Over the past year, hiring activity has slowed dramatically for some organizations while it has significantly ramped up for others. Still, all organizations should be measuring and benchmarking recruiting.
There are five recruiting KPIs that every organization should track: time to fill, cost per hire, requisitions per recruiter, hires per recruiter, and new hire retention rate.
As a group, these metrics provide a picture of the overall health of an organization’s recruiting process. They indicate how well the organization is balancing the need for cost effective and efficient recruiting with the need to secure the best talent fast, whenever a business need arises.
TOP 5 RECRUITING METRICS
- Time to Fill: The number of days from the approval of a job requisition to job offer acceptance.
- Cost per Hire: The total cost to acquire each new hire.
- Requisitions per Recruiter: The number of job openings that a recruiter works to fill over a period such as one year.
- Hires per Recruiter: The number of hires that a recruiter makes over a period such as one year.
- New Hire Retention Rate: The number of new hires that remain working at an organization after a period of time such as one year.
We recommend tracking these metrics year over year and benchmarking them against industry peers and talent competitors. Performance gaps indicate potential areas for improvement. APQC research has identified steps that organizations can take to improve recruiting performance. Many involve leveraging technology, training, or data to better inform and deliver recruiting.
Complimentary APQC Webinar Optimizing the Recruiting Process and Candidate Experience at Mercy Hospital Systems. Register now.
8 Steps for Improving Recruiting
- Automate administrative tasks such as application screening and interview scheduling.
- Provide recruiters with time and funds for professional development.
- Simplify the tasks that hiring managers perform.
- Train hiring managers to effectively participate in the hiring process.
- Analyze and seek out characteristics of successful hires.
- Maintain relationships with a pool of potential recruits.
- Empower employees to pursue open positions.
- Monitor the market competitiveness of employment offers.
Get Started
For a limited time, APQC is offering Talent Acquisition Key Benchmarks to both members and nonmembers. Prepared using APQC’s Open Standards Benchmarking® portal, this article provides median metric values for recruiting KPIs. Be sure to register for our complimentary webinar: Optimizing the Recruiting Process and Candidate Experience at Mercy Hospital Systems to get an inside look at how to improve and sustain a healthy recruiting process.