Recruiting has a lot of moving parts. From the time you open a job requisition to the time you onboard a new hire, there may be many improvements you can make to your recruitment process. Recruiting metrics help you discover your hiring strengths and weaknesses so you can can optimize your funnel.
Here are 3 recruiting metrics we recommend you track:
Track the speed at which candidates move through the stages of your pipeline. It’s important to know how long it takes candidates to get hired, and what stages candidates are getting stuck in. While you don’t want to rush candidates through the recruitment process and risk a bad hire, you do want to keep your process moving. First, your business could be missing opportunities every day that you don’t have your position filled. Second, top-tier candidates may accept an offer elsewhere if your process stalls.
When you see a potential bottleneck in your recruitment process, drill down into your data to understand why it’s happening. If specific interviewers or teams are taking too long to submit interview feedback, remind them how important it is to make timely hiring decisions. On the other hand, you may see that sourced and referred candidates have a slower pipeline speed than applicants. This is not usually a cause for concern because passive candidates often need to be nurtured before they’re ready to make a move.
Conversion rate between stages
Keep an eye on what percentage of candidates move from one stage of the recruitment process to the next. If you’re too liberal about moving candidates into the next step, you could be wasting valuable time. Conversely, letting too few candidates into the next step could put you back at square one if you don’t end up making a hire.
Again, look at the underlying data to uncover ways to optimize your process. If you find that your candidates are receiving low feedback scores during the onsite interview, you’re probably letting too many people through the phone screen [Read More: Phone Interview Questions to Ask]. Or, if you only bring 4 people in for your onsite and don’t make any offers, you probably want to invite more people to interview in the future – which may require you to source more candidates as well.
Candidate conversion rates by source
Track candidate conversion rates by source to understand where to focus your recruiting efforts. You should know your conversion rates for referred candidates, sourced candidates, and applicants, and how each compares to your overall conversion rate. If you see that employee referrals are a powerful source of hire, for instance, bring the data to your hiring managers to support initiatives that will result in more referred candidates.
Drill down even deeper to understand exactly where your candidates are coming from. Understand whether candidates from Sourcing.io or GitHub have higher conversion rates. You’ll discover which sources yield the best candidates, so you can spend your time where it counts.
Recruiting metrics are a powerful way to prove the value of your most successful recruiting efforts, so you can double down on things that are working. Data is also a great way to uncover opportunities for improvement so you can continually optimize weak spots in your recruiting funnel. Make hiring your competitive advantage by becoming a data-driven recruiting organization, and you’ll never have to guess how your limited time is best spent.