One of the biggest challenges facing many companies is finding and retaining top talent. But how do you know your current recruitment process is effective? Recruiters are equipped with an abundance of data providing talent acquisition with the power to evaluate their process to make informed decisions about that process moving forward. There certainly is no one-size-fits all solution in measuring the hiring process, but here are a few places to start.
Uncovering Valuable Sources
In order to find top talent, you need to know where to look for it. There are various avenues a recruiter may use in order to source candidates: job boards, social media, hiring apps and even referrals. Tracking and analyzing candidate data gives you a clear indication where your talent is coming from. This information not only can help in future searches, but can help determine the greatest return on investment.
Time to Fill
Time to fill is the number of days between the start of the recruitment process and the candidate’s acceptance of an offer. SHRM’s (Society for Human Resources Management) latest survey shows the average time to fill at 41 days. This metric can help identify a problem in the recruiting process. A quicker time to fill decreases cost of vacancy of the position and decreases cost to fill since recruiters are spending less time and resources on one position.
Interview to Hire Ratio
This metric shows the percentage of candidates submitted by the recruiter that is ultimately hired. If 10 candidates are interviewed and one is hired, the ratio is 10:1. Evaluating this metric can show how well you are screening and sourcing candidates. A strong interview to hire ratio (3:1 is a good ratio) portrays an overall hiring efficiency.
These are just three examples of several KPIs a company can measure to evaluate the hiring process. Tracking these types of metrics help companies understand where to allocate their recruiting budget to bring the highest return on business and to consistently attract and hire the best talent.