Businesses are composed of people, and recruitment is what brings people into a company. Recruitment goes on at every level of the corporate sphere, and hiring managers are those who find both frontline workers, qualified professionals, and senior executives. Teams depend heavily on the quality of their work.
Using recruitment metrics, teams can manage their hiring process and employee adaptation, build their brand and corporate reputation, and ensure team sustainability. In this article, we’ll describe the principal recruitment metrics and explain how to assess them. Moreover, we’ll show you how to enhance recruitment with training via a corporate LMS.
What Are Recruitment Metrics?
Recruitment metrics are one type of HR stat that shows how well recruitment is going. These measurements help assess the hiring process, flag probable bottlenecks, and improve hiring in your organization. Using in-house data, you can calculate recruitment metrics fairly easily. They are applied at every stage of recruitment and can be divided into several groups. We’ll examine them one by one and provide you with relevant formulas. Let’s dive in.
Recruitment teams use these indicators for employee search. They help to understand where to post vacancies to obtain the best outcome.
Source of hire
The source of hire metric shows how many candidates each of your sourcing (recruitment) channels brings. Sourcing channels can include job boards, recruitment agencies, the company career site, or employee referrals. To track sources of hire, you can use Google Analytics, which shows what attracts the viewers of a job vacancy.
Sourcing channel effectiveness
This is the metric to display what sourcing channel brings you the most likely and prospective candidates during a specific period of time. In other words, it counts conversion rates per channel. To calculate it, divide the number of candidates from the channel during a given time frame by the number of successful candidates.
Knowing these statistics, you can find out what hiring channels are most effective and beneficial. For example, you see that employee referrals do a good job, but job boards do not. Your new hires coming from those platforms tend to quit soon. What’s behind that? Maybe the job description is misleading. You can try revising it and keep monitoring the metric to see how it changes.
Sourcing channel cost
This metric indicates the cost efficiency of a channel used to source hires. It refers to the money you spent on advertising on these sourcing channels. To calculate the cost, divide the ad spend per platform by the number of visitors who applied for your vacancy.