A critical goal of any recruitment process is to find and employ the best and most suitable individuals in an efficient and cost-effective way. How do you know if your employment process is achieving this?
By using key performance indicators (KPI), you can start to measure what goes on during the recruitment process. You can build a detailed picture of what is and isn’t working for your business.
How to Measure Your KPI’s
These are the main ways you can measure your KPI’s. Remember to consider your key goals and how these metrics will tie in with your goals. Some methods will be more appropriate than others, so ensure you select the best ones for your requirements:
- Recruitment site analytics – analyzing feedback on your company brand on recruitment sites like LinkedIn and Glassdoor.
- Staff Engagement and Employee Net Promoter Score (eNPS) – using surveys to measure whether your employees are to recommend your company as a place to work.
- Social listening – analyzing what’s being said about your company on social media.
- Recruitment time – how long it takes to fill roles across the business. If it’s taking a long time, it’s a sign that something isn’t working.
- Submittal to Interview ratio – how many get through to the interview stage? If the number is low, it’s a signal that your candidate quality is low.
- Interview to offer ratio – A good ratio is one offer per three interviews. If it’s less, there’s an issue with candidate quality.
- Offer to acceptance ratio – Are candidates accepting your job offers? If not, you could be offering less salary and benefits than the industry average or you may have a brand/reputation issue.
- Quality of hire – Are the new recruits performing well?
- Source of hire: Which of your recruitment channels are performing the best? Which are not working for you?
- New recruit satisfaction – What was their experience of your recruitment process?
- Overall staff turnover – Is your turnover high?
- Exit interviews – Interviewing staff who have handed in their notice will help you understand why people are leaving.
By using effective measurement for your KPI’s, you can build a comprehensive picture of your recruitment process. This will help drive improvement and higher quality candidates for future roles.
For more information on how effectively measure your recruitment KPIs contact us at www.staffingsoft.com