Don’t Make a Recruiting Move without Having these Numbers in Mind
Why do 55% of HR leaders feel extremely challenged in their search for high-quality talent? For starters, unemployment is at historic lows and the hunt for talent is more competitive than ever. In this current economy, employees are job hopping for additional benefits, more pay and better company cultures. Today, the ball is in the employees’ court.
To find and attract the best available talent you need to become a strategic recruiter and make data-driven hiring decisions. And to do that, you need to understand these 5 Key Performance Indicators (KPIs):
KPI #1: Offer Acceptance Rate
This metric will likely never hit 100%, but by tracking job acceptances over time you can see just how effective your talent acquisition strategies are. If your offer acceptance rate is low or on a downward trend, you need to make sure that your salaries and benefits are industry and location standard. This is the most important metric to have because the percentage of offers accepted is used to demonstrate the effectiveness of your company’s overall recruitment strategies.
KPI #2: Candidate Sourcing
Why is this is an important metric for making decisions Because many organizations use this metric to determine how much and where to spend their recruitment budget (e.g., job fairs, on-campus recruiting, job boards); to determine recruiting hour allotment to recruitment resources, such as events; and to help determine recruiter performance.
KPI #3: Average Time to Fill
This metric is all about tracking the speed in which a candidate moves through your hiring pipeline once they’ve been recruited or have applied. Time to fill is self-explanatory. It adds up the total number of days an open job goes unfilled. However, it can provide some telling information about how long recruiters take to contact a candidate after one is identified, as well as how long it takes to schedule an interview.
KPI #4: Current Candidate Pipeline
This metric is important for understanding which stage of the hiring process each candidate is in, as well as how many candidates are in each stage. It can answer several questions, such as: How many candidates in the interview state (i.e., “good” candidates) do you currently have? How many offers are outstanding? Which candidates will you close soon?
KPI #5: Reasons for Non-Selection
- Keeping track of why a candidate wasn’t hired is important as well. Some reasons to include:
- Doesn’t meet qualifications (e.g., didn’t meet education or experience requirements, failed drug and/or background check);
- Candidate withdrew;
- Company not interested (e.g., the candidate had a poor interview, other candidates had more experience, bad references);
- Candidate declined offer.
While not required, having this data can help with EEOC compliance in the event of discrimination litigation.
Paycor Recruiting Can Help
Paycor Recruiting is the simple, smart, safe recruiting platform built by recruiters for recruiters and HR hiring teams. Build candidate pipelines, create branded career pages, customize job applications and find great candidates, all while remaining compliant. At Paycor, we offer more than best-in-class technology, we pride ourselves on our expertise. When businesses partner with Paycor they get immediate access to a team of dedicated tac and compliance experts who help them remain compliant throughout the entire employee lifecycle.
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