The standard set of measurements that are used to track hiring success and optimize the process along the way is known as Recruitment Metrics. There are several recruitment metrics that an employer needs to consider for predicting the hiring outcomes and taking necessary improvement steps such as:
- Time to Fill (TTF): (Date the position is filled - Date the job requisition is opened)
- Why measure: It indicates how quickly a position is filled, helping to evaluate the efficiency of the recruitment process.
- Cost per Hire (CPH): (Total recruiting costs / Total number of hires)
- It provides insights into the financial efficiency of the hiring process, helping manage recruitment budgets effectively.
- Quality of Hire (QoH): (Performance appraisal scores, productivity metrics, etc.)
- It assesses the effectiveness of the recruitment process by evaluating the success and performance of hires over time.
- Offer Acceptance Rate: (Number of accepted offers / Number of offers made) * 100
- It helps gauge the attractiveness of job offers and the alignment between candidate expectations and what the organization provides.
- Source of Hire: (Number of hires from a specific source / Total number of hires) * 100
- It identifies the most effective channels for finding and attracting qualified candidates, optimizing recruitment strategies.
- Retention Rate: ((Number of employees who stayed - Number of employees at the start of the period) / Number of employees at the start of the period) * 100
- It assesses the ability of the organization to retain employees, reflecting on the effectiveness of recruitment and onboarding processes.
- Applicant-to-Interview Ratio: (Number of applicants / Number of candidates interviewed)
- It helps evaluate the efficiency of screening processes and the ability to attract qualified candidates.
- Interview-to-Offer Ratio: (Number of interviews conducted / Number of job offers extended)
- It assesses the effectiveness of the interview process and can highlight potential issues in the final stages of recruitment.
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