HR City

5 Recruitment Metrics Every HR Must Report

By SiliconIndia   |   Wednesday, July 11, 2012
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Bangalore: If we go in depth to understand any job interview it's very difficult to find out the reasons for rejection or acceptance. Assessing the candidates performance requires tracking key metrics that can point out the efficiency of the recruitment campaign, it emphasizes how well the campaign is working and point out areas where improvement is necessary.

Here are the 5 metrics that talent gaining professionals like to see and will need for management reporting. These are based on recruitment strategy and also help us to know how things can be improvised in near future. Recruitment metrics helps a budding HR to understand more complicated analyses and thus saves time.

1. Number of Candidates

Every organization differs in their practices; each organization should have a standard and hence should stick to it. Heaps of applications for a single job opening are not good. In fact it symbolizes attracting wrong candidates. There has to be a proper criterion for it.
Let us suppose a company standard is 55 applications and it receives above 199 applications, then there is something which is absolutely wrong. Hence a metric lets us know if we are getting the right amount of applicants or not, else we need to revise on staffing strategy, such as reviewing your advertising efforts or adjusting the job report.

2. Applicant Sources

It's essential to find out the sources of each candidate as they could be from social networking platforms, careers website, company's Facebook page, advertisements, social referrals, job search sites and word of mouth. Finding of sources makes organization aware about the most effective channels to attract candidates. Hence it also affects the overall outcome and lets us know the reason behind great hires. If the very social recruitment and referrals bring quality leads, it may be something you want to spend more time and money into.

'Metrics also show you ignore search engines at your own peril. According to one statistic, job seekers utilizing search engines are 30 percent more likely to complete the job application process. It also showed candidate quality was 25 percent higher from job hunters who took to search engines to sniff out opportunities' says Sajjad Masud, Co-Founder and CEO of Simplicant as posted on business insiders.

3. Hiring Cost

Hiring cost is crucial these days. It takes around $3,079 for smaller industries with employees fewer than 1,000, whereas larger organizations with more than 1,000 employees had a cost-per hire of $4,285. Larger industries have a bigger budget and can therefore afford to spend more.
Hiring cost helps us to have a better understanding and we can adjust the strategy accordingly. It figures out if you are using sufficient capital or you are completely off base and should be investing more in your recruiting strategy.

4. It's Recruiting Time

It basically means filling the position. According to reports, on average, large organizations fills the position in 43 days while smaller organizations take 29. The reason for more time taken by larger organizations is due to more steps involved in the hiring process. Too much time means selecting the right candidate and much more efficient work is done. While searching we should not jump on the bandwagon rapidly and do not over examine your options as it can go wrong in the long-run.

Quality recruitment is necessary. The standard expenses per hire in the industry clearly points out the inefficiencies in the recruitment process and draw attention to the fact that hiring practices of most organizations are still utilizing older and classy methods that continue to let us down and therefore add to the overall costs of talent acquisition.

5. Hiring Quality

The quality of hire metric is driven by performance appraisal ratings and/or production 6 to 12 months into the new employee's job as compared to their peers. This metric is little difficult to predict as it varies in each industry. Moreover, an internal standard is necessary for HR professionals who can in turn begin to assess the quality of the hire.

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