Key Metrics To Follow To Keep Recruitment On Track

Key Metrics To Follow To Keep Recruitment On Track

Conducting recruitment processes in a haphazard way, without measuring the effectiveness of your output and relying on guesswork to get the desired results, can be compared with trying to find your way while blindfolded. However, analytics will show the way and reveal what is actually working, so that you are able to prioritize strategies that can have a positive impact on performance.

One question that crops up is whether everything should be measured. These days most people are enthusiastic about analytics, but there is still a lack of clarity as to which are the best metrics to measure. Should they all be measured or would it be better to be more selective? Although data is very useful in most cases, you can’t go wrong by measuring everything. However, for those who prefer a less general methodology, there are some key metrics to consider to make sure you are on track.

First of all, top recruiters need to know the source of their best candidates, as it has huge repercussions on advertising and job board spend and should have some bearing on where most of the time is spent sourcing. If your ATS or CRM fails to identify your source of hire, the main sources of traffic to a careers site can be tracked by using Google Analytics. It is not a foolproof solution but should give a good idea of where your content is proving to be popular.

Another issue is the length of time it takes recruiters to get candidates accepted in a specific role. Hiring is fundamental to the future success of a company, so adopting a slow but sure policy is understandable in order not to make mistakes. However, hiring too slowly means that the opportunity of securing the very best candidates will slip through your fingers. The top 10% of talent tends to be off the market in 10 days. The best way to avoid this scenario is to be vigilant by tracking status changes in your CRM or ATS software, as this will reveal where the bottlenecks are in your hiring funnel.

To reduce hiring time and recruit faster there is some help at hand. First, stop doing data entry as you could be wasting thousands of minutes and dollars each year. More time can be spent making contact with candidates if menial daily tasks are outsourced. Secondly, build a talent pipeline. Although this is not an immediate solution, it will assist in the long run. Meet with your team and address your hiring objectives for the next 6-12 months, discuss key positions that need to be filled and begin communicating and building relationships with potential candidates, so that you are prepared in advance and can therefore fill vacancies more quickly.

Estimates with relation to hiring costs also enter the picture, as without any idea of expense it becomes difficult to set aside a budget for recruitment. These costs need to cover advertising, agency fees, candidate expenses, training costs for new hires, management time spent interviewing and lost productivity from vacancies.

What about conversion rates? Are you aware of the number of individuals who visit a careers page and actually decide to apply? Usually, of all the visitors that visit a careers page, 97% will leave without taking any action at all. How is this measured? Data can possibly be found in your ATS or CRM, otherwise Google Analytics is your best source of information. If applications are set up as a “goal” in Google Analytics, the precise conversion rate of a careers page should be available. Having access to factual data will show the exact number of job seekers who actually apply for a position and how many promptly leave the page.   

Lengthy application times also have a negative effect. Many interested candidates are being lost when confronted with several forms to fill in. It has been found that 43% of candidates spend more than thirty minutes to complete the average online application – a time-consuming activity if a candidate is applying for several positions in their job search. This can be measured very easily. An excellent way of gauging the length is to complete and time your own company’s application form, pinpoint any problems and to then trim it down so that it is more user-friendly. That way you should receive more positive results.   

As a recruiter, check if there are any weaknesses in your team’s performance. There are some quick and easy ways of making sure that everyone is working equally hard. Start by tracking email metrics to establish each recruiter’s effectiveness in connecting with candidates and monitor their ‘open rates’, ‘click’ rates and ‘reply rates’. This can help in noting the difference between individuals who take the trouble to create personal messages that are more likely to convert top talent and those who rely mostly on the law of averages. To improve efficiency, you can standardize high-performing templates across the team. Another good sign of efficiency is keeping track of which recruiters are making the most calls to candidates and scheduling the most meetings, as it will also show who is more successful at ‘closing’ candidates.

Additionally, to find out what candidates really think of their recruitment experience, you can conduct surveys by constructing a questionnaire. The facility of allowing candidates to give feedback with the click of a button has been found to be especially effective. Less than ideal comments will give an indication of where improvements need to be made in your recruitment process. Finally, you won’t know what’s working unless you measure it. It is best to remember this when considering the analytics that a recruiting team needs, as having key data at your disposal will help you work faster and more efficiently.