In-house recruiters have a challenging role, which plays a significant (and often underestimated) part in the success of a business. Recruiters are responsible for ensuring recruitment marketing strategies and the hiring process are as efficient as possible and ultimately, to ensure the right people are hired at the right time. There are various metrics which can be measured to follow the success of the recruitment and hiring strategy. These metrics can (and should) be used to help recruiters make positive changes to consistently improve the recruitment process.
One of the most prominent metrics for an in-house recruiter is time to fill, which is the time to find a candidate and recruit them into the business. With a LinkedIn 2017 Global Survey revealing that it can take up to 4 months to recruit a new person into the business, it makes sense that this would be a priority for in-house recruiters. A
Most businesses will use a variety of sources as part of their recruitment marketing strategies, including recruitment agencies, job boards, headhunting, social media advertising, direct hiring and referrals. If businesses aren’t careful, they could be wasting thousands of pounds on sources which don’t give them any ROI, that is how important this metric is. As you can quite imagine, this is one of the most valuable for business leaders. Interestingly, the recruitment survey by Adthena revealed that smaller companies found LinkedIn to be their most important source and 22% of companies with 200 to 500 employees have no clue what their most reliable source is! It seems that larger companies may be more removed from the finer details of data than smaller companies.
Attrition (or retention) is another important factor which ties in with recruitment. Attrition looks at the quality of the hires, which is directly related to the hiring process. Business may be making hires, but are they performing well? Are the sources they are using not as effective as they thought or maybe there’s an issue with the recruitment/induction process. These are all important metrics which can help in-house recruiters to analyse their recruitment marketing strategies and overall processes to ultimately, improve their processes.
Another key metric, especially for business leaders is the cost per hire. Successful businesses will analyse data on their overall costs per hire and in-house recruiters will keep track of these on a regular basis to ensure these are kept as low as possible. Without analysing this data, companies could be spending thousands per person and the attrition could be low, so they are basically losing money each time they make a hire. This is the benefit of using recruitment software, as it is easier for recruiters to keep track of this data and report on the most important metrics, for the overall benefit of the business.
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