Best Business Metrics of Recruiting

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Gathering information and collecting data are some of the best ways for businesses to learn how to improve. They can track many things within their business’s structure such as revenue, productivity, employee satisfaction, and more. What companies learn from this kind of information can help them restructure the way they hire new employees or just tweak smaller things to smooth out any issues. Either way, there are many benefits to tracking these kinds of metrics.

Experiences of Candidates

The hiring process is the first place for companies to start tracking information. From first impressions to the workplace or cultural compatibility, this metric is useful for the hiring of future employees. Candidates who have pleasant hiring experiences are likely to be enthusiastic about working for the company and perform better. Alternatively, candidates with poor experience may not apply for any future positions. They could even spread the word to people they know not to apply either.

The best way to measure this metric is by handing out surveys. Whether a candidate is hired or turned away, the experience he or she has may be something they would be willing to share through a survey. For example, if they have a wonderful experience, they may sing praises for specific things they liked. The same can be said for what they disliked.

Interview Scorecards

Like handing out surveys, interview scorecards can be given to gather useful information. These scorecards, however, can be given after each stage of the hiring process. This could be after technical skill assessments, soft skill assessments, a virtual interview, or the information the company collects from the candidate. If any stage of the hiring process feels too long or short, a candidate may have concerns. Giving the scorecards for them to rate the company’s performance and asking for suggestions on how to improve can boost a candidate’s experience as well. Additionally, the scorecards could be regarding the general hiring process or the person in charge of hiring employees such as a recruiter or hiring manager.

Rate of Hiring Quality Employees

Mis-hires are a common occurrence in the workplace. These are referred to as hiring someone who either leaves the company or is fired after a fairly short period of time. It costs money and takes a significant amount of time to bring on new employees. Mis-hires are an issue that should be avoided when possible. One way of doing this is to do periodic evaluations of the employee. Typically, the 90-day time frame after someone is hired is where most mis-hires occur (i.e. the employee leaves or is fired). By evaluating the employee’s performance and satisfaction after 90 days, both parties should be able to have a good idea of whether the employee is a good fit for the position.

Other Metrics

Another metric companies can track includes how long it takes to fill a position. This is most helpful when looked at alongside previous hires. The ratio of offer acceptance by candidates is a metric that highlights areas which concern candidates enough to turn down a job. Each business may have specific metrics they can track to improve the company. Therefore, keeping an eye out for such things should be an important but necessary focus.