While recruiting new employees is often about finding the right person or people for the job, there are also important numbers you should know. There are various metrics that you should be keeping track of to ensure that your recruitment methods are working. With that in mind, take a closer look at a few hiring metrics that you should be tracking at your company.
Keep Track of “Busywork”
While this type of work doesn’t often get recognized, it should. Busy work is all the necessary little stuff that doesn’t get talked about or mentioned too much. This includes things like posting ads for jobs, reading resumes, and more. While this isn’t as directly related to hiring as some other methods it is still important.
You should still keep track of the numbers you can gather here. This includes how many resumes you read, how many jobs you posted (and where did you post them) and more. Tracking the time spent on this busywork might be the most important of them all, and using a site like www.humanity.com to track your time is a good idea. This will ensure you aren’t overspending or underspending time that might be better served elsewhere.
Time to Fill
When you are trying to fill a position, you are trying to find a great match in as little time as possible to cause the least amount of stress on your business and workforce. However, while it would be lovely if we were able to fill a job in a day, this isn’t often the case.
Time to fill basically accounts for the time between when the job is posted, to when a new employee is brought on to fill it. Companies want this number to be low, but as we said, that isn’t always the case. You need to be tracking how long it takes to fill your positions, and compare it to the industry average so you know how you are doing.
Applicants Per Opening
This is a good metric that can basically gauge how popular your company and/or job opening is. The more applicants you get, the more demand there is for the position. While the metric is definitely helpful, it doesn’t account for “quality” applicants vs non-quality, but you can keep track of that yourself if you so choose.
However, a high number of applicants doesn’t always mean that the job is popular, it could be a sign of a description that was far too broad, and made multiple different under qualified people think they have a chance at the position. So while it is a good metric, you should be sure to look at more than just the numbers, of course.
Cost Per Hire
For many people, this is the big one, finding out the cost per hire. Cost per hire is essentially how much a firm or company is spending to hire a new employee. The goal with this metric is to try and make the hiring process as affordable as possible, while still getting the correct person for the job.
There are many different costs that are generally accrued during hiring, which include: reviewing candidates, posting jobs, screening candidates, training, interviews and more. Every single day that your position goes unfilled and a bad candidate is screened or interviewed, and your cost per hire will be on the rise.
In conclusion, these are just some of the many different HR hiring metrics that you should be keeping track of. They can give you a ton of inside knowledge on the success of your hiring methods and can have a big impact on how your firm operates.