3 recruiting metrics you should keep an eye on
Any significant investment in a business has to be justified by assessing whether it is delivering the results it set out to achieve.
If your agency has recently implemented recruitment software to up its hiring game, you’ll need to keep tabs on a few key measures to see if it is producing the ROI it needs.
The nature of the recruitment industry means there are some unique KPIs to focus on, so what are three things you should be measuring in your recruitment efforts?
Time to fill
Perhaps the easiest KIP to measure, time to fill simply looks at the number of days between when a job was first advertised and when it was filled by a candidate.
Obviously a lot of your recruitment efforts will be focused on keeping this number as low as possible, while still providing high-quality candidates for your clients.
Efficiency software tailored for recruitment agencies, such as FastTrack360, features job order management functions that allow you to instantly check the status of any recruitment job order and identify which ones should be prioritised so time to fill is streamlined.
Cost of hire
In addition to the time required to hire someone for a role, monetary factors are understandably important to measure, and cost of hire looks at all the costs involved in filling a job.
This looks at the costs involved in every step of the recruitment process, from job postings to CV processing and interviewing.
FastTrack360’s productivity solutions such as enhanced candidate search can help shave significant costs from your recruitment practices.
Quality of hire
Now growing in significance, quality of hire goes deeper than just numbers to take a holistic look at the value of a new recruit.
Was the person you selected for a particular role the best possible option out of the available candidate pool? Keeping track of factors such as retention rate may give you the answer.