However, when we talk about the analytics deciding what
metrics to measure can be hard. You cannot spend your entire time looking at
analytics while recruitment is your first priority. Below mentioned are 7
metrics that if analyzed can keep you as informed as your business needs on the
talent management front.
Let's have a look at the 7 recruitment analytics metrics you
actually need to focus upon:
1. Time to Hire
From the time you advertise your vacancy to the time you
actually hire someone - the time that has passed during this duration is
actually your 'Time to Hire'.
Companies with the good talent management process have the
lowest time to hire average compared to others. Compare time-to-hire across
different roles in different domains for an overview of existing recruitment
methods. Focus of a recruiter should be to lower the time-to-hire.
2. Sourcing Channels
Every smart recruiter has multiple channels to source a
potential candidate including job boards, social channels, employee referrals
or social referrals, career pages etc. It is essential to track which sourcing
channel is performing and which one is not.
A recruiter must be aware of:
• The number of applications coming from a source.
• The number of total qualified applications generated from
a source.
• Channels that sourced most shortlisted candidates.
• From where most of the candidate heard about an ongoing
vacancy.
Above listed metrics helps a hiring professional maintain a
database for future references. Keeping these tabs in mind will help you
analyze your spend over different job advertising channels and hence, will help
save money plus time.
3. Cost of Hire
The cost of hire includes money, time and resource invested
in filling an open job position.
To calculate cost of hire, one must keep following metrics
in mind:
• Advertisement cost
• Social media cost
• Time spent over each hiring
• Recruiters charge
• Any sort of account or administrative cost involved in
setting up a new employee
Calculating, analyzing and reducing the overall cost of hire
should be another concern of recruiting manager.
4. Retention
Low employee retention rate can drain all your recruitment
effort at once. So, when you are aware of the time and cost involved per
hiring, it's time to analyze retention rate within the firm.
A complete analysis of turnover rate by pay grade/department/position
must be performed every 3-6 months and should be graded across a period of time
to show trends. These trends will help you determine ongoing retention rate and
will also enable you to amend the same.
5. Open Vs Closed Jobs
Bigger organizations keep a track of the number of ongoing
vacancies vs the number of filled positions on a monthly or quarterly basis.
The results help hiring managers analyze 'time to fill' ratio. A company having
an efficient talent management will have more filled positions and less open
vacancies.
6. Offer Acceptance Ratio
An interview is done and you have offered the desired
candidate their offer letter. But, what if they turned it down, you will again
be back to square one which is again going to take time, money and constant
effort.
Hence, measuring total count of formal offers made vs offers
accepted can again help you reduce cost-of-hire metrics.
7. Gender Ratio
Market studies show greater benefits of having a mixed
gender team and how having good gender balance enables innovation and profit
within the firm.
Keep a track of gender ratio within the firm at the front
line, middle management and senior positions with the help of gender metrics.
How to Implement These Recruitment Metrics?
Now that you have a clear understanding of key recruitment
analytics metrics. It's time to think about 'Implementation' of the same.
If you are associated with a larger organization, foremost
way to implementation of these metrics is via a customized data analytics software
which can not only gather data from different recruitment sources but can also
populate them over a dashboard with figures/timelines.
The information provided by the data analytics software
should be able to segregate data according to
team/department/position/recruiter/demographic/gender/time to hire and other
metrics stated above. Comparing these data sheets will help you strengthen your
talent management abilities in the future.
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