June 2, 2023
June 15, 2023
Taking action on your recruiting metrics to make progress with your candidate sourcing, engagement, and conversion efforts throughout the recruitment life cycle is critical.
First thing’s first, though: You need to determine which exact recruitment and hiring metrics matter most to your small business — and ensure you have the people, processes, and technology in place to capably monitor data tied to your recruitment team’s daily and long-term efforts.
We’ll get to the must-track recruiting metrics in a bit. Before we do, though, it’s worth explaining the value of monitoring the effectiveness of your recruiting process. (And how you can data to drive down recruitment costs, streamline the application process, conduct smarter candidate outreach.)
You’ve undoubtedly heard the phrase “Trust your gut” a fair amount over the years. The truth, though, is you should never apply the saying to your talent acquisition efforts.
And it’s not just enough for you and the rest of your (likely meager) TA team to track this data regularly. You also need to “democratize” it with your leadership team.
As Gem Head of Product Marketing Jeff Beckham recently explained to SHRM, recruitment metrics are “not just valued by the recruiting team but all the way up to any CEO who cares about hiring — the leaders who want to know ‘Is hiring efficient?’ ‘Is it predictable?’ ‘Is it equitable?'”
With at preface, of sorts, out of the way, let’s dive into several key recruitment metrics that can give you insight into the strengths and weaknesses of your SMB recruiting efforts.
Clunky, overly complex or complicated application processes (e.g., ones that require account setup and log-ins) tend to lead to few completions by active job seekers.
Conversely, simple, easy-to-navigate application processes (i.e., ones that take a few minutes to carry out, thanks to intuitive recruiting tech and a straightforward job description) often lead to high applicant totals.
Nurture-to-screened. Screened-to-interview. Interview-to-offer. There are many “flavors” of recruiting funnel conversion rates. Not all may be worth tracking at a granular level for your small business, given you may not have all that many steps in your hiring process.
That said, occasionally tracking these metrics (one per month or quarter) to see how far the average candidate “makes it” in the recruitment life cycle is worth your time and energy.
Whether you deliver emails, texts, or a mix of both to leads of interest, you need a mechanism (read: an SMB-centric applicant tracking system) to easily and efficiently analyze your candidate engagement across channels to see which approaches work best and should be used most often.
Compiling feedback from candidates you interviewed for open roles but ultimately didn’t hire can give you rich insight into the external perception of your SMB recruitment model.
Aside from securing general comments (and perhaps criticism) from prospects, it’s equally important to collect specific ratings from candidates so you can quantify your work — and make the necessary adjustments to provide a better candidate experience over time.
You may not have more than a few total requisitions open at any given time. However, that doesn’t mean you can take your sweet time to source, nurture, and interview talent.
Rather, you need to move with a sense of urgency to steadily drive down your average time to hire and fill so you can prove to your leadership team you’re making every effort to convert qualified candidates quickly and appease hiring managers who need roles filled ASAP.
Speaking of hiring managers, you can simply ask them if they’re happy with the way your TA team has gone about finding candidates who “fit the bill” for openings. But, as with candidate feedback, it’s wise to gather feedback scores from them that help you tangibly measure your effectiveness.
Your recruiters’ time could technically could be part of the equation for this recruiting metric. Traditionally speaking, though, it solely accounts for the money allocated toward recruitment marketing (read: paid postings and social media ads) for specific roles and teams.
Tracking the expenses designated to promote an open position can ensure you don’t waste any precious spend provided to your team by your executive staff.
Not all sourcing channels provide the same ROI. But, you won’t know for sure whether you should continue looking for passive prospects on certain channels if you don’t keep tabs on how many leads you secure from those avenues and how far they advance in your hiring process.
This is one of the “post-recruitment” metrics that your counterparts in HR must handle. Human resources works with people managers who oversee the talent you help sign to your business (read: your colleagues) to find out how well they’ve performed in their particular role.
A high quality of hire indicates an employee you helped onboard is doing well on the job. On the flip side, a low-quality hire is one who has poor reviews and misses target goals.
This is another post-hiring metric that reflects the fruits of your recruiting team’s labor.
A high retention rate indicates members of your workforce you helped hire are seemingly satisfied (or at least satisfied enough) to want to stick around — something hiring managers want to see.
A low retention rate may indicate issues with your recruiting efforts — possibly in regard to where you find the talent in question sourcing-wise or how you evaluate those individuals’ answers during the interviewing process (i.e., misinterpret their fit for the position they ultimately ended up in).
Learn how SMB talent teams across industries make the most of the data-driven insights and out-of-the-box reports offered in JazzHR. Schedule an in-depth demo of our powerful, user-friendly applicant tracking system today.