In order to measure the effectiveness of your hiring strategy, you need accurate recruiting metrics. Sometimes called key performance indicators (KPIs), this data is invaluable when assessing budgets and workflows, too. Armed with the insight your data provides, you can improve the hiring experience for your team and candidates, save your department money, and prove your value to your organization.
But with so many recruiting metrics available, it can be difficult to know where to start. Below are the 20 KPIs that we consider most important for recruiters to track and measure. We'll show you what they mean, why they matter, and how to calculate them.
1. Application completion rate
This recruiting metric tells you how many people complete your application form. Low application completion rates mean that people are leaving their applications unfinished — perhaps the application is too long, is frustratingly repetitive, or demands more personal information than applicants are comfortable giving. It could also indicate some sort of technical glitch. Investigate low application completion rates immediately: Your entire hiring process is stymied until you do.
How to calculate application completion rate
Application completion rate = # of submitted applications / total # of applications started
2. Vacancy rate
This is a calculation of the percentage of open positions versus the total number of existing positions. The vacancy rate for your company or a specific department reveals trends in the job market or your company's growth trajectory. For example, a high vacancy rate can indicate rapid growth, an unusually high job churn, or possible deficiencies in the hiring market.
How to calculate vacancy rate
Vacancy rate = # of open positions / total # of positions in the organization or department X 100