The recruitment performance review is designed to assess and improve the hiring process through critical metrics. Each metric focuses on optimizing distinct aspects, like reducing the "Time to Fill" by streamlining interviews or utilizing referrals. For "Quality of Hire," structured interviews and effective onboarding processes ensure that valuable employees are hired and retained.
"Offer Acceptance Rate" highlights the importance of competitive salary offers and strong candidate relationships. Moreover, "Candidate Satisfaction" underlines the consequence of clear communication and timely feedback. Understanding "Cost Per Hire" helps organizations allocate recruitment budgets efficiently, enhancing overall cost-effectiveness.
Top 5 metrics for Recruitment Performance Review
1. Time to Fill
The average number of days it takes to fill a position from when it was opened until offer acceptance
What good looks like for this metric: 42 days
How to improve this metric:- Streamline the interview process
- Improve job advertisements
- Enhance employer branding
- Use employee referrals
- Implement applicant tracking systems effectively
2. Quality of Hire
Measures the value a new hire adds to the company based on performance reviews and retention
What good looks like for this metric: Performance ratings of 3 out of 4
How to improve this metric:- Define quality hiring criteria
- Use structured interviews
- Conduct thorough reference checks
- Improve onboarding processes
- Foster continuous feedback mechanisms
3. Offer Acceptance Rate
The percentage of job offers that are accepted by candidates
What good looks like for this metric: 90% acceptance rate
How to improve this metric:- Ensure competitive salary offers
- Highlight company culture
- Communicate career advancement opportunities
- Build strong relationships with candidates
- Address candidate concerns promptly
4. Candidate Satisfaction
A score that represents how pleased candidates are with the recruitment process
What good looks like for this metric: 80% satisfaction rate
How to improve this metric:- Provide clear communication throughout the process
- Simplify the application process
- Offer timely feedback
- Ensure a positive interview experience
- Follow up regularly with candidates
5. Cost Per Hire
The average cost spent to hire a new employee, including advertising, staffing agency fees, referrals, and more
What good looks like for this metric: $4,000
How to improve this metric:- Utilise cost-effective recruitment channels
- Minimise agency fees with direct hiring
- Encourage employee referrals
- Revisit and optimise recruitment processes
- Monitor marketing and advertising spend
How to track Recruitment Performance Review 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.
