The objective centers on refining recruitment and fostering inclusion, measured by specific metrics. "Time to Fill" assesses the efficiency of the hiring process, targeting a benchmark of 30-50 days. Swift recruitment often translates to increased productivity and reduced vacancy costs. Similarly, the "Offer Acceptance Rate" ensures that hiring propositions meet candidates' expectations, aiming for 85-95% acceptance.
Sustaining a proficient workforce is highlighted by the "Employee Retention Rate," benchmarked at 85-90% annually, crucial for maintaining institutional knowledge. Diverse and inclusive workplaces are measured by the "Diversity Ratio," essential for fostering varied perspectives. Lastly, "Employee Engagement Score" tracks workplace satisfaction, vital for boosting morale and productivity, with threshold benchmarks between 65-85%. Leveraging these metrics can optimize workforce dynamics and organizational culture.
Top 5 metrics for Recruitment and inclusion
1. Time to fill
Average number of days taken to fill a job vacancy from when it was posted until an offer is accepted
What good looks like for this metric: 30-50 days
How to improve this metric:- Streamline the interview process
- Utilise automated applicant tracking systems
- Refine job descriptions
- Leverage recruitment agencies
- Enhance employer branding
2. Offer acceptance rate
Percentage of job offers accepted by candidates out of the total offers made
What good looks like for this metric: 85-95%
How to improve this metric:- Ensure competitive compensation packages
- Improve the candidate experience
- Communicate career growth opportunities
- Engage with potential hires pre-offer
- Conduct market research on industry standards
3. Employee retention rate
Percentage of employees who remain with the company over a specified period
What good looks like for this metric: 85-90% annually
How to improve this metric:- Enhance onboarding processes
- Implement employee engagement initiatives
- Offer continuous training and development
- Foster a positive work culture
- Provide clear career advancement paths
4. Diversity ratio
The ratio of employees from diverse backgrounds compared to the total workforce
What good looks like for this metric: Varies by industry and location
How to improve this metric:- Create inclusive hiring practices
- Support employee resource groups
- Offer unconscious bias training
- Monitor and report on diversity metrics regularly
- Engage with diverse recruitment sources
5. Employee engagement score
Measurement of how engaged and satisfied employees are with their work environment
What good looks like for this metric: 65-85%
How to improve this metric:- Conduct regular employee surveys
- Act on feedback received from employees
- Implement work-life balance initiatives
- Encourage open communication
- Recognise and reward employee contributions
How to track Recruitment and inclusion 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.
