{"id":3815,"date":"2022-11-06T05:00:56","date_gmt":"2022-11-06T13:00:56","guid":{"rendered":"http:\/\/recruitloop.wpengine.com\/?p=3815"},"modified":"2023-05-11T15:07:53","modified_gmt":"2023-05-11T22:07:53","slug":"7-recruiting-metrics-you-should-really-care-about","status":"publish","type":"post","link":"https:\/\/www.zippia.com\/employer\/7-recruiting-metrics-you-should-really-care-about\/","title":{"rendered":"7 Recruiting Metrics You Should Really Care About"},"content":{"rendered":"<p><!--Skip-->\n<link href=\"https:\/\/static.zippia.com\/galleries\/css\/htgaj.css\" rel=\"stylesheet\"\/>\n<p>Recruiting the right people to your organization is a process that takes time and effort to perfect, and recruiting metrics can be a huge help with this.<\/p>\n<p>In this article, you&#8217;ll learn about seven of the most important recruiting metrics, as well as strategies for collecting and analyzing these metrics.<\/p>\n<p><b>Key Takeaways<\/b><\/p>\n<ul class=\"large-bullets\">\n<li>\n<p>Three of the most important recruiting metrics to measure are time to hire, sourcing channel, and cost of hire.<\/p>\n<\/li>\n<li>\n<p>You can collect and analyze recruiting metrics automatically on a data dashboard or manually with a spreadsheet.<\/p>\n<\/li>\n<li>\n<p>Set up regular times to review and analyze your recruiting metrics data.<\/p>\n<\/li>\n<\/ul>\n<h2 class=\"fancy\" class=\"fancy\" id=\"what-are-recruiting-metrics\">What Are Recruiting Metrics?<\/h2>\n<p>Recruiting metrics (also called hiring or staffing metrics) are data points or measurements that organizations use to track and optimize the hiring process.<\/p>\n<p>Hiring people can be expensive and time-consuming, so companies benefit from collecting as much data as they can and then using it to make the hiring process more efficient and effective.<\/p>\n<div ckmz=\"zippia\">\n<div class=\"row\" onclick=\"location.href='\/employer\/?src=inlinePostAJob-3815';\" style=\"font-size: 14px;color: #333; background: #fff; width: 100%; border: 1px solid #d8dee2; border-radius: 0 0 5px 5px; padding: 20px; justify-content: space-between;box-shadow: 0 18px 20px -20px rgb(0 0 0 \/ 15%); margin:0px; cursor:pointer;\">\n<div class=\"col-sm-8 col-xs-12\" style=\"-webkit-text-size-adjust: 100%; -webkit-tap-highlight-color: rgba(0,0,0,0); --vh: 12.87px;font-size: 14px;line-height: 1.42857143; color: #333; font-family: Open Sans,serif;font-style: normal; box-sizing: border-box;\">\n<div style=\"display: inline-block;margin-top: 10px;font-weight: 600;font-size: 20px;\">Get Started Hiring Now<\/div>\n<\/div>\n<div class=\"col-sm-4 col-xs-12\" style=\"font-weight: 600;font-size: 16px;line-height: 24px; text-align: center; text-transform: capitalize; color: #fff; background: #ff6000; border-radius: 4px; height: 48px; border: none; font-family: Open Sans,serif; display: -webkit-flex; display: flex; -webkit-justify-content: center; justify-content: center; -webkit-align-items: center; align-items: center;\">\n<a href=\"\/employer\/?src=inlinePostAJob-3815\" style=\"color: white!important;\">Post A Job<\/a>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"fancy\" class=\"fancy\" id=\"7-recruiting-metrics-you-should-care-about\">7 Recruiting Metrics You Should Care About<\/h2>\n<ol class=\"ordered-list-large\">\n<li class=\"ordered-list-large-item\">\n<p><b>Time to Hire<\/b><\/p>\n<p>From the time you advertise your vacancy, how much time passes before\u00a0the successful candidate starts? Not just before they accept your offer, but until they are actually on board?<\/p>\n<p>Companies with strong talent\u00a0management processes have faster hiring times than those without.<\/p>\n<p>Of course,\u00a0the exception is any market that is short of suitably talented candidates; if you have strict\u00a0hiring standards, it may take longer to find the appropriate person.<\/p>\n<p>Compare the\u00a0time to hire across different roles and aim to lower the average as time goes\u00a0on.<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Sourcing Channel<\/b><\/p>\n<p>It\u2019s important to track where your candidates came from.<\/p>\n<p>If you\u2019re smart about your recruiting, you will have multiple channels from\u00a0which to source your potential candidates.<\/p>\n<p>These could include <a href=\"https:\/\/www.zippia.com\/employer\/5-creative-ways-to-make-your-job-ad-stand-out\/\" rel=\"noopener\" target=\"_blank\">advertisements on job boards<\/a> and LinkedIn, direct contact with <a href=\"https:\/\/www.zippia.com\/employer\/what-is-market-mapping-how-do-you-do-it\/\" rel=\"noopener\" target=\"_blank\">passive candidates<\/a>, and a pool of potential employees connected to your careers pages either on Facebook or\u00a0LinkedIn.<\/p>\n<p>Every job\u00a0vacancy needs to know:<\/p>\n<ul>\n<li>\n<p>How many applicants came from each source<\/p>\n<\/li>\n<li>\n<p>How many qualified applications were garnered from each source<\/p>\n<\/li>\n<li>\n<p>Where the shortlisted applicants were sourced<\/p>\n<\/li>\n<li>\n<p>Where the successful candidate first heard about the position<\/p>\n<\/li>\n<\/ul>\n<p>These metrics need to be kept in a database that can be cross-referenced over\u00a0periods of time. Keeping tabs on this metric will save you money in the long run\u00a0as it will highlight the effectiveness of your various channels.<\/p>\n<p>If one channel\u00a0is proving to be ineffective, you have the justification to shut it down. Similarly, if\u00a0one channel seems to be producing a higher-than-expected ratio of qualified\u00a0candidates, you can focus more resources in that direction.<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Cost of Hire<\/b><\/p>\n<p>It\u2019s a no-brainer that the cost of every hire should be measured, but have you\u00a0considered all costs involved in a hire?<\/p>\n<p>For example, recruiter fees, whether internal or\u00a0external, are straightforward. But what about the time it took the manager to\u00a0interview?<\/p>\n<p>You should consider these factors when calculating the cost of\u00a0hiring new employees:<\/p>\n<ul>\n<li>\n<p>Advertisements placed (if they are billed directly to you)<\/p>\n<\/li>\n<li>\n<p>Setting up and maintaining social media accounts like Facebook and\u00a0LinkedIn<\/p>\n<\/li>\n<li>\n<p>Time your hiring managers spend interviewing potential employees<\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.zippia.com\/employer\/help-a-recruitment-agency-stole-my-wallet-the-myth-of-the-guaranteed-placement\/\" rel=\"noopener\" target=\"_blank\">Recruiter fees<\/a><\/p>\n<\/li>\n<li>\n<p>Any accounting and administrative costs involved in setting up a new employee (eg contracts, pay accounts,\u00a0health benefits, etc.)<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Retention<\/b><\/p>\n<p>Now that you\u2019re seeing the true extent of the costs involved in hiring a new\u00a0employee, it\u2019s important to look at your <a href=\"https:\/\/www.zippia.com\/employer\/creating-a-culture-of-superstars\/\" rel=\"noopener\" target=\"_blank\" title=\"Creating a Culture of Superstars\">retention rates<\/a>.<\/p>\n<p>Low staff retention rates can drain thousands of dollars from your budget every year. These costs\u00a0don\u2019t just come from direct expenses associated with hiring a new person\u00a0but also from the loss of productivity around the resignation, rehiring, and\u00a0retraining processes.<\/p>\n<p>Remember the cost of losing an employee can be as high as three to four times their salary. <\/p>\n<p>When it comes to measuring retention rates, find the turnover rate of a specific role, and compare that to the turnover rate across\u00a0specific departments. Then, try checking the turnover rate by pay grade. You&#8217;re looking to see how many\u00a0resignations vs. terminations each department\/role\/pay grade has had.<\/p>\n<p>A\u00a0proper analysis of retention rates should be performed every 3-6 months and graded\u00a0across a period of time to show trends.<\/p>\n<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Open Vacancies Vs. Positions Filled<\/b><\/p>\n<p>Larger organizations will need to keep track of the number of vacancies the\u00a0organization has versus the number of vacancies that have been filled recently.<\/p>\n<p>This metric could be measured either per month or per quarter, and the result\u00a0should go alongside the time-to-fill ratio.<\/p>\n<p>A company managing its talent acquisition\u00a0will have a low amount of open vacancies when compared to positions filled.<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Offer to Acceptance Ratio<\/b><\/p>\n<p>It&#8217;s great to be in a position to make an offer to a rockstar candidate.\u00a0Unfortunately, if they then turn it down for something else, you are back to\u00a0square one.<\/p>\n<p>When this happens, it costs you time and money, as well as morale, which is\u00a0why measuring how often people accept your job offers is so important.<\/p>\n<p>Keeping track of how many formal offers you had to\u00a0extend before you ultimately filled the role and then comparing these to other positions can help inform your future job offer strategies.<\/p>\n<p>This measure also complements your cost of hire\u00a0metrics very well.<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>Gender Mix<\/b><\/p>\n<p>Many studies have shown the\u00a0benefits of a mixed-gender team, from greater innovation to greater profits.<\/p>\n<p>To ensure you&#8217;re taking full advantage of these benefits, consider placing\u00a0a metric within your dashboard that measures the percentage balance of men\u00a0and women on your team. This should cover all front-line, middle management, and\u00a0senior positions.<\/p>\n<p>It&#8217;s good to step back from time to time and assess the gender\u00a0mix within teams and within the organization as a whole to make sure you aren&#8217;t wildly off-balance in any area.<\/p>\n<\/li>\n<h2 class=\"fancy\" class=\"fancy\" id=\"how-to-collect-recruiting-metrics\">How to Collect Recruiting Metrics<\/h2>\n<p>There are a couple of different methods for collecting, storing, and sharing recruiting metrics, and the one you choose will depend on your organization&#8217;s size, needs, and resources.<\/p>\n<ol class=\"ordered-list-large\">\n<li class=\"ordered-list-large-item\">\n<p><b>An automated data dashboard.<\/b> If you are working within a large organization, a customized software application that gathers\u00a0data from as many sources as possible and automatically populates a dashboard\u00a0with figures and timelines can be valuable.<\/p>\n<p>Having a dashboard like this allows managers to compare their team&#8217;s data to averages from the rest of the company so\u00a0they are aware of their own strengths and weaknesses in the recruitment process.<\/p>\n<\/li>\n<li class=\"ordered-list-large-item\">\n<p><b>A shared spreadsheet.<\/b> If customized software is not a possibility in your budget right now or if your organization isn&#8217;t big enough to warrant a whole data dashboard, a simple\u00a0Excel spreadsheet will do.<\/p>\n<p>Ask your hiring managers to update\u00a0the spreadsheet each time a hire is made, and then set up a quarterly meeting to look over the spreadsheet and analyze the data.<\/p>\n<p>This may sound like a lot of effort, but when done right, measuring and analyzing these metrics will save you time and money.<\/p>\n<\/li>\n<\/ol>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Measuring your recruitment activities is critical. Here are 7 metrics you should really care about.<\/p>\n","protected":false},"author":282,"featured_media":9986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[106,136],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Recruiting Metrics You Should Really Care About<\/title>\n<meta name=\"description\" content=\"Measuring your recruitment activities is critical. 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\"Linkedin Recruiting Secrets\", \"link\": \"https:\/\/www.zippia.com\/employer\/recruiting-secrets-linkedin-probably-doesnt-want-you-to-know\/\"}, {\"text\": \"The Myth Of Guaranteed Placement\", \"link\": \"https:\/\/www.zippia.com\/employer\/help-a-recruitment-agency-stole-my-wallet-the-myth-of-the-guaranteed-placement\/\"}, {\"text\": \"How To Source Multi-generational Talent\", \"link\": \"https:\/\/www.zippia.com\/employer\/source-attract-multi-generational-talent-tight-labor-market\/\"}, {\"text\": \"The Recipe For Great Recruitment\", \"link\": \"https:\/\/www.zippia.com\/employer\/your-thanksgiving-recipe-for-great-recruitment\/\"}, {\"text\": \"Why Sourcing Isn't Recruiting\", \"link\": \"https:\/\/www.zippia.com\/employer\/sourcing-isnt-recruiting-impact-hiring\/\"}, {\"text\": \"How To Build A Talent Pipeline On Linkedin\", \"link\": \"https:\/\/www.zippia.com\/employer\/build-a-talent-pipeline-on-linkedin\/\"}, {\"text\": \"The Modern Recruiting Workflow\", \"link\": 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