If you pick up any job, then you need to know where you stand in that job and how well are you justifying your position. For a recruiter, it is not possible to show this progress on the basis of logged in hours, jobs posted, and resumes reviewed. We all know work of recruiter is more than that, but how do recruiters show their work progress? How can they possibly prove that this is what they have worked for in a month, quarter, or year?
One simple way is to know your numbers, so that you can find out how you are doing. Knowing your numbers will give you an opportunity to have clearly defined metrics and you can additionally improve where you lack.
Here are some of the recruitment metrics that you should be aware of:
1. Time to Fill
Time to fill is the time period from the day a position becomes vacant to the day you hire someone. It is not hard to notice that this time period should be short as longer time to fill durations can increase the cost of hire. Hence, the shorter this duration, the better will be your numbers. On an average, this time period should be somewhere between 25 to 60 days.
2. Hiring Cost
Hiring cost is nothing but the money that you spent on different resources while hiring. What should be kept in mind here is that you shouldn’t spend too much to find the right candidate. Let’s see the things that affect this cost:
- Job board posting costs
- Applicant reviewing costs
- Screening of candidate
- Interview arrangements
- Hiring after reference checks and other such necessary requirements
This cost is somewhere related to the above time to fill as with every day a position is left vacant, its cost goes up.
3. Bad Hire Cost
Although at times you may be tempted to fill a position that is vacant for a long time with just any candidate, you should keep in mind that bad hires also increase the cost. If you think about it, then you are hiring someone to fulfil certain job duties and you’ll be paying them some salary in return. If you hire just anybody, then first, this person will not be able to work efficiently. This can even lead to monetary loses and decrease in overall efficiency of the project. Second, you’ll be paying a monthly salary to this person, which is obviously of no use. Lastly you still need to fulfil this position again, so this amounts to rework as well, not to mention the opportunity loss caused by not having the right person in the role.
4. Source Tracking
When you are hiring, you should be able to assess from which platform you received the most talented resources and how quickly. This platform should be your go-to channel for your next candidate hunt. For instance, if you received 8 candidates from LinkedIn, 2 from Monster, and 3 from Naukri, then you should first try on LinkedIn from next time. Additionally, you should also assess how capable are all these candidates to know the source from you have received the best employees.
In Summary, Why Is It Important to Know Your Numbers?
It is evident that every time you can’t follow a standard procedure for hiring a candidate. You will have to try different technique and use various methods to have considerable results. However, if you don’t have any numbers in your hand, you will never be able to analyse where you are going wrong. Let’s say, if you don’t keep a track of time to hire, then there is a chance that you are taking 60 days to hire a candidate on an average. This number is too much, and you may be unnecessarily increasing hiring cost. When you evaluate above metrics, things become clear to a large extent.