How You Can Measure Recruitment Effectiveness

Just as you analyze all the other facets of your business, you should also pay close attention to your recruitment process. Are your current strategies and processes still as effective as when you first implemented them? 

There are various metrics to be considered when assessing your recruitment process. And in this post, your trusted experts on career assessment tests from Kandio discuss how you can measure the effectiveness of your recruitment process:

Setting the Right Recruitment Metrics

Recruitment metrics are the standard measurements you use to gauge the effectiveness of your hiring process. It’s also what you use to improve the process if necessary. The metrics can be used by recruiters to obtain valuable insights into their entire recruitment process so they can work on the workflow, make changes, or eliminate parts that don’t contribute to the process’ effectiveness.

While there is a wide variety of metrics you can use to track your recruitment process, there really is no specific set of metrics that can be used by all businesses. It’s because the key performance indicators (KPIs) vary from one company to another. These all depend on the specific goals of each company. So before you set KPIs for your recruiting process, you first need to determine what success means for your company. You also need to establish clear and measurable goals. 

Once you have these, you need to consistently track and analyze the next set of recruitment KPIs to be able to yield improvements. 

Recruitment Metrics to Consider

Quality of Hire

This should be at the top of the list of KPIs for most companies because it measures the value that new hires bring to the table. Hiring quality employees equates to fewer turnovers, improved productivity, better culture, and overall success for the company. Because the quality of hire is hard to evaluate, though, you can use these quantifiable recruitment metrics: meeting X number in sales, getting Y number of product units, or getting Z percentage of customer satisfaction. 

Time to Fill

This is one of the most common metrics used to determine the effectiveness of a recruitment process. It can be tracked in different ways like time from search kickoff to offer acceptance or even hours spent on every requisition. This is a good KPI for determining inefficiencies and delays, especially in the interview process. 

Source of Hire

This is a great metric that can help you determine which resources deliver the highest ROI and therefore deserve your investment. Where did your top performers come from? What platform did they use to apply to your company? How did they find out about the job opportunities in your company? Knowing where you should source talents can help you target the right applicants more accurately.

Cost Per Hire

You should measure cost per hire so you can better assess the financial investment your company makes to attract and hire new talents. There are various methods you can use to determine how much you’re spending per hire, so make sure you choose one that suits not only your existing process but your goals, too. 

Qualified Candidates Per Opening

This particular KPI is actually more meaningful than the number of applicants as it shows recruiters how good their prospective candidates are. It’s crucial to measure this metric because if a company sees they’re attracting the wrong candidates, they'll understand why it’s challenging to fill a position. 

Applicant Satisfaction

When assessing your recruitment process, you probably think of how your business is directly affected by it all. But have you thought about how the applicants feel during the recruitment process? By conducting a survey, you’ll get invaluable insight into the experiences of candidates and further improve your efforts. 

Conclusion

As you can see, there are a lot of metrics you can track to evaluate your recruitment process. The metrics you use should depend on your specific business goals and your hiring requirements. But you should make sure that the metrics you choose will help you achieve your business goals.

If you’re also looking for a way to improve your recruitment process, you should take the time to explore the career assessment tests from Kandio.

Kandio can help improve your recruitment process with our candidate assessment tests. Allow us to find the best talents for your business. Get in touch with us today to learn more!