High-volume recruiting can be a beast in itself and not understanding the data behind your hiring efforts can lead you down a path of uncertain forecasting and hiring shortfalls. In fact, high-volume positions receive 250 applicants compared to only 59 in a traditional role.
While most employers are deep into holiday recruiting, it’s never too late to start analyzing trends and fix any potential problems that draw your attention. If you don’t know where to start — you’re in luck! We’ve done all the legwork for determining the most crucial recruitment metrics your hiring team should be tracking to help in any high-volume recruiting situation.
Source of hire
One of the more critical hiring metrics that should be looked at often is the source of hire. Determining where your candidates come from can be one of the best pieces of information a recruiter could wield. With this information, you’re able to tell the quality of a candidate as well as understand your likelihood of hiring said candidate.
Where does this fit into high-volume recruiting? When hiring for high-volume, it’s important to know what channels are most effective for mass hiring. Whether it’s Indeed or your employees — having this information could save you a lot of energy.
Cost per hire
Companies should look at the cost per hire because it allows them to break down each open requisition and find out where they could be saving money. If a recruiter looks at a role and determines the role is costing more this time around to hire than previous instances, they may be able to save money by focusing elsewhere for the time being.
Where does this fit into high-volume recruiting? With high-volume recruiting, you’re going to need to know where to invest resources and which gives you the best cost per hire to have an effective strategy.
This metric is important for recruiters in the same realm as cost per hire because it allows the recruiter to see important trends on if hiring for the specific role is currently worth the effort. Time-to-hire tells a recruiter if the team is being too indecisive or holding out for someone who is checking all the boxes instead of just the important ones. Cutting down your time-to-hire can be the difference in your high-volume efforts.
Where does this fit into high-volume recruiting? High-volume recruiting means you need to get candidates in the door quickly and through the process as soon as possible.
Interview to hire
When looking at interview-to-hire, teams are able to see what part of the interview process is broken or where candidates are lost in the pipeline. This will help you determine the pitfalls in your interview process such as it is too long, too short or too repetitive. Over time you are able to see a trend in how a specific interviewer is conducting interviews and how it might negatively affect a candidate’s decision to work for your company.
Where does this fit into high-volume recruiting? Interviewing your hire is going to tell you how many candidates you need to interview in order to get the number of hires you need. Knowing that number with high-volume recruiting allows you to have a better strategy from the start.
Offer acceptance rate
The offer to acceptance ratio takes the majority of all the previous metrics discussed and boils it down to this one overarching theme. Was the candidate enticed and offered enough to take the position after having to endure each part of the hiring process? If 100% of candidates who had a certain source of hire or who were funneled through a shortened hiring process said yes — you’re doing something right.
Where does this fit into high-volume recruiting? Like interview to hire — offer acceptance ratio will dive one step deeper and tell you how selective you can be with offers.
Check out these top recruiting event trends to leverage when hiring quality talent while measuring the metrics listed in this post!
This article was originally published on the Oleeo Blog.
About Jeanette Maister:
Global talent acquisition technology leader with extensive experience in global talent acquisition, applicant tracking systems & recruiting technology, recruiting metrics and process. Deep insight into all aspects of campus recruiting strategy. Recognized for driving growth and helping clients transform their recruiting efforts.
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Source: HR.com Articles