With the rising use of technology in business, recruiters are better able to determine which candidates they should spend time getting to know. Recruiters can more efficiently and effectively fill positions that lead candidates and client companies to success. Recruiters also can uncover which parts of their recruiting process need improvement and implement plans accordingly.
Source of Hire
Source of hire shows what percentage of your overall hires entered your pipeline from each recruiting channel, such as job boards, referrals or direct sourcing. Analyzing your source of hire helps achieve multiple objectives. You can measure the effectiveness of your recruiting efforts, such as by determining which job board is best for your needs. You then can allocate resources to the appropriate channels for maximum effectiveness. Also, you can determine where the highest-quality candidates come from and focus on those sources.
Cost Per Hire
Cost per hire assesses the cost-effectiveness and efficiency of your recruiting process, identifies areas for improvement and guides your recruiting budget. To determine your cost per hire, add up all recruiting costs and divide by the number of hires in a specific time period. You also can determine cost per hire by category. Examples include job position, department and leadership level. You may compare cost per hire benchmarks from Society for Human Resource Management (SHRM), Bersin or another company to determine whether your costs are high, low or average.
Time to Hire
Time to hire measures the time between when a candidate enters your pipeline and accepts a job offer. For example, if the day a position opened is day 1, your best candidate applied on day 10 and they accepted the job offer on day 25, your time to hire is 25 – 10 = 15. Considering that the best candidates are off the market in approximately 10 days, you should be able to hire within that timeframe. If not, determine what part of your recruiting process needs improvement and take action.
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