Do you already have a sense of where your top candidates come from? Do you know how long it takes from posting a job to making an offer? Conversion metrics are one of the most important things to helping companies improve their hiring process, and yet few are doing it. Tracking your conversion rates doesn’t have to be difficult. Here are some ideas that can get you started right away.
Points of Entry
The first thing to look at is how potential candidates hear about your open positions. There are a variety of ways this can happen. They include:
- Job Boards
- Social Media
- Active Recruiting
There are more as well. This is easy information to track based on where the applications come from or by asking “how did you hear about us?”
Beyond how they heard about you, you also want to track when they entered the application process. Did they respond to a post right away? Did they hear about the company on social media and send in an application on their own? Are they replying to a specific opening or just submitting a resume because they heard about your company?
The screening phase of recruitment covers a lot of ground. From the initial phone call to all subsequent interviews, this is the time it takes to determine if a candidate is the right fit for your open position. In some instances, this can be quick but for others it can take longer. However, experts suggest you create a hiring process that is consistent across the board to include any prescreening your company requires.
Offer and Acceptance
Are your top-choice candidates accepting the position or do you need to move down the list? It’s important to understand why this is happening and take steps to ensure you are hiring the top-tier candidates.
It can be helpful to look at the process to see if there are any pitfalls along the way. You may also want to compare your compensation packages with those of your competition to make sure you’re on the mark.
How long do employees stay after they accept the position? Turnover after years of employment is very different than someone leaving before their first 90 days are up. It’s important to understand why, and tools such as exit interviews can help.
Review the Benchmarks
Of course, once you have these metrics in place, it’s important to review them and understand what they mean. For example, the average percentage of offers after interviews is general 20 percent, according to the Society of Human Resources Management. If your rate is greater than 20 percent, you may not have enough candidates to choose from or are being very selective in your process.
How much do you know about your hiring metrics?
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