As competition for top talent continues to intensify, data-driven decision-making has become essential for successful talent acquisition. In fact, there are 6 recruiting metrics you need to track to improve hiring outcomes.
Ready to move beyond gut feelings and subjective evaluations? Join me in leveraging objective data that allows your recruiters to make fair, informed decisions that lead to better hiring outcomes.
Read on for six recruiting metrics that can provide the process and experience insights you need to optimize your hiring process.
What's in?
1. Quality of Hire
Quality of hire is one of the most critical metrics for any talent acquisition team. It measures the value a new employee brings to the organization, often evaluated through:
- Performance Ratings: Assess how well new hires meet or exceed performance expectations.
- Manager Satisfaction: Use surveys to gauge whether new employees are adding value and aligning with team goals.
- Retention Rates: Track how long new hires stay to understand their fit and engagement.
Solution Tip: Using objective assessments and structured interviews tied to job success, recruiters can predict and improve quality of hire before making an offer.
4 proven methods for hiring quality
How to reliably predict performance, retention, and more.
2. Time-to-Fill
Time-to-fill measures the number of days it takes to fill a position from the time a job is posted to when a candidate accepts the offer.
Shorter time-to-fill means:
- Less Disruption to Business Operations: Critical roles are filled faster, maintaining team productivity.
- Lower Recruitment Costs: Every day a role remains open adds to costs, including lost productivity and additional recruitment expenses.
Real World Example: Paramount used Harver’s data-driven approach to streamline their recruitment and reduce time-to-fill by 30%, resulting in a 56% reduction in attrition.
3. Source Effectiveness
Tracking the effectiveness of each sourcing channel can help you allocate your recruiting budget more effectively.
Key metrics to monitor include:
- Source of Hire: Identify which channels (job boards, referrals, social media) are driving the highest volume and quality of candidates.
- Cost-per-Hire: Calculate how much is spent per successful hire on each channel.
Solution Tip: Visualizing this data helps recruiters quickly identify where to focus sourcing efforts, ensuring maximum ROI on your recruitment spend.
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4. Candidate Experience Scores
Candidate experience is a critical determinant of employer brand and can influence whether top talent chooses to work for you. Want to become a known employer of choice? Follow the steps in our candidate experience guide for recruitment teams.
Measure candidate experience by:
- Surveying Candidates Post-Application: Use feedback to understand where friction exists in your process.
- Tracking Application Completion Rates: See if candidates drop off during long or complex steps, and optimize where necessary.
Real World Example: Harver’s tools enabled Paramount to achieve a 95% positive candidate satisfaction rate, contributing to a stronger employer brand.
5. New Hire Retention Rate
Understanding which job seeker attributes correlate with long-term success is key to reducing churn. However, it’s key to note that high attrition tends to occur for specific reasons that vary by time frame (e.g., day-1 vs day 90).
When it comes to reducing early attrition, Harver’s deep experience reveals that video situational judgment tests.
Link pre-hire data with retention rates by looking at:
- Assessment Scores: Identify traits that predict whether a candidate will stay and thrive in the role.
- Tenure Data: Track how long new hires stay and pinpoint common attributes among top-performing, long-tenured employees.
Solution Tip: This data helps refine your hiring criteria for even better outcomes, ensuring long-term alignment between new hires and role expectations.
6. Diversity Metrics
In a world focused DEI, tracking diversity metrics is crucial for building a balanced workforce.
Keep tabs on:
- Diversity by Hiring Stage: Track representation through the pipeline, from application to offer acceptance.
- Bias Reduction in Assessments: Ensure assessments are validated and structured to be inclusive and fair to all candidates.
Solution Tip: Use these metrics to highlight areas for improvement and track progress over time, demonstrating commitment to building a diverse and equitable workplace.
Incorporating these metrics into your hiring strategy will give your team the data-driven insights needed to optimize every stage of the talent acquisition process, from sourcing to retention.
By focusing on quality of hire, time-to-fill, source effectiveness, candidate experience, retention, and diversity, you can elevate your recruitment outcomes.
Ready to harness the power of data? Discover how Harver’s solutions can help you transform your talent acquisition strategy.
