Measuring the best metrics for the success of recruitment campaigns ensures that the hiring process is efficient and effective. Metrics such as Cost per Hire and Time to Fill help organizations optimize expenses and reduce the time taken to acquire talent. For instance, automating parts of the recruitment process can significantly lower costs, while streamlining interview processes can shorten hiring times.
The Quality of Hire and Retention Rate metrics focus on the long-term success of new hires. Assessing these metrics can guide improvements in candidate assessment and onboarding processes, leading to better employee performance and higher retention rates. Implementing new interviewing techniques and enhancing company culture are practical steps to achieve these goals.
Lastly, the Offer Acceptance Rate metric indicates the attractiveness of job offers. Ensuring that compensation and benefits are competitive, and the recruitment process is engaging can increase the likelihood of offer acceptance. Gathering feedback from declined offers provides insights for refining job propositions.
Top 5 metrics for Success of recruitment campaigns
1. Cost per hire
Total recruiting costs divided by the number of hires within a specified time frame
What good looks like for this metric: USD 4,000 - USD 6,000
How to improve this metric:- Optimize job advertisement placements
- Leverage employee referrals
- Automate parts of the recruitment process
- Negotiate better rates with recruitment agencies
- Enhance employer branding
2. Time to fill
Average number of days it takes to fill a position from the moment the job is posted until an offer is accepted
What good looks like for this metric: 30 - 45 days
How to improve this metric:- Streamline the interview process
- Implement applicant tracking systems
- Pre-screen candidates effectively
- Improve job descriptions
- Build a talent pipeline
3. Quality of hire
Performance of new hires compared to existing employees, often measured after the first year
What good looks like for this metric: Similar or higher performance compared to existing employees
How to improve this metric:- Enhance candidate assessment methods
- Use behavioural interviewing techniques
- Improve onboarding processes
- Encourage ongoing employee development
- Gather and act on feedback from new hires
4. Retention rate
Percentage of new hires that remain with the company for a specified period, usually one year
What good looks like for this metric: 75%-80%
How to improve this metric:- Improve company culture
- Provide career development opportunities
- Offer competitive salaries and benefits
- Enhance employee engagement
- Conduct stay interviews
5. Offer acceptance rate
Percentage of job offers extended that are accepted by candidates
What good looks like for this metric: 90% or higher
How to improve this metric:- Ensure competitive compensation packages
- Communicate clear career growth opportunities
- Build a strong employer brand
- Maintain a consistent and engaging recruitment process
- Gather feedback from candidates who decline offers
How to track Success of recruitment campaigns metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
