Does your team focus on the recruitment KPIs that really matter?
Ignoring the most crucial metrics—or neglecting to track your recruitment process as a whole—is like recruiting with your eyes closed. Without a sense of your past and present hiring success, it’s impossible to optimize your process with data-driven decisions and spot potential hiring issues.
But don’t stretch yourself thin by monitoring a laundry list of metrics. Track just a handful of recruitment KPIs and leverage the data to evaluate and refine your process.
Stuck on which KPIs to choose? We recommend for teams to keep a close eye on the following four KPIs.
Failing to track your time-to-hire is practically a sin in the TA world. Time-to-hire measures how long it takes your company to fill an open position. It’s a stellar KPI to use when measuring the efficiency of your hiring methods.
Teams with a low time-to-hire stand a better chance at transforming applicants into new hires in record time. Meanwhile, teams with a high time-to-hire risk losing star candidates to a lengthy process and a poor recruiting experience.
How Do I Measure Time-to-Hire?
Measuring time-to-hire is pretty simple. You just need to calculate the number of days from when an applicant enters your pipeline to when they accept your offer.
What’s a Good Time-to-Hire?
The average hiring process in the U.S. typically lasts for about 23.8 days. However, a “good” time-to-hire varies by factors such as industry and job function. A government role will very likely take longer to fill than a role in a restaurant. But know this: candidates don’t want to wait around. With some companies snatching candidates up within 10 days, speed is the name of the game.
The shorter the hiring process, the better—as long as your process provides ample time for candidates to understand the role, and for recruiters to meaningfully connect with applicants. You need to balance speed with quality.
Candidate Net Promoter Score
A handy candidate net promoter score (CNPS) informs you on how candidates experienced your hiring process. A high CNPS shows that you excel at cultivating a process that creates fans out of applicants. A low CNPS means bad news for your employer brand—and a likelihood that candidates will share their bad experience on company review websites.
By measuring your CNPS, you can get a leg up on the competition by understanding what candidates really think about your process. Then, use this data to identify what does and doesn’t work.
How Do I Measure Candidate Net Promoter Score?
Ask your candidates: “What is the likelihood that you would recommend us to friends or family as a place to work?” They’ll answer this question using a zero to 10 rating system.
Divide the responses into three categories: promoters, passives, and detractors. Candidates who respond with nine to 10 are promoters. They’re likely to recommend your company and are loyal. If a candidate responds with seven to eight, they’re passives. They feel neutral towards your company. Candidates responding with six or below are detractors. Don’t count on them to promote your brand.
To calculate your CNPS, subtract the percentage of detractors from the percentage of promoters.
What’s a Good Candidate Net Promoter Score?
Generally, scoring 10 to 30 is good, while a score close to 50 or above is excellent.
Offer Acceptance Rate
Your offer acceptance rate (OAR) is the percentage of candidates who accepted your job offer. A strong OAR means that your offer, hiring process, and company seem attractive to candidates.
Ended up with a high OAR? Pat yourself on the back; you’re a star at filling vacancies and connecting with candidates throughout their hiring journey. Disappointed with your low OAR? Time to spruce up the quality of your hiring process and the competitiveness of your offers.
How Do I Measure Offer Acceptance Rate?
Divide the number of offers accepted by the total number of offers extended. If you extend 100 offers and 50 are accepted, your offer acceptance rate is 50%.
What’s a Good Offer Acceptance Rate?
The average OAR is 65.7%. Use that as a benchmark when determining the quality of your organization’s OAR.
Interviews With DEIB Exposure
Want to elevate your OAR and CNPS in one fell swoop? Assemble interview panels that champion DEIB.
“Interviews with DEIB exposure” refers to interviews that feature interviewers from a diversity of perspectives and backgrounds. The goal is to avoid crafting homogenous interview panels.
Diverse hiring starts with diverse panels. Interviews with DEIB exposure promote better decision-making and mitigated unconscious bias.
Not only that, but a DEIB-centered interview panel promotes a better experience in the hiring process. About 80% of Black, Hispanic, and LGBTQ candidates report that a diverse workplace is a crucial factor when considering job offers. With increased DEIB exposure in the interviewing stage, underrepresented candidates will feel at ease knowing that your organization celebrates different backgrounds—including their own.
How Do I Measure Interviews With DEIB Exposure?
Measure this KPI by taking the number of interviews with DEIB exposure and dividing it by the total number of interviews.
What’s a Good Level of DEIB Exposure?
There is no “right” level of DEIB exposure in interviews. The goal is to present candidates with panels that help them comfortably and confidently picture themselves working at your organization. If your diversity hiring goals falter, the DEIB exposure in your interviews likely needs improvement.
Boost Your Recruitment KPIs With Tech
Your hiring process and your talent pipeline won’t improve if you don’t measure them. For now, data-driven recruiting is seen as an approach to recruiting, but let’s be real: all recruiting should be data-driven.
If you want to make your recruitment process data-driven and connect with candidates like never before, using just your ATS simply won’t cut it.
But leveraging GoodTime Hire will. Hire’s Candidate Relationship Intelligence delivers an unparalleled mountain of insights to make your hiring process top tier.
Want to learn more about how Hire can transform your talent acquisition process? Right this way.