If you are a recruiter then you should be aware of recruiting metrics. These are various measurements or analytics which are used to track the hiring success of your recruitment team and optimize the recruitment process along with it for an organization. When correctly used, these analytics or metrics help in evaluating the recruitment process and whether or not the organization is hiring the right people for the right positions. Recruitment metrics will be estimations used to assess the recruitment procedure, track recruiting success and achievement, advance the employing procedure and decide if your organization is employing the correct individuals or not.
Recruiting metrics are measures used to monitor recruitment success and enhance the process of recruiting candidates for an association. When used properly, these indicators frameworks help to measure the recruiting procedure and whether or not the company is hiring the right people.
Application completion rate
This recruiting metric shows you how many individuals finish your application form. Low application completion rates mean that individuals quit their applications incomplete — maybe the application is too lengthy, is frustratingly tedious, or requests more personal details than applicants are comfortable sharing. It could also show some sort of technical issue. Inspect low application completion rates right away: Your entire hiring process is hindered until you do.
How to calculate application completion rate
Application completion rate = # of submitted applications / total # of applications started
The application completion rate is particularly intriguing for institutions with complicated online recruitment systems. Many major corporate firms need candidates to manually enter their entire CV in their procedures before they can apply for a job. Drop-out in this process is indicatory of problems in this process, e.g. web browser inconsistency with the application system, or a non-user-friendly interface. The application completion rate helps evaluate the success of your job application platform and method. It is based on the number of candidate interactions with your job application process and platform.
Why is the Application Completion rate important?
If you have a low application completion rate, this might indicate that your candidates are getting frustrated with your lengthy application process/platform which in turn results in an abandoned job application in the middle. If you can identify the reason(s) due to which the applicants decide not to finish the application, you can try to optimize the procedure to increase successful application submissions. Some of the common reasons for low applicant conversion rates include:
- Too lengthy of an application
- The assessment questions are poorly organized and structured
- There are some questions which are sensitive or personal in nature
- There may be a technical issue with the assessment platform
Some other Recruitment Metrics:
The primary way a recruitment team or managerial group can figure out what a suitable and viable financial plan for recruitment is to monitor how much cash they are spending during their hiring procedure, specifically, where the cash is gone through and how much cash was spent to hire a candidate. With new openings being made each day and employing requests consistently rising, the present recruitment representatives need efficient tools that help them effectively seek ability. However, in the event that you need to decrease your cost-per-hire, or on the off chance that you have a restricted recruitment budget plan, you need recruitment tools that are both viable and reasonable.
Cost-per-hire is one of the most significant and most commonly utilized employing and recruiting metrics. These metrics measure the amount it costs your organization to hire new workers. Cost per hire is the monetary worth set on the complete money related speculations an association makes to pull in and enlist new representatives.
Time to Fill is an essential recruitment metric that countless organizations use this metric to measure the exact number of days it takes from a new job requisition being created and posted to when the offer was made and accepted by the candidate. This metric is typically used to measure the effectiveness of recruiters within an organization.
In other words, time to fill is the total amount of time that you need to fill a particular position. This recruitment metric helps you in planning your recruitment better and also it serves as a warning when your recruitment process takes too much time.
Among recruitment metrics, quality of hire is the value that a new employee or a new hire adds to your organization based on how much they contribute to your organization’s long term success in terms of their work performance and tenure. The minimum baseline of comparison for a quality hire is that the value or the contributions that a person creates while being employed at your company is higher than the cost incurred while recruiting them.
While quality of hire is principally utilized to quantify how fruitful a fresh recruit turns into, it’s likewise often utilized as a measurement for the accomplishment of the recruitment capacity generally speaking. Quality-of-hire metrics are basic and also critical to understanding the adequacy of your organization’s recruiting procedure in any case, for some, making sense of how to characterize the estimation is a test.
Time To Hire:
As a key measurement metric for human resource departments, time-to-hire refers to the measure of time that goes between when a job applicant is initially contacted by an organization and when they acknowledge and accept the job offer. While the time-to-hire definition is basic, the time-to-hire metric itself can speak to complex productivity proportions of the HR recruitment team.
Most Applicant Tracking Systems (ATS) can create a normal time-to-hire report or separate it by explicit jobs, offices, or employing administrators or various departments. In the event that your ATS doesn’t offer this sort of usefulness, you can figure time-to-hire physically as well.