Candidate sourcing metrics aren’t just about ‘open positions vs positions filled’! The ultimate goal of candidate sourcing is to build a competitive edge by bringing in great talent, at a wise budget. To do that, you need to run a complete diagnosis of your sourcing process and find every scope for betterment.
Recruiting metrics are measurements used to track hiring success and optimize the process of hiring candidates for an organization. When used correctly, these metrics help to evaluate the recruiting process and whether the company is hiring the right people.
A study by LinkedIn shows that the biggest challenge recruiters have to beat is the competition for talent. That’s why you constantly have to be doing something better, different and efficient to stay ahead. When it comes to recruiting analytics, candidate sourcing metrics can be hard to pin down. Here are a few important metrices for you to consider:
Candidates reviewed. Adding vast quantities of candidates to your talent pool doesn’t support your goal of developing a rich source of future applicants if they just end up in a black hole. In order to be effective you need to ensure sourcers and recruiters are evaluating and segmenting candidates as they source. Be sure you’re measuring how many candidates are reviewed, tagged, and pipelined as a key indicator of the health of your sourcing programs.
Number of applications. You should be measuring how many new applications (and not applicants) are generated by your sourcing activities. The reason for focusing on applications rather than applicants is that you want to incent sourcers to tap into past applicants for open positions, as well as new applicants. Measuring new applicants only would fail to account for this rich source of future hires.
Applicant conversion rate. You should also measure the percentage of candidates invited to apply who actually complete applications. This indicates the effectiveness of the channels and the messaging that are being used to engage and convert candidates to applicants. A higher conversion rate means better quality engagement. To this end, it’s best to measure open, click, and apply rates for each sourcing campaign and individual email.
Sourced applicant to interview conversion rate. Because there are many factors that determine who gets hired and who doesn’t, it’s smart to take a broader approach to measuring the quality of applicants generated by different sourcing activities. Measuring sourcing effectiveness solely by the number of hires doesn’t provide a complete picture of the value the sourcing function is adding. On the other hand, if certain sourcing activities consistently generate applicants who don’t get hired, there may be a lack of alignment. Evaluating sourcing effectiveness by measuring the candidates who reach the interview stage is a good compromise.
Number of sourced hires. Measuring the number and percentage of sourced candidates that ultimately get hired is arguably the most important metric for evaluating the effectiveness of your sourcing efforts. It’s where the rubber meets the road for both quality of sourced applicants and alignment between sourcing, recruiting, and hiring managers.
Time to hire by source.
The metric is the time taken to hire a candidate from the time the candidate was sourced.
By tracking this metric, you can:
- Allocate your resources to the channels that yield profitably
- Find and unblock bottlenecks in the hiring pipeline
- Adjust or drop channels that have long hiring periods
Special Mention: Candidate experience
When we talk about recruiting metrics, candidate experience shouldn’t be overlooked. Candidate experience is the way that job seekers perceive an employer’s recruitment and onboarding process, and is often measured using a candidate experience survey. This survey uses Net Promotor Score and helps to identify key components of the experience that can be improved.
Offer acceptance rate. The offer acceptance rate compares the number of candidates who successfully accepted a job offer with the number of candidates who received an offer. A low rate is indicative of potential compensation problems. When these problems occur often for certain functions, the pay can be discussed earlier in the recruiting process in an effort to minimize the impact of a refused job offer. An example is by listing pay in the job opening or by asking for the candidate’s salary expectations.