Let’s be clear: recruiting metrics should be at the forefront of every recruiter’s mind. They’re how you can answer this overarching question: “How do we hire the right people, faster?”
This broad question often becomes rhetorical. It’s a general theme that lingers in the minds of those who leave the meeting room with no clear sense of how to approach the answer.
If your team tracks recruiting metrics around your hiring process, you’re on the right path. However, the real challenge lies in analyzing your data to make meaningful discoveries. Here are three all-important metrics you should measure to unravel rich insights.
1. Time Spent by Job and Stage
How much time is your company spending interviewing for a particular job? Ultimately, this metric leads you to answer a critical question: “Which jobs cost the most to hire?”
GoodTime Hire captures this key metric through measuring the number of minutes spent interviewing candidates for a single job. The two drivers of this metric are:
- How many interviewers are involved in the interview process?
- How long is each interview?
For instance, imagine that each interview for a software engineer role requires six interviewers. If each interview lasts 60 minutes, then the company has spent 360 minutes (six hours) interviewing a single candidate.
Those six interviewers probably vary in roles and levels. In other words, this means varying salaries. If you multiply the number of minutes spent interviewing by the average salary of these interviewers, you’ll get the cost of interviewing a single candidate.
2. Number of Interviews Scheduled, Rescheduled, and Canceled
How efficient is your team’s interview scheduling process? Are your recruiting coordinators optimally scheduling interviews in a given day?
When you understand the exact number of interviews that are scheduled, rescheduled, and canceled, you unlock valuable insights into the efficiency of your hiring. For example, ask yourself these questions:
- How many interviews does a single recruiting coordinator schedule each day?
- What’s the number of reschedules per day?
- How many interview cancellations occur each day?
Additionally, teams that schedule 10 interviews a day feel empowered to schedule over 20 interviews in the same amount of time. If your company possesses a hiring target of 2x in the next year, how many interviews should be scheduled every day? Visibility into the number of interviews being scheduled, rescheduled, and canceled gives you the ammunition to make hypotheses and decisions around your team’s efficiencies.
3. Number of Interviews Each Interviewer Conducts
Ask yourself, who are the rockstar interviewers at your company? On the other hand, who are the least reliable interviewers, consistently declining interview requests? Hire’s interviewer reports capture your interviewers’ level of engagement in the interview process.
Capturing these recruiting metrics provides hiring teams with data to support their best interviewers, identify unreliable interviewers, and understand the load balance across all interviewers. Teams can answer various questions with this report, such as:
“Given the number of interviews being scheduled in the period, and given the number of interviewers actually accepting interview requests, can our company effectively reach our hiring goal?”
Additionally, interviewer load balancing is a popular topic. Above all, companies want more eligible interviewers to conduct interviews and not burden their “go-to” interviewers. Understanding every interviewer’s engagement in the interviewing process gives power to recruiting teams to make smart decisions about growing their interviewer pools.
With the right recruiting metrics at your fingertips, you can understand your current recruitment situation. This helps you develop a quantifiable plan to hire the right people at the right time, faster.
Ready to Level up Your Candidate Experience?
Time’s up for interviews full of scheduling headaches. It’s time for candidate-centered, connection-driven interviews.
To read more about how to make that happen for your team, download 5 Steps to Hiring Top Talent at Scale.