ust like your vehicle needs servicing in a certain period of time, your hiring process also needs to be tracked once in a while to make sure that the recruitment process is functioning effectively. To ensure that your hiring team is working with the right data, you need to understand the recruitment metrics first. It will help you evaluate the process and create an effective hiring strategy to recruit top talents.

1. Author
www.jobtatkal.com
Shashibala
Morya
11 Recruitment
metrics for hiring
managers
JULY 07, 2023
Optimize your hiring strategy with recruitment metrics.
Track and measure key indicators to attract qualified
candidates for your organization.

2. Table
of
Content
03
Overview
04
What are recruitment
metrics?
20
Conclusion
21
Frequently Asked
Questions
07
11 Recruitment metrics
for hiring managers
05
How do recruitment
metrics help with
better decision-
making?

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OVERVIEW
Just like your vehicle needs servicing in a certain
period of time, your hiring process also needs to be
tracked once in a while to make sure that the
recruitment process is functioning effectively.
To ensure that your hiring team is working with the
right data, you need to understand the recruitment
metrics first. It will help you evaluate the process and
create an effective hiring strategy to recruit top
talents.

4. www.jobtatkal.com
4
WHAT ARE RECRUITMENT METRICS?
Recruitment metrics are the strings of measurement used to track,
manage, and optimize the process of hiring candidates for an
organization. It helps you with valuable insights to evaluate the
effectiveness of recruiting process and ensures that you are hiring
the right candidate. Recruitment metrics are also known as hiring
metrics or staffing metrics.

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HOW DO RECRUITMENT METRICS HELP
WITH BETTER DECISION-MAKING?
How good are we at finding the right candidates, and how long does
it take to hire them?
How many qualified candidates are required to hire, and how quickly
do we move from one stage to the other?
Are we engaging with the best candidates effectively and making
them accept our job offers?
With recruitment metrics, you will get answers to questions like:
Recruitment metrics help in performance measurement by analyzing
your hiring process and providing the data such as time to hire and fill a
position.
With recruitment metrics, you can get better insights into hiring
qualified candidates as it measures the application completion rate,
applicants per role, and quality of hire to improve our recruiting
practices.

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HOW DO RECRUITMENT METRICS HELP
WITH BETTER DECISION-MAKING?
How much money are we spending on hiring a candidate, and how
can spending change with the different roles?
How effective our hiring process is, and which stage of the process
is most productive?
Recruitment metrics help to engage with the best candidates through
an effective source of hiring channels such as AI-powered job boards,
social media platforms, and hackathons.
With recruitment metrics, you can calculate the cost per hire to get an
idea of the money spent on hiring a candidate.
Recruitment metrics guide you in calculating the conversion rate and
the job offer acceptance rate, which shows the effectiveness of your
hiring process.

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Here’s the list of recruitment metrics on which you have to keep an eye
to track the performance of your hiring process.
11 RECRUITMENT METRICS FOR HIRING
MANAGERS
SOURCE OF HIRE
The source of hire brings new people to your company. Therefore, you
need to keep track of your source channels to find which platform
attracts most of the new candidates.
Sourcing platforms can be social media, company websites, and job
boards. When you start tracking these platforms, you will get to know
where a large number of new hires are booming or which sourcing
channel is effective for hiring candidates. As a result, you can manage
your advertising budget more effectively.

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SOURCING CALCULATION
You can use the formula to analyze the percentage of hires from each
sourcing channel you use.
To check a particular sourcing channel:
Number of hires/Total number of candidates = % of hires
For example, if 200 candidates have applied to your job posting on
LinkedIn, and only 3 of them are hired for the vacant role, then your
percentage of hires will be: (3/200) x 100 = 1.5%
11 RECRUITMENT METRICS FOR HIRING
MANAGERS

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USE OF SOURCING CHANNELS
You can also create a graph or pie chart with the source channels you
use for hiring candidates and advertising jobs. Over a certain period of
time, track the source channels that bring new candidates and create
the chart accordingly. It gives you a clear understanding of which
channel is most effective.
Social media - 67%
Company website - 10%
Job board - 71%
Newspaper advertisement - 9%
Regarding candidate sourcing, traditional sourcing is a lengthy process
with momentary investments that increases workload and pressure on
HR teams, whereas AI sourcing helps companies with great solutions to
source candidates, such as creating a more thorough search, easy-to-
reach out to larger talent pools, and saves time and money.
11 RECRUITMENT METRICS FOR HIRING
MANAGERS

10. TIME TO HIRE
The measurement of time to hire starts once you receive job
applications from candidates. It focuses on how long it takes to hire a
candidate, which includes a detailed analysis of the resume, interview,
and the final hiring of a qualified candidate, whereas time to fill is the
measurement of the overall time of the hiring process.
A formula to calculate the time to hire:
Day candidate accepted offer-Day candidate entered the pipeline =
Time to hire
For instance, you posted a job description for a position on Day 1. If the
candidate has applied for the vacant position on Day 10 and accepted
your job offer on Day 25, then your time to hire will be: 25-10 = 15 days
With time-to-hire metric, you can find out the areas of improvement you
need in the hiring process. A shorter time to hire will enable you to hire
better candidates because taking a longer time will result in losing the
top talents.
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11 RECRUITMENT METRICS FOR HIRING
MANAGERS

11. TIME TO FILL
Another metric you need to check is the time to fill a position, which
includes the day of releasing a job description to the final hiring day.
Factors like supply and demand, offer acceptance rate, and conversion
rate can influence the time-to-fill rate.
The time to fill metric represents how effectively your recruitment
process and strategies work. Here’s the formula to check:
Total number of days to fill all the vacant job roles/total number of roles
= Average time to fill a position
For instance, If you have hired two employees for two different roles in
the last month, and it took you 10 days to fill the first position and 40
days to fill the second position. Then your calculation will be:
10+40/2 = average time to fill of 25 days
If it takes a longer time to fill a position, it seems like a slow speed and
more time-to-fill rate. In this situation, you need to improve your
recruitment strategies and automate the hiring process.
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11 RECRUITMENT METRICS FOR HIRING
MANAGERS

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APPLICATION COMPLETION RATE
An application completion rate refers to the fulfillment of the number of
required applications. Having a low completion rate means your
applicants are not following your application process or losing interest
in the middle of the process.
This situation can happen due to complicated application form, which is
time-consuming for candidates to fill and submit. Here’s the formula to
calculate the application completion rate:
Number of submitted applications/number of incomplete applications =
Application completion rate (%)
For example, if you have received 400 applications for the vacant job
role and 10 applications are not completed by the candidates, then your
application completion rate will be 400/10 = 40%
11 RECRUITMENT METRICS FOR HIRING
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APPLICANTS PER ROLE
This metric gives you a complete data analysis of your job posting. You
can discover the candidate's interest and demand for the role by having
the data, such as applicants per role or job. Here’s the formula to
calculate this:
Total number of applicants/total number of open positions = Applicants
per role
For instance, 300 candidates have applied for the 2 different job roles
you posted a week ago. So, the applicants per role will be: 300/2 = 150
applicants
This data lets you better understand the candidate pool and create an
effective recruitment strategy. Receiving a large number of applicants
refers to the high demand, but with less percentage of applicants, you
may need to reevaluate the recruitment strategy.
11 RECRUITMENT METRICS FOR HIRING
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COST PER HIRE
Cost-per-hire is one of the crucial metrics for your business that you
need to understand because it refers to the total cost of recruiting a
candidate. It includes the costs associated with posting a job
description, advertising, training, the recruitment agency (if you use
them), screening, interviewing candidates, and the onboarding period.
The formula to calculate cost per hire:
Total internal costs + total external costs / total number of hires = Total
recruitment costs
Total recruitment costs / total number of hires = Cost per hire
Here, internal costs include compliance costs, administrative costs,
training and development, and hiring manager costs. External costs
include background checks, sourcing, travel, and marketing expenses.
With this cost calculation, you can make the hiring process more
efficient and less expensive.
For example, if you have spent $100,000 on the recruitment process of
50 new hires, then your cost per hire will be:
$100,000/50 = $2000
11 RECRUITMENT METRICS FOR HIRING
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QUALITY OF HIRE
If you want to understand the performance of a new employee or the
value they have added to the team, calculate the quality of the hire.
This metric includes the employee performance rating during the first
year of employment. It will help you to determine whether you have
wasted time and money or recruiting valuable assets. A formula to
calculate the quality of hire:
Number of hired candidates considered satisfactory / number of
candidates hired = Success ratio
A high success ratio indicates that candidates perform well, whereas a
low ratio indicates that you need to improve your screening or selection
process.
11 RECRUITMENT METRICS FOR HIRING
MANAGERS

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ATTRITION RATE
The attrition rate is the rate of losing employees in a certain time period.
It is also known as the first-year attrition rate, which is the number of
employees who resign during the first year of work. Here’s the formula
to calculate the attrition rate:
(Number of leaves/number of employees) x 100 = Attrition rate (%)
For instance, you have 245 employees at the start of the year, and by
the end of the year, 25 employees left your company. So the attrition
rate will be:
(25/245) x 100 = 10.2%
With this metric, you can analyze whether your job posting or job
description communicates your requirements well to candidates. If you
have a high attrition rate, then it is a red flag for you, which means you
need to make improvements to your hiring process, such as evaluating
the cause of leaving the company and establishing new strategies as an
effective solution that saves your company money.
11 RECRUITMENT METRICS FOR HIRING
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CONVERSION RATE
Conversion rate refers to the percentage of candidates hired compared
to the number of vacancies available. It is an effective way to track
recruiters' performance. If they are unable to recruit the majority of
qualified and experienced candidates, then you need to make
improvements in the recruitment strategies they follow.
Here’s the formula to calculate the conversion rate:
(Successful hire made/total vacant jobs) x 100 = Conversion rate (%)
For example, if you have successfully hired 15 candidates for the 3
vacant positions in your company, then your conversion rate will be:
(15/3) x 100 = 500%
If you have high conversion rates, it means you are receiving a good
return on investment, but having a low conversion rate, means you’re
recruitment strategies are not effective anymore.
11 RECRUITMENT METRICS FOR HIRING
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OFFER ACCEPTANCE RATE
As the title suggests, the offer acceptance rate is the number of
applicants who have accepted a job offer with the number of applicants
who received a job offer. A low offer acceptance rate can be due to
compensation, delayed or lengthy recruitment process. The problems
regarding pay can be discussed earlier in the recruitment process to
minimize the impact of refused job offers.
The formula to calculate the offer acceptance rate:
(Number of successful job offers/number of job offers made) x 100 =
Job offer acceptance rate (%)
For instance, your company has made 200 job offers to candidates, and
only 138 of those offers were accepted, so your job offer acceptance
rate will be:
(138/200) x 100 = 69%
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CANDIDATE WITHDRAWAL RATE
The candidate withdrawal rate is the metric that calculates how many
candidates withdraw from the hiring process. The reasons behind
candidate withdrawal can be they are hired faster elsewhere, offered
better compensation, or felt the complicated hiring process. The
formula to calculate your candidate withdrawal rate:
(Number of candidates that withdrew/number of candidates that were
invited for an interview) x 100 = Candidate withdrawal rate
For example, if you have invited 40 candidates for an interview, but 5 of
them withdraw from the hiring process, then your candidate withdrawal
rate will be: (5/40) x 100 = 12.5%
11 RECRUITMENT METRICS FOR HIRING
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CONCLUSION
Now that you have discovered the 11 recruitment metrics, you can turn
your learnings into action with JobTatkal - an AI-powered platform. It
will reduce your workload and money spent on finding the best
candidates.
You can freely browse the candidates from a large talent pool of
JobTatkal and make better hiring decisions for your business.

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FREQUENTLY ASKED QUESTIONS
1)WHAT ARE SOME COMMON PITFALLS OR MISTAKES TO AVOID WHEN
USING RECRUITMENT METRICS AS A HIRING MANAGER?
Some of the common pitfalls include focusing on the wrong metrics,
neglecting data quality, and misinterpreting data. It's essential to
choose metrics that align with your goals, ensure data accuracy, and
interpret the data in context to avoid making misinformed decisions.
Additionally, don't rely solely on metrics; use them as a tool alongside
other qualitative assessments for a holistic view of the hiring process.
ARE THERE INDUSTRY-SPECIFIC RECRUITMENT METRICS THAT HIRING
MANAGERS SHOULD CONSIDER?
Yes, there are industry-specific recruitment metrics that hiring
managers should focus on. For example, in the tech industry, metrics
related to technical skills assessments may be crucial, while in
healthcare, candidate certifications and licensures may be a key focus.
It's essential to tailor metrics to align with the specific requirements of
your industry.
3) WHY ARE RECRUITMENT METRICS IMPORTANT FOR CANDIDATE
EXPERIENCE?
Recruitment metrics play a significant role in shaping the candidate
experience. By measuring metrics like time-to-interview, offer
acceptance rate, and candidate satisfaction, hiring managers can
ensure a positive experience for candidates. A positive experience can
lead to better talent acquisition, as satisfied candidates are more likely
to accept job offers, vouch for the company, and potentially reapply in
the future.

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