Tracking Hiring Metrics: Use HR Tech To Make Data-Driven Hiring Decisions And Improve Your Recruitment Metrics

Making informed, data driven hiring decisions helps you hire the right people. Tracking metrics also helps you cut down on interviewing costs, pinpoint areas to improve your process, and see which recruiters and requisitions perform better.

But, manually processing data in a spreadsheet can take a lot of time and manual labor. Let’s talk about what you should be tracking in your recruitment process and how to use a metric reporting tool attached to your ATS or interviewing software (like interview insights) to cut down on time and manual labor.

Recruitment KPIs You Should Track

All recruitment metrics are trackable (in varying degrees), but why track them at all? First, tracking metrics gives you more insights into your interviewing and hiring process and second, if you’re using interviewing software that has reporting built in – your metric reporting is automatic. We recommend you track the following:

• • Candidate drop-off rate (and measure where in the process they’re dropping off)
  • Recruiter activity (interviews scheduled vs interviews completed, hire rate, etc.)
  • Quality of Hire
  • Candidate Pipeline vs Qualified Candidates
  • Application Completion Rate (if you’re having a lot of drop off here – we have an article on how to improve candidate experience)
  • Time to Fill
  • Time to Hire
  • Cost Per Hire
  • Turnover Rate
  • Offer Acceptance Rate

For more detailed information on how to track each of these metrics, see this article on hiring metrics for calculations.

How To Improve Recruitment Metrics With Advanced Reporting

With advanced interviewing metric reporting, you can pinpoint strong (and weak) areas in your hiring process. You can also benchmark your company’s interviewing stats against other companies in your industry. What are ways interview insights helps to improve recruitment metrics with advanced reporting?

Tracking Candidate Drop-Off

For companies that are facing shrinking candidate pools, recruiters want to make sure that qualified candidates are continuing with their interviewing process. With advanced reporting, HR pros can see exactly where candidates drop off in their interviewing process so they can make informed decisions about what to change. For example:

• • If candidates are dropping off after they open the invitation to interview email, recruiters can make the necessary adjustments to change the email template or content.
  • If candidates drop off after listening to the welcome message before completing an on demand video interview, the company should adjust the welcome message – or create one in case they don’t have one. Video welcome messages are more dynamic than text for many candidates.
  • Candidates that drop off mid-interview could point to too many interview questions, or a candidate that doesn’t understand how to respond.

Drilling Down Into Specific Recruiters And Requisitions

You can also look into specific recruiters and requisitions using interview insights. This is useful for tracking your best performing requisitions and recruiters. For example, you can see:

• • How each hiring manager is rating candidates (is one hiring manager consistently rating candidates higher/lower than others?)
  • Recruiter activity across requisitions and dates.
  • Which requisitions are having the lowest candidate drop off
  • Which requisitions have given you the employees with the highest quality of hire.

By focusing on individual recruiters and requisitions, you can gain a deeper understanding of their performance and make data-driven decisions to enhance your recruitment strategy.

Tracking Metrics with interview insights

Getting more data out of your interviewing and hiring process with less work helps you make informed hiring decisions. Try out interview insights today and track your recruitment metrics with our integrated advanced reporting dashboard.

Interested in learning more? Reach out today for more information.

 
*Industry data from interview insights is compared across industries with other companies that are also using interviewstream.

About The Author

Drew Whitehurst is the Director of Marketing, RevOps, and Product Strategy at interviewstream. He's been with the company since 2014 working in client services and marketing. He is an analytical thinker, coffee enthusiast, and hobbyist at heart.