For every recruiting organization, marketing success sounds like a dream come true. But how many of them measure their team effectiveness? Confused? Well, let us make it easy for you; imagine you ran into the COO in the elevator and you are questioned for every single element that defines its effectiveness, would you be able to justify? And if so, what would be your answer?
In the recruiting world, there is no deficiency of metrics, and you can have both a high-level sight of how things are going and a fine-grained vision of just one single aspect of your general efficiency. In fact you have survey about various recruitment agencies in USA that make use of metrics to measure the effectiveness.
Today we will talk about the top 4 picks for recruitment metrics that can give you a picture of your team’s success-
1. Your Hiring Source:
For hiring procedure US staffing companies often diversify their social media campaigns and post jobs to interact online with potential candidates. But have you ever thought to measure the effectiveness of these online efforts? Well, by tracing your source of hire you can!
After measuring, you can quickly funnel funds into the sources that are giving you best results in terms of quality and quantity and accordingly shut down the channels that are just not performing well.
Social media, peer referrals, job board postings, internal job listing pages, group postings, blog readers who inquire directly—are some of the sources that you may be dealing with for your recruitment needs. By measuring the traffic (which you can get through insights of accounts), you choose the best channel for the recruitment. If you are not receiving desired applicants from the channel, don’t hesitate to shut it down.
The best way to track source of hire is the combination of survey questions during the application process. Using a survey to bind the application process is the easiest and most efficient way to find out the one source for each candidate.
2. Days to hire:
Calculating days to hire is a fine-grained way to look at the recruitment metric. One should know the difference between the time to hire and days to hire.
The added granularity of days to hire allows you to visualize about the candidate’s experience in your pipeline and the metrics are sorted into:
- Time to the first contact
- Time to set up the first interview w/hiring manager
- Time to hear back after the interview
- This data will help you to synchronize your internal recruitment processes.
3. Recruiter satisfaction:
The hiring manager or recruiter manager’s satisfaction is counted as the third most crucial metric by global recruiting trends report. According to the report, 43% of organizations use this metric to calculate the overall quality of the hiring process.
What? Thinking? How on earth can you measure this wildly subjective criterion? Well, with the surveys, of course, you can. During this survey, the essential things which you need to keep in your mind are – who are your target applicants and who your clients are. So make sure your survey is self-effacing to achieve a high return rate.
The strength of this metric increase when you combine it with the other more quantitative measures like days to hire and acceptance rate. This fusion of subjective and objective criteria will provide you the information that will streamline your processes and in return will increase everyone’s overall satisfaction.
4. Rate of acceptance:
The rate used to determine the overall effectiveness of a recruitment company is called an acceptance rate.
By measuring this rate, one gets a frame of various interrelated indexes: quality of applicants, a variety of offers, applicant satisfaction, along with an idea of how well targeted your EVP is.
Rate of acceptance can vary as it depends on various factors that include things like department. In this highly competitive digital world, the rate of approval for software developers is mostly 80%. While in traditional departments like HR, administration or operations, it is more likely to be 95 %.
When you find an area where your rate of acceptance will sound better, one of the most straightforward strategies is to question candidates who declined an offer and by this you can fill out your brief survey. This survey will give you the reasons why they refused the offer. Was an issue with the package? Was the compensation not reasonable? Or is there any problem with the office culture? After getting the actual reason, you can make the possible adjustments accordingly.
Your results will, of course, vary as different recruiters have different needs. But these four metrics will give you the data you need to modify your processes and make the changes that will increase the efficiency and effectiveness of your recruitment process.