This measure calculates the percentage of new hires out of total approved job requisitions. It is part of a set of process efficiency measures that help companies optimize their "manage new hire/re-hire" process by minimizing waste and refining resource consumption.
(Total number of new hires / Annual number of job requisitions) * 100
Process efficiency represents how well a process converts its inputs into outputs. A process that converts 100% of the inputs into outputs without waste is more efficient than one that converts a similar amount of inputs into fewer outputs.