Recruiters play an important role in hiring but growing a small to mid sized company is not an overnight task. It’s a prolonged process, rather an opportunity to explore hiring hacks and measure the recruitment efficiency and its impact. Many organisations worry about where to start from and freak out. They look for hiring solutions but are unable to track anything effective. Therefore, in this blog we’ll discuss various metrics that will help you measure recruiter efficiency identify tactics and strategies to simplify recruitment.
Evaluate Recruiter Efficiency
Calculate Application Completion Rate
As a recruiter, you must keep a close look at the application completion rate to determine the success rate of the job application platform and process. Otherwise what better way can you possibly choose when you have to pick one platform out of two or more.
To calculate the application completion rate, a recruiter must determine the number of candidate interactions with the hiring platform and process. In case this rate is extremely low then definitely there is a problem that has to be fixed at the hiring end. The reasons could be any of the following where candidates are-
- Dissatisfied with the hiring platform or application process
- Finding the application too long to complete
- Uncertain about particular input fields
- Frustrated with the application platform
.. and are hence, abandoning it. Recruiters can fix the problem by ensuring the following-
- Organise the application questions in a proper manner
- Avoid making grammatical errors
- Keep the application form concise and succinct
- Avoid asking personal or sensitive questions
- Fix technical bugs from the application form, if any
You will hire the most suitable talent this way because good candidates keep note of even the smallest thing.
Determine The Number Of Candidates Per Hire
You are the HR of your organisation responsible for bringing in the right and the most suitable talent. Of course, you do it really well but how efficient is the process that you follow? Imagine, the management or the leadership team picks just the right candidate to hire but how many candidates did the team have to dodge before getting struck by The One?
The entire hiring team has to spend a lot of time to screen candidate profiles faster. If, still, the management or the leadership has to reject a huge base of candidates to get to the right one then the hiring process is broken.
So, get an HRIS or HRMS tool to-
- Save the hiring manager’s time
- Peg the interview sessions up to 3 or 4
- Ensure that the hiring manager gets what they are looking for
- Gauge effective interviewing skills of the hiring team
Measure The Cost Per Hire
Every organisation allocates a specific hiring and recruitment budget to the HR. Going beyond that budget to hire a suitable candidate suggests that the process is inefficient. Every time a position opens it’s the HR’s responsibility to close it at the earliest. Otherwise, delay of even a single day is equivalent to loss of work worth 8 to 9 hours.
Why is it important to keep tabs on the cost per hire?
- No business wants to overspend on hiring and recruitment
- Measuring the cost per hire will help for future reference
- Calculating ROI is a measurement for future growth
- Create a future plan for a hiring budget
Prioritise Employee Referrals
When it comes to shortlisting a candidate for an interview round, employee referrals are given the first priority. This is because you know your employee, your employee knows the candidate they want to refer, and you want to someone to join the team who comes from a reliable source. Total win-win.
Why recruiters must prioritise employee referrals?
- Hiring a candidate from a career site may take up to 55 days, from a job posting it may take 39 days, and just 29 days on an average to hire someone coming through employee referral
- It is the cheapest and the fastest way to fill in an open position
- A suitable candidate gets to know about the available opportunity through a trusted source
- There are no traditional recruiting costs involved while hiring the candidate
Evaluate The Fill In Rate
Calculating the fill in rate helps organisations realise from which channel are the maximum number of jobs getting filled. This way they decide whether they have to invest more on internal or external channels.
Further, this ensures that the internal team is vigilant and doesn’t lose focus. They are automatically encouraged to bring in the right pool of talent more than what the external hiring team brings in.
Lastly, the quality of hire is another important metric. Where does the best talent come from, internal or external source? Then you know which way to proceed for future recruitment.
Assess Employee Satisfaction & Retention
In the end, when the entire recruitment process is over, after the completion of the interview rounds and assignment submissions, everyone must feel that they did something productive. Recruiter efficiency consolidates the following features-
- A single platform for all interviewers to share their respective candidate score
- Invest less in conducting meetings and taking decisions faster
- Candidates feeling confident that they chose the right opportunity
- Growing companies will ensure stability in their workforce
Where Does peopleHum Fit In The Recruiter Efficiency Picture
Here’s an image I found on LinkedIn articles. This article, which I have created, is also derived from this image and how I feel that the various recruiter efficiency features are going to help a budding company grow.
At peopleHum, the platform manages to close the entire recruiter hiring ecosystem where-
- People can apply on their own
- Candidates can share emails directly to the HR
- Recruiters find out the right talent
- Employees share and keep a track of all their referrals at one place
- The platform consolidates the three pipelines on one dashboard
- The teams decide what’s next in line and where to focus on
peopleHum ensures that recruiter efficiency is well maintained. After all, it’s about saving time & recruiting the best. No business wants to compromise on that.