In the process of building your recruiting funnel, you’ll surface a dozen burning questions.
Which job posting sites are pulling their weight, and which just drain budget and energy? Are you spending too much time on phone screening, or too little? Are there are any problems that repeatedly prevent quality candidates from accepting your job offers?
Ultimately, just how good is the recruiting process you’ve built?
Recruitment metrics provide these answers. They flag problems at the first sign of trouble—whether it’s a bottleneck in the hiring process or a shortfall in applicants—and offer concrete opportunities to build a better, stronger recruiting process. We’re sharing five essential metrics every hiring team should track, analyze, and improve to build a healthy hiring funnel.
Why it’s time to start tracking recruiting metrics
Recruiting metrics allow everyone—recruiters, hiring managers, and executives—to take a step back from the day-to-day tasks of hiring to get an overview of the effectiveness of their hiring process. They ensure that every decision serves a broader company goal, with every dollar of recruiting spend translating into meaningful company growth.
The metrics we’ll cover achieve that goal in three ways, providing companies with the following:
A common language. Metrics provide clear, concrete terminology, allowing recruiters and executives alike to discuss and take action on the strengths and weaknesses of their hiring process.
Better candidate experiences. Many metrics make it easy to spot and remedy “outlier candidates”—applicants who are stuck in a certain stage of the hiring process or still awaiting feedback.
Opportunities for constant improvement. The best metrics create opportunities to expedite the hiring process, to source more qualified candidates, and to improve acceptance rates.