We’ve done it for you!
We have made a list of the 10 key recruiting metrics that will help you drive and improve your hiring outcomes in 2023 and beyond. You can now use these to gain valuable insights into your candidate, recruiter, and hiring manager experiences to optimize your processes.
- Source of Hire: This metric identifies where new hires come from and helps recruiters to expand the diversity of talent pools by looking for different sources for candidates.
- Employee Turnover Rate: High turnover and low unemployment in the market has put a strain on organizations that are looking to grow this year. Strategic recruiting teams are closely monitoring metrics like employee turnover to see where they’re losing valuable talent.
- Recruiting Channel Response: The most strategic employers deploy recruitment marketing campaigns to grow their employer brand and make it easier to convert top talent. Monitoring key communication metrics, like email performance, text message response rates, and career site engagement can give a detailed picture of the candidate experience.
- Applications Per Requisition: Measuring the number of applicants per requisition is a valuable way to see which roles are the most difficult to fill and which are most popular among candidates. Every company and industry has positions that always take longer and more effort to fill than others, so measuring the number of applications for each open role can help to remedy this.
- Source of Application: Applicants can come from a variety of channels, so it’s essential that recruiters know where their most common sources of applicants come from to improve their recruiting ROI. This allows talent teams to prioritize time and ad spending for different job requisitions to target more applicants like those who have applied and best met their job requirements.
- Candidate Engagement Score: Use metrics like the candidate engagement score to identify candidates that are highly engaged with the employer brand during the job-seeking and hiring process. Candidates with high engagement scores respond quickly to messages, apply for multiple roles in the company, and even engage with the brand on social media.
- Candidate Conversion Rate: The candidate conversion rate is the number of candidates that view a job posting, fill out, and apply for a role versus the number that started to apply and left.
- Onboarding Program Completion: With high turnover in companies today, up to one-third of all new hires in the first 90 days, employers are focusing on retaining their talent from the very start of the hiring process. Companies that recognize the strategic role that onboarding plays understand how to better retain new hires. Onboarding analytics that determines areas of success and improvement in the current onboarding program should be considered an important part of your hiring process.
- Internal Mobility: To keep talented employees within the business, your company should prioritize internal mobility programs over the next 6 to 12 months. It’s crucial to create career pathways for top talent in the organization; otherwise, you may risk losing them to competitors. Incentivize management to refer employees for promotions or help them with other lateral career moves within the company.
- Quality of Hire: Quality of hire is the value that a new hire brings to the organization, and it can be determined in several ways. From hiring manager satisfaction to meeting the requirements of the job to retention in the organization, the overall quality of hire can be very useful to improve the types of candidates you recruit.