The process of recruiting and hiring talent has changed dramatically in recent years. Technology has made it easier than ever to connect with candidates, track their progress, and measure the success of your recruitment efforts.
There are several metrics you can use to judge your recruitment success. This includes;
Job application completion rate
The average job application completion rate is 60%. This means that for every 100 job applications candidates start, they can expect to finish 60 of them. But what factors influence job application completion rates?
Several factors can influence how likely potential candidates are to finish a job application. For example, if a candidate is applying for a job that he/she is qualified for and is interested in, they are more likely to complete the application than apply for a job that they are not interested in. The number of required fields on an application can also influence completion rates – the fewer required fields, the more likely people are to finish the application.
So, if you’re looking to improve your job application completion rate, start by focusing on jobs that candidates are interested in or excited about, and make sure the application is as simple as possible.
Recruitment outreach response rate
The recruitment outreach response rate is the percentage of people who respond to your recruitment outreach efforts. Many factors can influence your response rate, including the quality of your list, the timing of your outreach, and the type of outreach you’re doing.
If you’re not getting the response rate you want, there are a few things you can do to improve it. First, look at your list. Are you only reaching out to people who are likely to be interested in your message? If not, you may want to consider segmenting your list or only contacting people who have opted-in to receive recruitment messages.
You can also experiment with the timing of your outreach. If you’re sending recruitment emails, try sending them at different times of the day or on different days of the week.
Time of hire
The time of hire is an important aspect of the employee lifecycle, and it’s crucial that companies get it right. There are a number of factors to consider when hiring new employees, and the time of hire is one of the most important.
In general, the best time to hire is during the slowest part of the business cycle.
The following is the average time it takes to hire an employee:
- Time to post a job: 4 days
- Time to screen applicants: 8 days
- Time to interview applicants: 12 days (currently SIXER is helping companies here to solve the issue – book a demo to know more)
- Time to extend an offer: 4 days
*Data sourced from the Society for Human Resource Management
A bad candidate experience, on the other hand, will make a job seeker never want to work for a company, even if they do get the job.
There are 03 key things that companies can do to make sure that they are providing a great candidate experience. First, they need to make sure that their job postings are clear and concise. Second, they need to have a streamlined and efficient application process. And third, they need to provide timely and constructive feedback to candidates, whether they are offered the job or not.
Cost per hire
To calculate your cost per hire, simply take all your hiring costs and divide them by the number of new employees you’ve hired. This will give you your average cost per hire. Keep in mind that the cost per hire will vary depending on the type of position you’re filling and the industry you’re in.
Now that you know how to calculate your cost per hire, you can start reducing your hiring costs. There are a number of ways to do this, including using employee referrals and improving your job descriptions.
By tracking these key numbers, you can get a better understanding of where your recruitment process is working well – and where there is room for improvement. In today’s competitive talent market, this data is essential to staying ahead of the competition.
These are some of the few ways to measure the success of your recruitment efforts.