The recruitment industry is enjoying its best ever year but with a growing skills gap, the race is on to make 2016 even better. Recruitment analytics provide insight into the strengths and weaknesses of your processes, enabling you to work more effectively, source better candidates and improve your placement rate.
The ‘hit’ rate or ‘fill’ rate is the most important metric for recruiters. No placements equals no money. Here are the essential metrics to improve that hit rate:-
Interview to job offer ratio : Understanding the number of CVs you’re submitting on average for each placement enables you to assess your effectiveness. Contingency recruiters submit higher numbers of CVs than retained recruiters working on retained assignments so their interview to job offer ratio will be higher.
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Offer to acceptance : This metric tells you how well you are preparing your candidates and managing the recruitment process. If you haven’t covered the counter offer or listened to your candidate’s ‘wish-list’, you risk a rejection. Equally, if you lose control of the process and your client is slow in making a job offer another company will snap up your candidate. For recruiters that equals lost time and revenue.
Time-to-hire : Metrics provider recruiters with data on the time to hire for specific jobs as well as an average, allowing you to manage employer expectations. An entry level vacancy may require only a matter of weeks to fill but senior roles require a longer lead time to source a shortlist.
Referrals : If you realise after vetting your prospective candidate that they aren’t a suitable fit for any of your jobs, turn the call into a productive one by asking for referrals. Log your referrals into your applicant tracking system to help you identify the source of your hires as well as the effectiveness of your calls.
Candidate quality : Are you submitting numerous CVs to your clients in the hope that one will stick? Hiring managers prefer recruiters who reduce the time they spend on screening unqualified candidates. Recruitment analytics will help you to compare the number of CVs submitted to the number invited for interview. If your candidate to interview ratio is low, the problem may lie in your candidate vetting or sourcing methods.
Interview to hire ratio : The lower this ratio is the better your performance as a recruiter. A 5:2:1 (five first interviews, to two second interviews to secure one hire) suggests excellent sourcing and recruiting skills. If your numbers are closer to 10 first interviews, leading to only one second and an occasional hire you’ll miss your targets.
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