In the world of hiring and human resources, metrics and analytics can often be daunting for those who have never worked with the data before. Collecting data throughout the entire hiring process allows hiring professionals the ability to identify areas for improvement as well as determining which roles may be harder to fill. At Amotec, we collect data and create easy-to-understand reports for our clients looking to keep track of their hiring performance. We’ve broken down four of our favorite metrics below:
Time-to-Fill refers to the amount of time it takes, usually measured in days, to fill a role, often, measured from the day the job is posted to the date of offer accepted. This is an essential number to measure for all open positions. It helps identify your organization’s average time to fill for the company, but also can highlight positions that are more difficult to fill compared to the company average time-to-fill.
Source of Hire
Keeping track of not only how long it takes to find the right candidate, but also where your new hires are coming from is a great way to measure the efficiency of the resources you are allocating your budget towards. Common examples of sources include Job Fairs, Job Boards (Indeed, Monster etc.), Company Website, Social Media and Referrals. If the majority of your hiring budget goes to a source that does not bring the majority of your new hires, it may be time to restructure your hiring spend.
Turnover is the rate at which current employees leave a company in a given set of time. Often, turnover is calculated on a yearly or monthly basis depending on industry and hiring volume. Turnover can help identify abnormal rates of departure amongst a department or company as a whole. Identifying these as soon as possible gives management time to identify underlying changes or reasons for their turnover rate.
Much like measuring source, cost-per-apply (CPA) allows an organization to identify how they are spending their hiring budget and identify areas for improved spending. Cost-per-apply is how much is spent to get one to apply for an open role. Depending on the source, the cost may be zero (if the source is free), however, many organizations use paid social media, pay for job fairs and sponsor job ads on job boards to attract candidates. Cost per apply is calculated by totaling the amount spent for a role and dividing it by the total amount of applies. Measuring the CPA for each individual position will help highlight which positions are taking more of your budget.
At Amotec, we’re dedicated to providing our clients with not only the top talent, but insights into their hiring strategy. Call or email us today to learn more about how we can help your business!