KPIs stand for Key Performance Indices. The KPIs actually help you understand the performance of your organizational activities against the goals you have set for yourself. As with the other organizational and business goals, the recruiting or hiring process would also need you to track a few key performance indices.
What are the right KPIs for tracking your hiring process?
There are a host of recruitment metrics you need to focus on if you really want to check out the success rate of your performance standard. However, instead of checking out all metrics, you would need to focus on a few critical parameters for tracking your success rate.
What are these important recruiting metrics that you need to focus on? Let us check them out.
Time to Hire
The most accessible measure of a hiring success rate is the time to hire. This would refer to the time taken from the entry of a candidate into your ATS system to the time he is offered the job. It will efficiently measure the efficacy of the recruitment process and the technology used.
A slower time to hire can be quite harmful enough for the reputation of the organization. It can considerably affect the productivity and revenue of your organization quite dearly.
The efficiency of Sourcing Channel
This metric will deal with the channel from where the candidates come from. Campuses, social channels and job boards are a few key metrics. It would be easy enough to measure this metric with the use of Google or Facebook analytics.
Having a clear understanding of the sourcing channels would help you have an idea of which channels fare well. You can review why a particular channel works inefficiently. You can also focus more on the channels that work better.
The candidate experience is a hiring metric that would sum up your entire hiring process. A poor candidate experience would indicate a slower and impractical screening process. A bad candidate experience would translate itself into losing your great candidate.
In addition, a bad candidate experience can mean they would take themselves elsewhere. The candidate will not recommend you to the other job requirements that may come up in your organization. The best idea to track the candidate experience would be to ensure that you take up a survey after each of the steps in the hiring process.
Quality of Hire
Quality of Hire is a powerful recruiting metric, but it would be a little difficult to estimate. It would be a little abstract in nature and quantifying it may not be very easy. But, it can help you access to a better insight into your hiring process.
It would measure the performance and retention data of your hiring process. It would also be a measure of the performance of the candidates and their retention. The way the newly hired candidates fit themselves into the company culture would also determine the quality of hire. It can provide you with information on how well your recruiters are performing.
Cost to fill
The cost to fill would be a metric that would be rather easy and simple to estimate. The time to fill is a recruiting metric that will measure the time taken from attracting a candidate to filling up the position. In a small organization, this can have a detrimental effect on the budget of your organization.
Of course, the cost to fill would be dependent on a variety of metrics, and it would be essential to take into account all those metrics when analysing and tracking the cost to fill metric. For instance, a higher quality of hire would practically justify the higher cost to fill. Likewise, a decrease in the time to fill would definitely translate into a lower cost to fill. In any case, paying due attention to the cost to fill.
Well, those are a few key performance indices that you would need to focus on if you really want to improve the performance of your hiring process. It should be noted that analysing and tracking all these metrics would be very essential to build your recruitment process and make it stronger. Track the adverse effects each of these metrics may have on the health of your organization would help you build a more robust and efficient recruitment process.