by Logan Dziuk, Recruitment Marketing Manager, ThirdPool Recruiting
Data often makes the difference between a “throw-everything-at-the-wall-and-hope-something sticks” approach and a process of continual enhancement and development.
The former wastes time and money on tactics that don’t bring value to your process and costs you missed opportunities on things that do bring value but are under-utilized or under-invested in.
The latter produces an effective, efficient, and repeatable process that drives down costs and increases the reliability and consistency of your recruiting and hiring efforts.
In regards to recruiting, it’s important to measure a select few metrics but track them closely and consistently. Lots of data gathered inconsistently or inaccurately will be just as useless as having no data at all.
Here are a few metrics you may want to consider tracking on a regular basis (weekly or monthly).
- Cost-per-Applicant (CPA). This is your recruitment advertising spending divided by the number of total applicants you received.
- Total Cost-per-Hire. This is your total spending on recruitment – things like your ATS, advertising, texting services, etc. – divided by the total number of hires you made.
- Source of Hires. This is the original avenue that a hire took to apply for the job. Could include your company career site, a job posting on Indeed, a career fair, etc.
- Quality percentage. This is the percentage of applicants that you would characterize as being quality applicants.
Next week, we will look specifically at how to leverage these Key Performance Indicators (KPIs) in practical ways to help optimize your recruiting process.