What recruiting metrics to track
As the Founder and Lead Talent Partner at Tabata Search, I’ve had the privilege of working with numerous leaders in the retail and consumer sector, including Williams-Sonoma, Gap Inc., Charming Charlie, Destination Maternity, Tiffany & Company, and Bulgari. Drawing from my enriching tenure at Korn Ferry and extensive experience in the executive search realm, I've often encountered questions about best practices in recruitment, including one that frequently arises: "What recruiting metrics should we track?"
Recruiting metrics provide valuable insights into the efficiency and effectiveness of your recruitment process, enabling you to make data-driven decisions to improve your hiring strategies. However, with so many metrics available, determining which ones to focus on can be challenging. Below are key metrics that I recommend tracking to optimize your recruitment efforts.
Time-to-Fill: This is the time from when a job is posted until the offer is accepted by a candidate. A shorter time-to-fill indicates a more efficient hiring process. However, it's crucial to balance speed with quality in hiring decisions.
Quality of Hire: Quality of hire measures the value that new hires bring to your organization. While it can be challenging to quantify, it can be assessed through factors like new hire performance, turnover rates, and manager satisfaction.
Source of Hire: This metric identifies where your candidates are coming from, allowing you to determine which channels are most effective for sourcing candidates. You can then allocate your resources to the most productive sources.
Application Completion Rate: This metric measures the percentage of started applications that are fully completed. If the rate is low, it may suggest that your application process is too complex or time-consuming.
Cost-per-Hire: This includes all costs associated with filling a role, such as advertising costs, recruiter fees, and onboarding expenses. Keeping a close eye on this metric helps ensure your recruitment process is cost-effective.
Candidate Experience: While it can be harder to measure, candidate experience is crucial. Surveys and feedback from candidates can help assess your recruitment process from the candidate's perspective.
First-Year Attrition: This metric tracks the percentage of new hires who leave within their first year. High first-year attrition may suggest issues with the onboarding process, role clarity, or job-person fit.
Offer Acceptance Rate: This measures the number of accepted offers compared to the total number of offers made. A lower rate may suggest that your offers are not competitive in terms of salary, benefits, or other job aspects.
At Tabata Search, we understand the importance of these metrics and use them to optimize our strategies, ensuring we deliver the best results for our clients and candidates. We know that each company's needs are unique, so we tailor our approach, measuring and delivering what matters most to your organization.
In conclusion, tracking the right recruiting metrics can significantly enhance your hiring process, providing insights that can help you attract, hire, and retain top talent. While the metrics you choose to track may depend on your specific needs and objectives, the ones listed above provide a comprehensive view of your recruiting performance. In a competitive talent market, data-driven recruitment is not just beneficial—it's essential. As recruiters, our mission goes beyond filling roles; we're here to provide strategic insights that drive your business forward.
Shanna Groban is the Founder and Lead Talent Partner for Tabata Search. With many years of professional recruiting experience spanning both corporate and agency environments, Shanna has built a successful track record primarily in the retail and consumer industries.
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