Recruiting KPIs are probably second nature to HR or talent professionals. A candidate’s source, the recruitment time, the acceptance rate of an offer, etc.
Because KPIs show progress toward an intended outcome, you know them like the back of your hand. In addition to helping you and other company leaders identify whether you’re on track to meet business objectives, they can also help you make better decisions.
What are the best ways to ensure your entire HR function is working efficiently to meet your company’s goals if you are only measuring candidate source, time to hire, and acceptance rate?
To evaluate how you recruit, engage, hire, and advance your talent, measure KPIs across the entire talent lifecycle.
The lack of a comprehensive view of your recruiting performance can prevent you from improving your talent function and achieving your goals.
Are you looking for a quick list of recruiting KPIs? Download our infographic to learn how to measure KPIs to increase your candidate pool.
Rate of visits to career sites followed by applications
Use this metric to determine whether roadblocks on your career site prevent candidates from applying. Adding a mobile-friendly browsing experience, AI-powered job recommendations, and chatbots with candidate questions could boost conversions if you get a lot of visitors but few conversions.
Completing the application in a certain amount of time
The actual application process for a job is another source of friction for candidates. It is important for job seekers to have an experience similar to that of a consumer. The more time it takes to complete your application, the more likely it is for candidates to find an easier option. This KPI can be broken down by device type and location for more insight.
A candidate for the position
Using analytics dashboards in your applicant tracking system, determine which recruitment marketing channels attract the most candidates, so you can focus your budget and effort on them.
If you use your talent data to tell a richer story, you can measure your channels by volume, talent pools, or hired candidates.
Percentage of quality applicants
In order to focus your strategy on the channels that attract the best candidates at the lowest average cost, you can use CPQA to determine the total spending required to attract one quality applicant.
To measure, you must define what constitutes a “quality applicant.” Is it all candidates who make it past the phone screen or only those who achieve a particular score in your applicant tracking system? You can use this formula once you’ve created that definition:
The efficiency of sourcing channels
You can identify the channels that bring in the most qualified applicants with this KPI. Compared to a third-party job board, LinkedIn may generate more qualified candidates, although a third-party job board may get the highest number of candidates overall.
The number of submissions per job
Do you generate enough candidates per job opening? To identify team members that may need additional training or support to increase their submissions, break down this metric by source. To evaluate how you recruit, engage, hire, and advance your talent, measure KPIs across the entire talent lifecycle
Application rate via text message
What is the effectiveness of your text campaigns in engaging talent? This metric can be used to measure your performance versus a benchmark. You may need to edit the language or flow of your text conversations if you receive many initial texts but few applications.
Rate of conversion of chatbots
Virtual recruiters can be accessed 24/7 via chatbots. However, if your chatbot isn’t converting conversations into quality applicants (and generating ROI), it’s time to act. To showcase your culture and the skills needed for relevant jobs, consider adding employee testimonial videos to your chatbot.
Click-through rate for email applications
Targeted emails to your talent pool are another critical channel to encourage job seekers to apply. Be sure to include a link that candidates can click on so you can track their engagement with your campaign.
Candidates who are currently active
Using this metric, you can see how many candidates interacted with your brand in a given time period. It is likely that some candidates in your CRM have lost interest or accepted another offer while others may have since lost interest. Use your talent network to estimate potential opportunities more accurately by calculating active candidates.
Number of candidates satisfied with the application process
Assess the satisfaction of candidates with your recruitment process with a standardized survey. You can determine your net promoter score by completing a satisfaction survey.
You can make your applicant tracking system more actionable by integrating survey responses.
Would you like a quick list of recruiting KPIs that will help you attract and engage candidates? Find out how to measure KPIs to attract more candidates in our infographic.
Hiring season is here
Using this metric, you can determine how quickly your organization can move a candidate through the hiring process. Forecasting and setting expectations with candidates in your pipeline can be challenging without an understanding of this KPI.
Getting the job done
It measures how long it takes for a job to be posted and for a candidate to be hired through the whole recruitment process. Analyze the time it takes to fill a position and identify slowdowns to help your organization become more cost-efficient and value-generating.
Percentage of offers accepted
Does a candidate have a high chance of accepting an offer? It is possible to find out what the recruiting KPI is through this tool. Consider reexamining your compensation packages, hiring process, or offer letter management software if your offer acceptance rate is below your benchmark.
As part of the hiring process, interviews are conducted
In order to make a hiring decision for a particular role, talent leaders can use this metric to determine the average number of interviews required. Consider this scenario: You are hiring for a Front Desk Administrator and you have three qualified candidates. The hiring process involves three interviews for each position, for a total of nine interviews.
The ability to understand how this benchmark changes for different roles can also help recruiting teams and hiring managers create more efficient processes.
The decision-making process
What is the average time it takes for candidates to accept an offer once you extend one? It may be a sign of unclear benefits or working conditions during the hiring process if too much time is spent negotiating. Using this measure as an average by position can also help leaders allocate TA resources more efficiently for specialized positions.
Turnover that is unwelcome
It is not necessarily a negative thing when employees leave. There are times when team members don’t meet expectations, and it’s better to let them go. To determine whether there is a need for internal advancement opportunities, use this metric to identify turnover among top performers.
The ratio of career paths
Vertical promotions are represented by a career path ratio, whereas lateral moves are represented by a career path ratio. It is possible that your company is giving out too many promotions if your ratio is high compared to your benchmark.
In an organization with a low ratio and only internal mobility through transfers, you may have “talent hoarding”. The goal is to keep top talent on a team, so managers discourage promotions.