4 Valuable Metrics You Can Track Through Recruiting Solutions
October 23, 2022
The recruitment process is never as simple as it seems. And it might be challenging to spot where it might be going awry.
However, recruitment metrics are crucial for assessing and identifying potential areas for improvement. Therefore, if you're in charge of hiring for your company, then you know how important it is to find the right recruiting solutions to monitor these metrics.
These solutions make the process easier and more efficient. Also, they allow you to track vital recruitment metrics that can help you make better decisions about who to hire and when.
Before going further, you are probably wondering: how can tracking recruitment metrics improve the hiring process?
So, without further ado, here are four of the most important recruitment metrics you should be tracking through recruiting solutions:
Time-to-fill is a key recruitment metric that you can track through recruiting solutions. It helps you understand how long it takes to fill each position and why it’s taking this long.
As a result, you can make changes to your process, so the hiring process for the next positions would take less time than before.
For example, you might decide to increase the number of recruiters you have on board in order to speed up the recruitment process. When you know your time-to-fill, you can make the changes you need to make to fill positions faster.
Furthermore, the impact of a shorter time-to-fill can be significant. A study by the American Management Association found that every day a position is vacant, it costs the company an average of $600.
So, if you can reduce your time-to-fill by just one day, you can save your company $600 per position. Let's just say the shorter the time-to-fill, the better because that means your hiring process is working well, and you can find the best-fit candidates quickly.
Cost-per-hire measures how much the company is willing to spend in order to fill a position.
This metric calculates the cost of filling a position, which is important to understand because it significantly impacts your bottom line.
This is why it's an important metric to monitor through recruiting solutions.
For example, if it costs you $2,000 to fill a position and you have 50 positions to fill, that's a total cost of $100,000. But, if you can reduce your cost-per-hire by just $500, then you can save your company $25,000.
So, how can you reduce your cost-per-hire? Simply understand where your money is going and make changes to your process accordingly.
Are you spending too much on advertising? Are you using too many agencies? These are all questions you can ask yourself to help reduce your cost-per-hire.
Quality-of-hire is a great metric to measure the success of your recruiting process through recruiting solutions. By understanding the quality of hires, you can make changes to your process that will result in more qualified hires.
There are a few ways to measure quality-of-hire, but one of the most common is looking at new hires' turnover rate. If you're hiring people who are leaving your company shortly after being hired, then that's a good strong indication that your quality of hire is low.
On the other hand, if you have a high retention rate for new hires, then that's a good indication that your quality of hire is high.
So, how can you improve your quality of hire? By taking the time to screen candidates more carefully and making sure that you're hiring for fit, not just for skills. So by understanding the quality of hire, you can make changes to your process in order to recruit better candidates.
This is a metric that you can easily track through recruiting solutions. It measures where your candidates are coming from, which is important to understand because it can help you better focus your recruiting efforts.
For example, many candidate sources are available, like job boards, employee referrals, and social media. If most of your candidates come from job boards, then you know that you should spend more time and money on job boards.
On the other hand, if most of your candidates are coming from referrals, then you know that you should be spending more time and money on referral programs.
Knowing this can help you in many ways.
For one, it can help you save money. If you know that most of your candidates come from referrals, you don't need to spend as much on job boards.
It can also help you focus your efforts. For example, you can focus your recruiting efforts on social media if you know that most of your candidates are coming from social media.
All in all, tracking the candidates' sources metric can help you save money and focus your efforts, both of which are important in the recruiting process.
This is just a small example of the valuable metrics you can track through recruiting solutions. By understanding these metrics, you can make changes to your process that will result in a more successful recruiting process. And, ultimately, a thriving workforce.
And if you're looking for a great recruiting solution, be sure to check out EVA-REC!
EVA-REC is a multi-award-winning recruiting solution that helps small businesses to enterprises build skillful workforces and hire top talent at scale. It makes it far easier for recruiters to find, attract, and hire the right people, every time. With world-class integrations and AI features, EVA-REC creates a rich and immersive hiring experience for HR teams and candidates alike. Request a free demo today.
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