Recruitment metrics are a standard set of measurements used to optimize and improve the process of hiring candidates into an organization. These candidates are either employee of the organization or people looking for job opportunities. Some of the most frequently used metrics are:
1. Source of Hire
An organization recruits through different recruiting methods. For example, recruitment process initiated through the company’s career page or social media. All these methods are documented and analyzed. A typical analysis involves noting down the methods and the number of applicants hired through that particular method. The method successful in getting more quality employees is more dominantly used by the Recruitment Consultancy and the one with the least number of quality employees is discarded or worked upon.
2. Time to Accept
This is the total time period taken by the recruitment process right from when the candidate is approached until the job is accepted by him/her. This metric is useful in checking how quick and smooth your recruitment process is. In the case when the organization is in an urgent need to hire employees, the HR Consultancy makes necessary and temporary changes to the process to make it shorter yet effective.
3. Candidate Experience
The job is fully described and there are certain expectations set during the recruitment process. However, depending on the performance and satisfaction of the employees, it is checked whether the expectations set were realistic and if they match the job description. A low score can be managed by providing a more realistic job preview. This not only helps in the future recruitment process but also satisfies the present candidates since the job is re-described.
4. Quality of Hire
The first-year performance of the employees is an indicator of the quality of hire. A low-performance rating despite a realistic job preview indicates a bad hire. A single bad hire can cost the company a lot, both directly and indirectly. Therefore, it is important to keep track of the quality of hire. The recruitment method can be backtracked by the Placement Consultancy and various factors can be considered while working to improve the quality.
5. First-year attrition
Some candidates leave in their first year of work and cost the company a lot of money. A lot is invested in the employees, but if they aren’t fully productive, the company incurs a loss. There are two first-year attrition: Managed and Unmanaged. Managed attrition is when the employer terminates the employee due to bad performance in the first year and unmanaged attrition is when the employee leaves own his own due to unrealistic expectations or mismatch between the actual job and the job description.
These recruitment metrics are used by organizations to gain valuable insights into potential candidates during the recruitment process.