Recruitment is a big investment, so it’s important to make sure you are investing your time, energy and money effectively.
So how do you track your recruitment efforts?
Here are some of the ways to measure recruitment success and where you may be going wrong.
You obviously want candidates to apply for your role, but are they the right candidates? If you have 100s of applications but only 1 or 2 have the right skills and experience, you will be spending a lot of time sifting through CV’s.
Or maybe you have an application process, but your application completion rate is low. If this is the case, it could be that your process is too complicated.
Whilst tracking candidates may not necessarily be an accurate reflection of successful recruiting, it will help you to identify if you’re reaching the right people or if you need to adjust your adverts or application process.
Offer acceptance rate:
When make an offer, you are of course going to hope they accept. Unfortunately, this isn’t always the case. Whether this is down to them feeling the role, team or company isn’t right for them, or perhaps they have been offered another role, or counter-offered by their existing employer.
While we can’t expect every candidate to accept, if your offers are being turned down more frequently than they are being accepted, it might be a sign that you need to review your recruitment process, or there are other factors that need to be looked at such as benefits/salary etc.
Quality of hire:
Long term success is key when it comes to recruitment, but it’s also very difficult to measure.
Looking at how long it takes to bring the employee to full productivity and how they fit in with the company culture and team can help you to work out if you’ve hired the right person.
Identifying successful (or less successful) hiring trends, can help you to identify where you may need to adjust your selection criteria.
First-year turnover rate:
Once you’ve invested time and money on recruiting, you don’t want to have to turn around and do it all again.
High company turnover is expensive for companies and can also have other implications.
If you have a high turnover rate, you may want to look at your recruitment process, your on-boarding process, or maybe even overall company culture to see where you can make improvements.
Of course you can always save yourself all of this time and effort, by letting us take care of your recruitment.