Not many people understand the importance of recruitment metrics. To ensure a successful recruitment, one needs to have an idea about recruitment timelines, making the right choices, being efficient in hiring candidates within a low budget, and ensuring the best outcome and productivity from said candidate. Recruitment metrics are the key to understanding and improving hiring tactics. Here are the recruitment metrics you need to have on your dashboard to keep a track:
Quality and Source of Hire
The quality of hire is certainly an important factor in determining the success of recruitment. This recruitment metric essentially helps figure out if the candidate you chose to fill the vacant position in your company was the best choice. The quality of hire takes into account the performance of the candidate over the period of a year with respect to how the company has benefited by his or her recruitment. Analysing the quality of hire also helps you figure out the source of hire. Knowing where the best of your candidates are coming from is vital to scouting for the right talent the next time your company is on the lookout.
Cost of Hiring
The cost of hire does not just involve the expense you would incur by paying them annually as part of their remuneration. It also includes the recruitment, the cost of labour that went in recruiting said candidate, the cost of all of the employees that were involves in hiring and training the candidate, and the administration cost. With the use of HR metrics and workforce analytics, you can work on cutting the cost of hire with proper analysis without disturbing the output or productivity.
Job Satisfaction
Is the candidate you hired satisfied with the job and everything it entails? Is the experience everything they were hoping for? This is one of the many recruitment metrics on your dashboard that focuses on employees and their well-being more than the company’s gain. Apart from the gain to your company from the candidate you hired, this metric also calculates, or takes into account, how the candidate has benefited from working in your organisation.
Number of Attritions
The number of attritions in most companies within the first year of the candidate tends to be higher than any other. Since a recruitment is only deemed successful if the candidate stays with the company for a long duration, having this recruitment metric on dashboards is equally vital. A high attrition indicates huge losses incurred by the company in retaining the employee for the first year without a positive outcome.
Applicants per Vacancy
How popular is your company among job seekers? This question is answered with the number of applicants for every vacancy your organisation has. If the job description drafted for the vacancy is to the point, without being vague, the more the number of applicants the more positive the outcome for your company.
Having all necessary recruitment metrics on your analytics dashboard can help you keep a track of how well your company has been performing in terms of successful recruitment and retaining of employees.
HR Analytics Software 