Why You Need a Wide Talent Pool
When you know which channels work best for you, you can allocate your recruitment marketing budget much more wisely.
Data-driven recruitment is a crucial part of strategic recruitment. But what recruitment metrics should you follow? Relying on the number of applications and people hired is not enough. You need much more detailed information to plan your recruitment processes in a data-driven way.
Here are the top 10 recruitment metrics we think you should measure in 2021.
It’s good to collect both numeric feedback (e.g., ratings from 1–5) and open comments. In the best-case scenario, you’ll gather the feedback on the spot in real-time and not through a questionnaire several weeks after the recruitment process has ended.
Efficiency is one of the most important recruitment metrics you can measure because it affects your candidate experience and recruitment costs. For example, candidates may get frustrated if they wait too long for the hiring decision.
When you know which channels work best for you, you can allocate your recruitment marketing budget much more wisely. Maybe you are using some channels that do not perform at all. With recruitment metrics like these, you will find out.
By monitoring your career page’s performance, you may be able to find out why you aren’t getting as many applications as you would like. Perhaps your content is not meaningful, or maybe your candidates start the application process but do not finish because your application form is too complex and takes too long to fill out.
Basic recruitment metrics, such as the number of applications, are valid, but they are not enough on their own. When you know how many applicants you have, it is important to know how many of them are relevant. Withdrawal rates and offer acceptance rates are also super valuable because they give you information about your candidate experience and employer brand.
We all want to attract relevant candidates only. Thus, a big number of applications is not the best criteria to tell you if your recruitment process has been a success or not. Relevancy tells you more.
Measuring candidate satisfaction matters, and so does measuring the satisfaction of your hiring team. Improving your internal efficiency and communication during the hiring processes benefits not only the employees but also the candidates.
You can measure all kinds of costs in your recruitment process. The ones mentioned above are just a few examples.
It’s beneficial to know how the talent community affects your recruitment process. You may find that you could save a lot of time and money by recruiting directly from your community.
What happens after the recruitment process ends and a candidate is hired is also vital information. It’s good to know if the experience is the same as promised during the recruitment process.
Note: Remember to follow the changes happening in your recruitment processes. How have the KPIs changed since the previous month or year? Also, compare the results to your goals. Are you performing as well as you have estimated?
We at TalentAdore believe in data-driven recruitment and offer advanced analytics as part of our recruitment software, TalentAdore Hire. For example, you can easily collect feedback from your candidates and measure the candidate experience in real-time.
If you are interested in modern recruitment software that can handle the end-to-end recruitment process and provide you with valuable data, request a demo.