Recruitment is an essential element of every business but how do you measure how effective your hiring is and what can you do to improve your quality of hire?
- A successful recruitment process going beyond just having an offer accepted
- You should be looking at all stages of your hiring process to measure how successful they are
- There a number of metrics you can track to measure and improve your hiring process
How To Measure Hiring Success
Hiring someone is not the only the measure of a successful recruitment drive. The real measure of success is how well the candidate performs in their role. This will tell you if the hire has been successful. So, can you measure and improve your quality of hire? Here are some of the ways you can better understand your recruitment quality.
1. Length of Process
Recruiters often find themselves in a position where they want to take their time to find the right hire but don’t want to miss out on great candidates by taking too long. You should have a clear target for how long you want to spend on the process and ensure you are tracking this to measure success. Look at the number of days between when an applicant first applies to when they accept an offer and look at ways of optimising this where possible.
2. Look at your source
You may well be advertising your roles on a number of sources so it is important to track where your best candidates are coming from and which are giving you the best success rate. This allows you to prioritise job sites that are delivering the most success. You can look at number of applications, number of applicants of interest etc to determine how successful each job site is.
3. Cost Per Hire
There can often be a number of costs that go into your hiring process. You may have advertising or recruitment agency fees but there is also the time managers spend looking at cv’s and interviewing candidates. You can break out your costs by channel to better understand where your budget is going and where you can cut down cost.
4. Retention Rate
Getting a great candidate in the door is one thing but keeping them there is a whole different issue. Looking at your retention rate of new hires helps you understand if you have hired the right people or if there are any issues with your onboarding process.
5. Rate of Acceptance
One way to look at your overall recruitment strategy effectiveness is to look at your acceptance rate. This may vary depending on the industry you are in but only by tracking this rate can you analyse reasons why people might not be accepting your job offer and making adjustments to improve this rate. Finding out why candidates did not accept your offer could be as simple as a quick phone call or even a survey via email.
If you are looking to attract the top talent, then ecruit can help you recruit top performers at a fraction of the cost of traditional agencies.
From writing optimised job descriptions, listing on the top job boards and managing your applicants, ecruit saves you time and money while recruiting the top candidates across your sector.
Book a 5 minute demo with our team to find out more.