A key factor determining your company’s success or failure will be whether it can fill its open positions quickly and with the best-qualified staff. Consequently, you can’t afford to look past the critical role that the right hiring data can play in your efforts to optimise your recruitment approach.
Here are a few of the recruitment metrics that your hiring team should be watching with the help of a suitably fully-featured applicant tracking system (ATS), such as Webrecruit ATS.
Source of hire
Could most of your best candidates be coming from just one or two sources? If so, you need to understand which sources those are. You don’t want to waste time, energy and money on recruitment channels that just don’t deliver enough good candidates to be worth the bother.
Cost per hire
As we touched on above, your company needs to gain the maximum possible value from what may be limited recruitment resources. By keeping an eye on cost per hire, you will be able to see which roles and strategies are most draining your hiring budget.
Time to hire
As with cost per hire, time to hire is important to monitor, because it’ll allow you to pinpoint any trends with regard to the vacancies and/or methods that may be posing difficulties to your firm. If your time-to-hire seems quite long, are you taking too indecisive an approach to your hiring, or spending too much time holding out for that magical ‘perfect’ candidate?
Interview to hire
This is a great metric for helping you to determine potential issues with your approach to interviewing, such as asking too many repetitive questions or your interviews being too long or too short. There might even be specific interviewers of yours who get much better results on this metric than others. It’s all about making sure potentially invaluable candidates aren’t lost at this late stage.
Offer acceptance rate
When all is said and done and a promising candidate comes through your entire recruiting process, are they happy to sign on the dotted line for your company? In many ways, this metric assists in summarising the situation with all of your other metrics. It might be that candidates who come through a particular source or are interviewed by a certain person are much more likely than other candidates to say yes to your offers.
Remember that our own platform, Webrecruit ATS, comprises all of the advanced reporting functionality that will enable you to better ascertain where your firm is going right and where it is going wrong with its recruitment approaches. Book a demo now to experience for yourself what makes Webrecruit one of the leading names among ATS providers today.