To measure the success of recruiting process can be challenging for talent acquisition experts. You need to decide some key metric to identify the successful recruitment process. RPO (Recruitment Process Outsourcing ) companies thrive because of the difficulty of estimation of a successful recruitment process. That’s why these companies spend a lot of time and resources to refine their strategies and measurement techniques.
There are different key metrics to measure the effectiveness of recruitment process. These metrics are grouped on the basis of efficiency and quality. Organisation uses a mixture of these metrics that allow determining the success of the recruitment efforts.
It is important to measure and review every single metric to build an outstanding workforce. In this article, I have shared six important key metrics to consider measuring the effectiveness of your recruiting process.
- Value
Organizations use different strategies for sourcing their candidates. Although these strategies are costly but it is wise to evaluate which approach resulted in more candidates. This will identify you which strategy to use for the specific job. It helps you to target your desired candidates and will prove more cost effective than other techniques you have been using previously.
- Time
In many cases recruitment cost equate to three times of the salary of that position. Lack of service and overtime are the most frequent factors of this increased cost. So measuring the length of time involved to fill is a valuable metrics to evaluate. Lengthy timeframes suggest that job is not easy to fill. The result will help you determine if any external professional search is required.
- Turnover Rates
If turnover rate in any job category is high then job task may not be well defined. This will result in the recruitment of the wrong type of skills. The assessment tools for candidate recruitment may also need to be revised. Also, determine the costs of turnover.
- Selection Ratios
Selection ratios define the success of your recruitment strategies. It is the number of people hired by the number of candidates applied. This metric help to analyze many things like the small selection ratio indicates that you remain unable to attract the right applicants which mean your hiring process is unproductive. The higher ratio will show that the right people did not attract towards this position.
- Hiring Quality
It is the assessment of the quality of the candidates. Is the candidate applied is fully qualified or there is need to invest immediately in training them in order to increase their skills.
- Retention Rates
How long does the candidate stay in the position? Do they leave the position? If they leave then it is time to ensure that skills required are accurate and the candidate can experience job satisfaction for a long period of time.
The recruitment process must ensure that organization has right people working on the right position. The recruitment strategy and the skill of recruiters should be assessed on annual basis. So to have an effective hiring process these metrics is key.