Hiring Metrics

Hiring Metrics

 

Hiring metrics are measurements and data points used to optimize and analyze an organization’s hiring process. By employing the use of hiring metrics, a company can track and measure the effectiveness and success of its hiring and recruitment efforts. 

 

A comprehensive list of the most frequently used hiring metrics includes:

 

• Referrals from current employees

• Application completion rate

• Time in process

• Candidate call-back rate

• Number of candidates per hire

• Interview-to-hire ratio

• Candidate diversity

• Source of hire

• Sourcing channel effectiveness

• Sourcing channel cost

• Recruitment funnel effectiveness

• Offer acceptance rate

• Fill rate

• Cost of hire

• Cost per hire

• Time to fill

• Time to hire

• Quality of hire

• Net promoter score

• Satisfaction rate

• Candidate experience

• Retention rate

• First-year attrition

• Turnover rate

• Recruiter performance metrics

 

By gathering, tracking, and analyzing the hiring metrics most relevant to its organization, a company can determine where recruitment budgets should be allocated and how recruiters can best focus their time. 

 

Example: 

According to a 2022 survey by PwC, HR tech investments account for 28% of a company’s total HR operating expenses. Businesses of all sizes can maximize their hiring budgets by closely tracking recruiting and hiring metrics. For example, a small business with a limited budget can track metrics such as sourcing channel cost and cost of hire to determine where its hiring manager should spend their time in future recruiting efforts.