Hiring new employees in your company it can be a long and expensive process, so it is important to find ways to improve efficiency. Using a hiring funnel is going to help you on that because you can measure different metrics from which you can find out important things about the candidates and the time and money you spend during the hiring process.
Here are six of the most important metrics you can use in order to get a more efficient hiring:
An important thing you should know is how many days your hiring process take. A time-to-hire metric will help you understand if the process is efficient or it needs to be improved.
An efficient hiring process usually has a low time-to-hire (it is a fast process). On the other hand, you do not have to hurry when considering an applicant, but try to be detailed and through, to make sure you hire the right person. If you don’t, then you will have to repeat all the hiring process and we are sure you don’t want that. Watching these time-to-hire metrics will help you find the right hiring speed for your company.
It is very important for you to know how much money your company spends for filling a specific role. The cost-per-hire can include hiring technology, the recruiter salaries, paid placements and so on.
Work with the financial department in your company to track the cost-per-hire and see if there are improvements you can make in the future.
Read : Google Hiring Portal
Another important thing you can do, in order to improve the hiring process, is tracking the hiring sources. Use an applicant tracking system to make this job easier.
It is important to see where your candidate comes from and if that source is usually generating candidates that convert to new hires.
Application completion rate & time
Another important thing to monitor during the hiring process is the application-completion rate. That means you should see how many potential candidates give up in the middle of completing your online application. If this happens with many of them, then you should certainly make some adjustments there. Find out what you are doing wrong and make the necessary improvements.
You can also monitor the application completion time that to find out how much time does it take for the candidate to complete the online application. If it takes more than five minutes can contribute, you will usually notice a low completion rate.
Try to make your application clear, give all the needed information and don’t ask too much of the candidate’s time.
The offer-acceptance rate shows you how many of the candidates you choose are accepting the offer you make. If too many people reject your job offers, it may be something wrong there and you should try to make some improvements.
There are several reasons candidates can reject job offers: unsatisfactory salary and bonuses, a lengthy hiring process, a bad interview experience and so on. Try to fix these problems if you want the best candidates to accept your offers.
Asking for the candidate’s feedback will also help you improve the hiring process. At the end of the interview, give your applicants a hiring process assessment to complete and include in it some questions that will help you learn where you need to make adjustments.
Improving your hiring process will certainly help your company get the best people in and this is something will help your business grow and prosper. The ad he is something will help your business grow and prosper. Using the metrics below and other relevant ones can really help you understand what are you doing god and where do you need to make improvements in your hiring process.
Being organized and measuring your business data with the purpose of improving efficiency is the key to a successful business.
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F. Aldea is an Online Marketing communications consultant and blog author who loves to explore the newest trends in business, technological know-how and marketing techniques and creates about a variety of stories.