What are Recruiting Metrics?
Recruiting metrics refer to the measurable processes, stages, aspects, facets, and factors involved in the recruiting process. It is what tells you how fast or how slowly the recruitment process is moving, and why. In essence, recruitment metrics are how you can figure out the strengths and weaknesses in your recruiting process (or recruitment funnel).
The Recruiting Metrics to Track:
There are a number of recruitment metrics that you can track. But in order to optimize you recruitment process, there are three main groups of recruitment metrics that you’ll need to observe: The recruitment pipeline speed, the conversion rate between recruitment stages, and the candidate conversion rates by the recruiting source.
Before getting to the recruitment metrics in question though, we first need to consider the sources through which talent is usually recruited.
Types of Recruitment Sources
There are 4 main avenues through which recruiters source potential candidates: Through job post applications, through direct sourcing, through social media networks, and through referrals.
Job Post Applications
This is the most basic form of talent sourcing. Such candidates are those who directly apply to the job postings set up by recruiters for each of their job openings. (Note: Such job candidates are called active candidates as they searched and applied for the job themselves.)
This method is where recruiters directly look for and find candidates. Recruiters look for such candidates by searching for them online, on social networks, by finding their profiles themselves, or even by meeting them at directly. (Note: Such job candidates are called passive candidates as they were found by the recruiter rather than actively searching and applying for the job themselves.)
Sourcing Via Social Media Networks
These potential candidates are found on social media networks – either by the recruiter finding the candidate’s social media profile independently, or by the recruiter finding the candidate’s profile via their own connections and social media networks. In essence, social media network sourcing for potential candidates can be considered a part of direct sourcing. However, social media has become such a huge phenomenon now – with such a hefty number of potential candidates being found here more than in any other talent source – that this can well be considered a separate source of talent all on its own. (Note: Such job candidates are called passive candidates as they were found by the recruiter rather than actively searching and applying for the job themselves.)
Referrals are candidates who were referred to the recruiter from one source or the other. The referral in question here could be a friend, a co-worker, a social media connection, or anyone else considered in some way capable of recommending a person’s skills. It is on the recommendation of the referral that a particular candidate is sourced and recruited as a potential hire. (Note: Such job candidates are called passive candidates as they were found by the recruiter rather than actively searching and applying for the job themselves.)
It is from these different sources that a recruiter generally picks potential job candidates. And the process of deciding whom to finally hire is what is called the recruitment process or the recruitment funnel.
In order to optimize the recruitment funnel, here’s how these main recruitment metrics should be observed and measured:
Recruitment Pipeline Speed:
This metric refers to the overall speed at which a recruited candidate gets hired. In other words, this metric answers the question, “How long does it take a candidate to get through the entire recruitment process and get hired?”
If candidates are taking too long to get through the pipeline, you need to check at which stage of the pipeline the candidates are being stalled at. You will also need to consider if candidates are getting through the recruitment pipeline too quickly or too slowly. For, if the candidates are moving through the recruitment pipeline too quickly, then it’s likely that a few unsuitable candidates may have slipped through the radar.
At the same time, if candidates are moving through your recruitment pipeline too slowly or not at all, then you as a recruiter might well be losing a lot of good hires. After all, if you take too long to hire a candidate, they might accept another job offer that comes their way. Plus, the more you delay the process, the more time the business loses without a hire to fill the job’s role.
What you need to do here is get to the points which is causing the delay and then consider the data of where you need to loosen or speed things up. And, in the case of too many speedy hires, you need to see where and how in the recruitment pipeline that you need to tighten the filters.
Conversion Rates between Recruitment Stages:
Recruitment, of course, consists of multiple stages. And just as you need to check the pipeline speed in every recruitment stage (like mentioned above), it is equally important to measure the speed at which candidates are moving between the various recruitment stages as well.
Are candidates passing from one recruitment stage into the next one rather too fast? Or are too many candidates not getting past a recruitment stage at all? The former scenario might mean your recruitment criteria are too liberal and generalized. And the latter could mean that you’ll wind up with too few to no final hires at all.
Neither scenario is good for your overall recruitment goals. So you’ll need to analyze the data at the problem stages in order to fix the glitches there.
Candidate Conversion Rates by Recruitment Source:
As a recruiter, you need to keep an eye on which of your recruitment sources are producing more final-hires. Are you hiring more referral sources? Or maybe job post applicants? Maybe you’re not hiring anyone from your social media network sources for certain job posts? Whichever is the case, this metric will let you decide on which sources you should focus more of your time and resources on and which sources to spend less time on.
Recruitment metrics are what can separate an effective recruitment funnel from a poor one. And luckily, there are a lot of online tools available for the recruiter to measure a wide array of recruitment metrics.