to the new employee’s performance.
Using a numeric system, your hiring manager can report whether they are satisfied, dissatisfied or happy with a new hire’s performance. HR can then gauge whether your talent acquisition efforts are paying off.
Hireserve makes this internal communication within HR and recruitment as easy as possible, with a dedicated Hiring Manager Portal. To optimise your Hiring managers skill, it is essential they have a streamlined, intuitive and an all-in-one platform from which to oversee the recruitment process.
First Year Attrition Rate
When a new hire leaves their job role or their contract is terminated within the first year, it means that something has gone wrong within the hiring or onboarding process. Often, it means that either the job position did not match the candidate’s understanding of the role, or the new hire was not the right fit for the company or the team they are in.
Analysing data from attrition rates can help you understand whether there are mistakes being made within the candidate screening process. Hireserve offers a thorough candidate screening tool which sifts through large volumes of applications, reaching a wider range of talent.
Analytics of candidate profiles can offer valuable insights into your candidate diversity within your talent pool and your business. Ensuring that you are creating a fair, equal and balanced work environment through having a varied talent pool and workforce is one way to promote a broad range of skills, experiences, and perspectives.
Directing your potential candidates to a bespoke candidate portal and career page can help attract and engage the top talent. A bespoke careers site enables you to promote what it is like to work for your business, staff benefits and offer employee case studies, alongside open positions so the applicant has easy access to all the information needed in one place.
Time to Promotion
This KPI is a great indicator of whether your talent team is doing something right. Your HR team’s recruitment strategy is successful if the time to promote is short. It means that your talent team has identified a suitable candidate who is thriving in the workplace, professionally and socially.
It also indicates that your internal training processes are on track. Not only this, but your team can also share with potential candidates that there is excellent employee retention and career progression within your company.
Data Driven Reporting
With Hireserve, you can access in depth insights into various key HR metrics and KPIs with their data and reporting tool. Building your own reports, you can pull data specifically from the data sets you want to explore.
With visualisations making reports easy to read and digest, you can get easily accessible insights so that you can see what your recruitment team is doing right and what could be optimised.
Finding qualified candidates is becoming increasingly data-driven and in order to keep up with the changes occurring within HR, it is essential to utilise Hireserve’s recruitment analytics to recruit future candidates.
Request a demo for more information about how Hireserve can boost your reporting and data analytics to optimise your hiring strategy.