Business is in many ways a numbers game, and recruiting is an essential part of business growth. So, it stands to reason that keeping track of your recruitment metrics is an integral step in your business operations. These metrics are essential to keeping track of the successful hiring practices and those that aren’t working out as you had initially thought. Some will be more important to keep track of than others, however. Today, we’ll cover some of those recruitment metrics in detail.
1) Average Time It Takes to Fill a Position
One of the most helpful recruitment metrics is the time it takes to fill a vacant position. This data is essential to consider because it dictates the actions you will take to fill the opening in your company. Much like how a company’s services rely on customer demand and the supply the company can fulfill, hiring someone for a key position follows the same principle. Depending on the type of role, there might not be as many candidates available to take it on. If the job is in high demand, there could be a smaller supply of viable professionals.
This recruitment metric will allow you to establish a timeline for recruitment and give you an idea of the resources you will need to dedicate to filling the position.
2) Turnover Rate for the Position
Another critical statistic to keep an eye on is the rate of turnover that certain professions have. Many careers are highly stressful for the people who commit to them. As a result, they are more likely to leave the role if they feel overwhelmed.
Being aware of the turnover rate for a vital position in your company allows you to make contingencies to minimize the odds of losing a new hire. Additionally, it can brace you for the potential need to start the search over again if you cannot find a candidate able to handle the long-term pressure.
3) Cost Per Hire
It’s often difficult to calculate the cost of hiring a new employee and the time spent interviewing, planning, coordinating, and training. Advertisement, training, and agency fees are all expenses that can build up and lead to a higher rate of expenditure when trying to fill a role. By keeping a close eye on these costs, you can make more informed hiring decisions and insulate yourself from surprises in the future.
4) Percentage of Open Positions
Knowing how many competitive openings are available is a detail worth considering. Keep track of your job openings and the time those positions have remained open—it will help you manage and improve the time to fill the role. If you are hiring for a job that is in high demand, you will need to find ways to make your company stand out from the competition.
Consider looking at some competing positions, and use them as inspiration to make your job opening more attractive and lucrative.
5) Candidate Experience
Finally, just because you have received an application after an extended period does not mean you have necessarily found “the one.” Some roles require an advanced level of experience for the new hire to succeed. To that end, verifying your candidates’ experience, even for a lower-level version of the role, can help you find an employee that will work wonders in your team.
Let Us Measure the Worth
Recruiting is difficult, especially for positions in high demand. While keeping track of these recruitment metrics can make life simpler for you, it can still be a challenge to find a new hire and make the numbers work in your favor. Our team at ITAC Solutions specializes in hiring for technically demanding roles. If you’re struggling to find talented candidates and keep your costs under control, contact us today and let us find the solution for you.