Go The Extra Mile: How to Measure the Quality of Your Hiring Process

Are you having trouble finding qualified candidates for your talent pipeline? You’ll be happy to know you’re not the only one. The Labor Department reported a record all-time high of 6.6 million job openings earlier this year, affecting about 50% of U.S. employers.

That means that employers across all industries are scrambling to snag the best candidates before their competitors do, and about 45% of employers are worried they won’t be able to find employees with the right skills. Hiring metrics are essential for revamping the recruiting process and hiring the best talent, especially during a talent shortage.

Now that we’ve talked a little about why hiring metrics are important, you might be wondering exactly which hiring metrics can help you measure the quality of your recruiting process. In the spirit of the holiday season, we thought it would be helpful to share our top-shelf list of effective metrics:

• Time-to-Fill: Figure out your time-to-fill by calculating the average time spent filling job vacancies over the number of roles filled over a year. It helps track how efficient your hiring process is at filling vacancies quickly.
• Cost Per Hire: By averaging the total marketing, hiring process and referral costs per hire, this metric gives you an idea of the amount of resources invested into reaching top talent.
• Hiring Process Satisfaction Rate: Typically measured through surveys, the satisfaction rate gives organizations insight into their candidate experience and how well their recruiting process works from a new employee’s perspective.
• Candidates Interviewed Per Hire: Calculate this metric by dividing the total number of candidates interviewed by the total number of hires in a year.
• Acceptance Rate: Divide your total number of acceptances from candidates by the total number of offers you make to gain a better sense of how successful your recruitment strategies are. Industry benchmarks can be a helpful comparison for this metric.
• New Hire 90-Day Failure Rate: This metric helps companies determine how successful their recruiters are at finding the right hires.

After tracking these hiring metrics, you should have a much better sense of the strength of your recruiting process. Video interviewing software can help you revamp your hiring process if it’s not quite as successful as you want it to be. Meet with an expert to learn more about measuring and enhancing your hiring process and landing that next hire.

About The Author

Drew Whitehurst is the Content & Implementation Specialist 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.