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.