Hiring Metrics That Matter In 2023
The success of a business is measured by metrics. Each department has its own metrics according to its goals and expectations.
Recruitment is the source of all talents in your organization and ensures the success of recruitment is a guarantee all other departments are filled with the best talents in the market.
When you cooperate with a Recruitment agency you need to set ahead what will be your metrics for your partnership success. Whether your goal is to hire permanent candidates or contract candidates, each recruitment has its own funnel and metric and your organization should plan out these funnels and metrics according to your needs and the position’s requirements.
What is the most important about assigning Metrics?
It is crucial to set SMART goals and in return, SMART metrics that you be measured and be realistic. We will walk through the best hiring metrics that matter in 2023.
Let’s go deep inside the metrics we will be relying on to make our judgment & it will be employer-related and employee-related so let’s dig into its two aspects Employer related Hiring metrics, and Employee related Hiring metrics:-
The 7 Employer Related Hiring metrics
1-Time to Fill
This metric calculates the time between posting the vacancy to source the position and recruiting the candidate. Any organization would prefer to close the gap of an empty vacancy. There are usually many tasks awaiting completion and hiring a new candidate will move to finish them and in return, any pending tasks related to it will be completed.
One of your goals should be the optimal time to fill the position with the right candidate. You can set a specific time frame depending on the urgency of the position.
The quicker your recruiter fills the position, the better metric they achieve. If you have multiple positions, you can set an average time to fill all the vacant positions.
2-Quality of Caliber
This metric along with the previous one should go side by side and be closely related. The time to fill should be the shortest while sourcing the best calibre for the position.
After all, you partner with a recruiter as you trust their experience and professional knowledge in locating and hiring the best candidate. So the quality of the calibre should be one of the top metrics to measure in the hiring process.
3-Time in Process
Breaking down the whole time to fill the vacancy into smaller steps can be more efficient to detect any gaps. The hiring funnel consists of screening, interviewing, testing, and personal interviewing. Moving from one step to another is crucial in minimizing the large pool of candidates to reach the right talent. It is important to move at a fast yet sufficient pace between steps so as to fill the position at the ideal time. Moreover, it will help not lose the interest of the candidates and avoid them from joining another opportunity if the process is delayed for a long period.
4-Cost per Candidate
The process of sourcing new talents to join your organization usually has its own cost from hiring fees, travel costs, relocation costs, etc. Measuring the cost and calculating how much it costs your company to acquire new talent is crucial in measuring the success and the return on investment of the process.
The ideal method to partner with a staffing agency is to agree on a hiring fee depending on the goal of sourcing the talents on a permanent or contract basis.
Ensuring the diversity of the team is key to the work environment. You need to make sure your recruiter gives fair and equal opportunities to all candidates from different backgrounds. Furthermore, if you want to hunt overseas for talent for an international branch of your organization, you need a hiring agency experienced in dealing with a diverse culture to ensure the success of the process.
6-Offer Acceptance Rate
At the final step of hiring, your recruiter will communicate with the accepted talents and offer them the package. Reaching this step means you want these talents to be part of your team and it will be ideal to hire all of them.
Measuring the success of accepting the offer guarantees you complete the cycle successfully. Your organization needs to set up an acceptance rate for the recruiter to achieve. It will usually depend on the offer or the communication method these talents are approached with.
7-Candidate Retention Rate
After hiring qualified talent, it is time to retain the talent to be part of your team. The retention rate indicates that your recruiter has managed to get in touch with the talent that fits the position. It also means that the package offered was competitive in the market as the candidate will not feel underappreciated.
Overall, you want to reduce the turnover rate of your employees and ensure their satisfaction. Measuring this metric can be indicative of the success of the long-term partnership with your staffing agency.
The 2 Employee related Hiring metrics
Now you have ensured the satisfaction of the employee, you need to assess their productivity which will reflect on the success of landing the best talent. Interviewing and hiring candidates prove part of their capabilities, it is the real work that shows their full skills.
Part of the skills of the recruiter is to determine the true skills of the employee and make sure they will be doing their job. Assigning the employee productivity metric to the success of the hiring process guarantees concrete overall success for the company.
2-Employee Net Promoter Score
Another metric that reflects the positive outcome of the staffing agency is to calculate employee net promoter score. It means how likely your candidate would recommend the company to others to work for.
If they are happy with their job, they would suggest to others your organization. You can conduct a survey to measure each employee’s NPS. That is your ultimate way to ensure the retention of your best team and also measure the work your recruiter has performed.
These metrics can be your blueprint for dealing with your staffing agency in 2023. Knowing how to appraise your recruiters will be the key factor in achieving your goals. It is time to fill these metrics with the numbers you find suitable for your organization and the positions you are trying to fill.
Hiring Metrics Can Change Everything?
Metrics Are The Main calculator for Your Success Make Sure To Choose it right.