PLEASE NOTE: New start and end time.
Topic: Top Performance Metrics for Recruiters
Speaker: Bill Proctor, career and life coach, Next Step Career Management
CPE credit: 1.0 credit will be given ONLY to the people who attend in-person
Prerequisites/advance preparation: None
- 8:00 am – 8:15 am: Chapter Announcements and Self-Introductions
- 8:15 am – 9:15 am: Speaker's Presentation
- 9:15 am – 9:30 am: Networking
While there are worries of a recession occurring in 2023, one thing is certain entering the new year: Unemployment rates remain quite low. According to the U.S. Bureau of Labor Statistics, the overall unemployment rate near the end of 2022 was 3.7 percent. For people age 55 and older, the rate was even lower, clocking in at just 2.5 percent.
What those numbers mean is that many employers are hungry to hire, especially for the jobs that will be in demand in 2023. Overall, medical professions are projected to show the most growth, but other jobs, such as financial manager, chef, referee and teacher, also are expected to do more hiring.
Thanks to technological advances and the widespread use of social networking, job applicants have a wide variety of channels and platforms at their disposal. This means recruiters must spread their efforts across multiple channels to execute a successful candidate sourcing strategy.
The responsibilities of a successful recruiter have changed. It’s no longer good enough to post job listings and hope for the best. Today, all aspects of business are data-driven—including recruitment. Modern recruiters must measure and analyze every part of their strategy. To do that, they must have access to key recruiting metrics.
Here are eight of the most important recruiting metrics, and how you can use them to build a more effective recruitment strategy.
Top Performance Metrics for Recruiters
1. Source-of-hire: “Where do my best hires come from?” Check out the following article: Source of Hire: The Key to Successful Recruiting.
2. Time-to-fill: How long it takes to hire a candidate between posting a job listing and hiring a candidate Time-to-fill is an important recruiting metric from a business planning standpoint.
3. Time-to-hire: Is the amount of time between the moment a candidate submits an application and the moment they accept a position. The average time-to-hire in the U.S. is 24 days (source), though it varies depending on your industry.
4. Applicants per position: You can gain valuable insights from simply looking at how many applicants an open position attracts. Do you have an effective job description or a effective promoting strategy.
5. Rate of qualified candidates: Quality of candidates is everything when it comes to recruiting. To measure candidate quality, keep track of the number of applicants who make it to the next round for every recruiting channel.
6. Cost of hire: To properly budget for recruiting initiatives and avoid making costly hiring mistakes, you must calculate the internal and external cost of hire.
7. Offer acceptance rate: Refers to the percentage of candidates that accept a job offer. Low offer acceptance rates may be related to compensation, the interview process, a poor employer brand, or something else entirely.
8. Candidate experience: It is critical to measure and improve your candidate experience. Candidate Experience: A Must-Track Recruiting Metric: source To measure candidate experience: Net Promoter Score.
Final Thoughts About Recruiting Metrics
There are dozens of data points recruiters can track to improve their performance. But for those looking for a good starting point, the recruiting metrics in this article will give you a good baseline for your recruiting efforts.
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Bill Proctor is a Career & Life Coach to executives, professionals, managers, and their organizations. He successfully equips those in career transition with important skills and perspectives regarding life’s career events. See www.nextcareerstep.com.
Bill earned his undergraduate degree in Physiological Psychology from the University of California, Riverside and also engaged in postgraduate Biblical Studies at Dallas Theological Seminary. He and his wife Juanita live in The Woodlands, Texas.