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Hiring metrics are measurements used to track the effectiveness of different recruitment and hiring activities, and these metrics are key in a data-driven hiring strategy. Hiring and recruitment metrics help you improve your hiring process and enhance the productivity and efficiency of your recruitment team. ZenHR provides you with 7 HR metrics that you should be tracking as a hiring manager so you can make more informed decisions.
- Time to Hire
Time to Hire is the amount of time it takes the HR department to hire a candidate, calculated starting the very first day that the candidate enters your pipeline. Therefore, the time to hire metric provides an insight into how well the recruitment team is performing and allows you to identify any pain points or areas of improvement in the recruitment process.
- Source of Hire
This metric indicates where your best candidates are coming from, and it helps you track the effectiveness of your different recruitment channels. Once you know the best source, you can allocate your budget effectively to capitalize on it.
- Quality of Hire
Quality of Hire, also known as the Success Ratio, calculates the quality of your hires as determined by your company’s performance ratings. It’s an indicator of how well your recruitment team selects the right candidates for the open vacancies.
- Application Completion Rate
This metric calculates the number of candidates who started applying for an open vacancy in your company and successfully submitted their application.
- Offer Acceptance Rate
This is a simple metric that provides an indication of how likely a candidate is to accept your employment offer. If your “Offer Acceptance Rate” is low then you should review your compensation and benefits packages.
- Applicants per opening
Contrary to the common belief that a high number of applicants per vacancy is a good indicator, it can actually be an indicator that your job descriptions are too broad. The more narrow and accurate the job description is, the less the number of applicants should be – without compromising the number of qualified applicants.
- Cost per Hire
You should keep an eye out for this metric, as it could make or break your HR department’s budget. This metric calculates the average cost to fill an open position starting from attracting the candidate to onboarding him/her.