5 Recruitment Metrics Every Recruiting Manager Must Know

Posted by IntroMagic Team on January 15th, 2022

Recruitment metrics (or talent acquisition metrics) are one of the key parts of any data-driven hiring tactics. Yet the data points and metrics which hirers could calculate seem to be endless.

The infamous Resignation Wave is on the lines of (lack thereof) employee engagement and satisfaction which is affecting many sectors and industries, their productivity levels and also their annual growth.
But the question is which metrics matter? What data should recruiters focus on in order to make better hiring decisions? The need for measuring recruitment metrics has never been more impertinent where companies are looking for data-backed hiring which will help managers make accurate recruitment decisions as well.
To make sure that your team is utilizing the right data, we are breaking down some of the most crucial recruiting KPIs your hirers must be tracking.
But first, let us look at what hiring metrics are and the role they play in hiring top talent.

What are Recruitment Metrics?

A recruitment process is akin to an Ironman Marathon, peppered with hurdles in the form of lack of relevant talent, lack of clarity, last-minute droppers, interview no-shows and much more. It is a lengthy process and no company would like to invest its time and resources working on a lost cause. 

However, hiring does not have to get the bed rep it usually gets. Hiring metrics or recruitment KPIs can help reduce the obstacle course. 

Talent acquisition metrics or recruitment metrics work as indicators that help company leaders and HR leaders assess the quality of their hiring process. 

These metrics draw parallels between the new hires and their performance at the job which indicates the good and bad aspects of the recruitment process of the company. 

During the hiring process, recruitment metrics help talent acquisition managers create the right hiring funnel that improves the efficacy of the hiring team and streamlines the overall process. 

The recruitment funnel simplifies the following for the hiring managers:

  • Establishing the application process on the right note. 
  • Attracting relevant candidates. 
  • Receiving insights from the interview process. 
  • Zeroing in on the right candidates as per their answers and the parameters of the job.
  • Onboarding the applicants. 

These recruitment metrics are deployed in the form of digital tools that help organizations streamline and automate their hiring process. 

For instance, several HR tools are equipped with hiring parameters which when furnished with data display the candidate’s equation with the company vision, his/her performance during the hiring process and other vital scores. This data is later analyzed by key team members and assessed to ensure the compatibility between the applicant and the job scope.

5 Recruitment Metrics Every Hiring Manager Should Use

While there is no dearth of recruitment metrics and their customized version for every organization, we are picking up a few common hiring metrics that every hiring manager must know in order to execute a fuss-free hiring process.

1. Quality of Hire

One of the most crucial recruitment metrics to track is the quality of hire. The quality of hire has a direct impact on the business value of the company. The metric has been recognized as one of the top priorities by many HR leaders but also the most difficult to achieve as well.

The reason behind the dearth quality may be the lack of time, extreme specifications of the job scope, or its novelty in the market.

Quality of hire is something that cannot be predetermined during the hiring process but an assessment that is made when the candidate has been a part of the team for some time. Rate of retention, engagement levels, productivity, job satisfaction, and cultural fit are some of the parameters that affect the quality of hire recruitment metric.

2. Candidate Call Back Rate

This is a talent acquisition metric usually used to measure the quality of the hiring process. The rate of candidate call back determines the efficacy of recruitment efforts based on the number of candidates who display their interest in the role by returning your calls or replying to your emails.

Formula:

Candidate Call Back Rate = Number of Call Backs by the Candidates ÷ Total Number of Candidates Reached Out

3. Sourcing Statistics

This is usually the parameter that measures the efficacy of different hiring platforms that recruiting managers deploy to get the relevant talent. This recruitment metric helps compare multiple sources like professional social platforms, job portals, the company career page and others to see which one works best for the process.

Most hiring websites offering insights into the applicant’s capabilities fare much higher in terms of offering quality candidates when compared to those who merely skim resumes and work on keyword search to match the person with the job role.

4. Rate of Application Drops

Many applicants don’t make it until the end of the hiring process but many choose to drop off in the middle. Some may drop off after checking your job scope on the website or some may want to explore the opportunity on their smartphones but are unable to access it because your company page is not optimized for the mobile.

There are many reasons why an applicant drops off. Understanding the reason behind these application drop off rates helps hiring managers zero in the cause and rectify them to reduce these drops.

Seemingly simple measures like building your web page for mobile, are sometimes the answer to improving your hiring process.

5. Cost Per Hire

As the name suggests, understanding the amount of money spent on the hiring process and its different nuances can help the talent acquisition team with the budgeting.

This recruitment metric is very efficient in helping HR leaders optimize their spendings and allocate funds to sources that are more likely to generate quality leads. This not only helps the hiring team fine tune their process but also keeps the core team by reducing their cost per hire every year.

It is indeed a win-win situation for all.

How Can IntroMagic Help You Get the Right Candidate for the Job?

IntroMagic is a free video resume maker that helps candidates put their best professional foot forward while helping hiring managers sift through desirable and undesirable applications at a much faster rate.

With video resumes customized to answer your industry based questions, applications via IntroMagic gives you a direct peek into the candidates professional fluency, personality and their soft skills – something which is hard to assess completely via the written word.

Akin to a screening process, these video resumes allow you to make faster and informed decisions. No more spending hours with a candidate when you know that they are not the right fit in the first 10 minutes!

All you have to do is use the IntroMagic Apply with Video button on your careers page to accept short video profiles from applicants and select the right candidate in real time.

FAQs

  1. What do you mean by recruitment metrics?

         Recruitment metrics are indicators that help talent acquisition teams assess the quality of their               hiring process.  They may include cost per hire, applicant rate and much more. 

  1. What are some of the most common recruitment metrics?

          Some of the most common recruitment metrics are:

  • Quality of hire
  • Candidate call back rate
  • Rate of application drops
  • Sourcing statistics
  • Cost per hire
  • Time to fill 
  1. How do you measure recruiting?

         You can measure the effectiveness of recruiting by measuring employee productivity,                      engagement, hiring manager satisfaction, acceptance, cost to hire ratio, time taken to finalize the role and many more. 

About Us

IntroMagic is a company started with the mission of
enabling every candidate to find their dream role by
putting their best face forward. We also aim to help
recruiters find the best candidate by enabling
acceptance of professional video introductions that complement the traditional resume.