Recruiting KPIs are?specific metrics that help you measure the effectiveness of your hiring process and your recruiting team. KPIs use data to provide insights into how close (or far) you are from reaching your recruiting goals and help you make more strategic decisions about where to allocate your time and money.
What are the key metrics for measuring the effectiveness of a Recruiter?
I have listed a few most important KPIs of a Recruiter below. Remember, the importance of each metric may vary according to your organizational goals. So if you are a recruiter or an HR professional, you will probably want to focus on critical areas rather than focusing on every metric.
- Time to Fill:?From my personal experience and the industries that I have worked with, this is the most important performance indicator. After all, a Recruiter’s primary objective must be the mobilization of qualified candidates according to the agreed schedules. “Time to Fill” may vary from job to job; It may take longer to find the next CFO or an Executive Director. From Junior to middle management, 45 days to 60 days can be considered as a benchmark for the ‘Time to Fill’ metric. If you find you are not hitting these targets, it may be a sign that something is not working as well as it should.
- Submit-to-interview ratio:?When a Recruiter submits CVs of sourced candidates to a hiring manager, how many are being shortlisted for the interview? If the percentage is low, it may be a sign that the hiring manager is not happy with the quality of candidates presented.
- A number of interviews to offer:?As a good rule of thumb, every three interviews should result in one offer. A ratio of higher than 3:1 is again a sign that the quality of candidates is not good enough. The Recruiter should have a serious conversation here with the hiring manager to identify what exactly he expects from the candidates.
- Offer acceptance rate:?What percentage of offers made to candidates are accepted? The ideal numbers vary from industry to industry. So, the management should establish the benchmarks as per the market, availability of skillset, industry, etc.
- Source of hire:?This tells you which of your recruitment channels delivers the most bang for your buck. If most of the hiring is happening via referrals -?it's not Talent Acquisition, the Recruiter is just facilitating the administration process here. Also by focusing on ‘Source of Hire’, if you realize the company website is able to provide a good chunk of candidates, the paid job portals can be ditched.?
- Quality of hire:?Asking managers how satisfied they are with new recruits is a good way to identify whether your recruitment processes are delivering the talent that the organization needs. Also, the percentage of employees completing the probation period gives an insight regarding the quality of hire.
- Applicant satisfaction:?How satisfied were new hires with the recruitment experience? Did it take too long to receive the formal offer, for instance? Surveying new recruits or periodical audits will help you pinpoint ways to streamline the recruitment process.
