Recruitment Metrics vs Selection Metrics
As a human resources professional, you know how challenging it can be to find the right candidate for a job. In fact, according to a study by the Society for Human Resource Management (SHRM), it takes an average of 42 days to fill a position and costs $4000 to $5000 per hire. That's why it's crucial to measure the effectiveness of your recruitment and selection process using HRM software.
But which metrics should you track? In this post, we'll explore the difference between recruitment metrics and selection metrics and provide insights on their usefulness for evaluating the success of your hiring process.
Recruitment Metrics
Recruitment metrics are used to measure the effectiveness of your hiring process from the moment a job opening is created to when the position is filled. These metrics help you evaluate the quality and quantity of your candidates, the effectiveness of your sourcing and outreach efforts, and the efficiency of your hiring process. Recruitment metrics include:
Time to Fill
The time to fill metric measures how long it takes to fill a position from the moment a job opening is created to when the candidate accepts the job offer. This metric helps you evaluate the efficiency of your hiring process and identify any bottlenecks that may be causing delays.
Cost Per Hire
The cost per hire metric measures the total cost of your recruitment process divided by the number of hires made. This includes everything from job postings and advertising to candidate sourcing and screening. This metric helps you evaluate the cost-effectiveness of your recruitment process and identify areas for improvement.
Candidate Quality
The candidate quality metric measures the quality of your candidates based on factors such as qualifications, experience, and fit with the company culture. This metric helps you evaluate the effectiveness of your sourcing and outreach efforts and identify areas for improvement.
Selection Metrics
Selection metrics are used to measure the effectiveness of your hiring process from the moment a candidate applies for a position to when they are hired. These metrics help you evaluate the quality and fit of your candidates and the effectiveness of your screening and interview process. Selection metrics include:
Offer Acceptance Rate
The offer acceptance rate measures the percentage of job offers that are accepted by candidates. This metric helps you evaluate the effectiveness of your job offer and compensation package and identify any areas for improvement.
Time to Offer
The time to offer metric measures how long it takes to make a job offer to a candidate from the moment they apply. This metric helps you evaluate the efficiency of your screening and interview process and identify areas for improvement.
Retention Rate
The retention rate measures the percentage of new hires who remain with the company after a certain period, typically one year. This metric helps you evaluate the effectiveness of your screening and interview process and identify any potential issues with employee retention.
Conclusion
Recruitment metrics and selection metrics both play important roles in evaluating the effectiveness of your hiring process. While recruitment metrics focus on the sourcing and outreach efforts used to find new candidates, selection metrics focus on the screening and interview process used to evaluate and select candidates.
By tracking these metrics using HRM software, you can identify areas for improvement and refine your hiring process to find the best candidates for your organization.