Hueman Resources Podcast Channel

Hueman Blog Talk | Recruitment KPIs: How RPO Providers Track, Report, And Improve Them

February 23, 2024 Talent Acquisition, Recruiting, & All Things Hiring Episode 2
Hueman Resources Podcast Channel
Hueman Blog Talk | Recruitment KPIs: How RPO Providers Track, Report, And Improve Them
Show Notes Transcript

Unlock the secrets to a streamlined hiring process and discover how to enhance your recruitment strategy with our latest podcast episode. We're diving into the world of recruitment key performance indicators (KPIs), those critical metrics that spell out the difference between attracting top talent and watching them join your competitors.

Our discussion doesn't just skim the surface; we break down each KPI, from 'time to fill' to 'offer acceptance rate,' and demonstrate how they can spotlight strengths and weaknesses in your hiring pipeline.

Join us and our expert guest from a leading recruitment process outsourcing provider as we unravel the value of data-driven decision-making in talent acquisition. Learn how these specialists use KPIs to hold recruiters accountable and deliver actionable insights that can transform your organization's approach to hiring.

Whether you're aiming to boost your application completion rate or seeking to source candidates from diverse backgrounds more effectively, this episode is tailored to arm HR professionals with the tools needed for success in today's competitive job market.

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Don't forget to subscribe to the Hueman Resources Podcast Channel for more valuable insights on talent acquisition, recruiting, and workforce planning and management.

Visit Hueman.com to learn more about our recruiting services.

Sarah Palmer:

Welcome to the Human Resources Audio Blog, your go-to source for valuable insights into the world of talent acquisition and human resources. In today's episode, we'll define some of the most common recruitment key performance indicators, commonly referred to as KPIs. We'll also explore how recruitment process outsourcing providers hold recruiters accountable to meet hiring goals and how they report valuable insights to their partners. Stay tuned and subscribe to our podcast channel for more helpful content. Now let's get started. One of the main benefits of working with a recruitment process outsourcing provider is their ability to make data-driven decisions for their partners using insights derived from tracking recruitment KPIs. So what exactly are recruitment key performance indicators? Recruitment KPIs are measurable metrics used to evaluate and track the success of an organization's talent acquisition function. These KPIs help assess the effectiveness of recruitment strategies and identify areas for improvement. Common KPIs include metrics related to speed, cost, hiring process and recruitment outcomes. Let's review the metrics that focus on speed and cost efficiency. The first one we'll discuss is time to fill. This metric measures the number of days it takes for a position to be filled, starting from the moment the job requisition is open until the candidate accepts the offer. Time to fill can reveal valuable insights into the efficiency, candidate experience and an overall effectiveness of your recruitment process. The next KPI is cost per hire. This is the total cost to fill an open position, including all recruitment related expenses, such as marketing, advertising and recruitment technology. This metric provides a clear picture of how much you're investing in each new employee brought on board. Lastly, is candidate time in process. This metric measures the total duration a candidate spends moving through your recruitment pipeline from initial application to final hiring decision. It's a crucial indicator of how smoothly your hiring process flows and how effectively you engage with potential talent. Calculating candidate time in process involves tracking the time spent at each stage of the hiring journey, including application review, interviews, assessments and offer negotiation. By analyzing this data, you can identify bottlenecks and streamline your process for improved efficiency.

Sarah Palmer:

Now let's move on to sourcing and application related metric. Let's start with application completion rate. The application completion rate measures the percentage of candidates who start the application process and successfully complete it. It's a critical indicator of the user friendliness and effectiveness of your application process. By understanding where applicants drop off in the application process, hr leaders can identify pain points and areas for improvement in the user experience. Examples of pain points can include overly complicated forms, technical issues or lengthy processes that may deter candidates.

Sarah Palmer:

The next metric we'll discuss is source channel efficiency. This KPI evaluates which recruitment channel attracts the most qualified candidates, whether it's job boards, social media platforms or employee referrals. It's essential to understand which channels yield the best results in order to optimize your sourcing strategy. Next, let's talk about the diversity candidate source KPI. In today's landscape, sourcing candidates from a variety of backgrounds is essential for building a dynamic and innovative team. This metric measures the effectiveness of various channels in attracting diverse candidates for job opening. This can encompass various sources, such as diverse job boards, diversity-focused networking events and partnerships with DEI organizations. Tracking diverse sources can help HR leaders ensure that their recruitment efforts are inclusive and reflect their commitment to diversity and inclusion.

Sarah Palmer:

To the next group of metrics, we'll focus on the hiring process. Let's talk about submission to interview. This metric measures the time it takes from receiving a candidate's application to scheduling their first interview. The shorter time indicates efficiency in screening and evaluating candidates, which can help secure top talent before they accept offers elsewhere. Next is interview to hire ratios. This metric represents the number of interviews conducted relative to the number of hires made. A lower interview to hire ratio typically indicates a more efficient hiring process, as it means fewer interviews are needed to make a hire. This can result in cost savings and faster time to fill positions. Lastly, let's define offer acceptance rate. This KPI evaluates the percentage of candidates who accepted job offer after receiving them. Having a high offer acceptance rate indicates that you're attracting the right candidates and presenting compelling offers.

Sarah Palmer:

These are just a few of many recruitment KPIs that can help enhance your strategy. Using which KPIs to track depends on an organization's unique needs and goals. An RPO provider would work closely with you to establish which metrics make the most sense to ensure a successful partnership. Rpo providers can use a variety of tools to ensure their teams are on track to meeting the goals of the partnership. At Human, we use a tool that we refer to as a recruiter scorecard to monitor and track the performance of our teams. We use these scorecards to keep track of activity metrics such as call volume number, email sent and number of interviews conducted. We also track position metrics like number of requisitions, candidate presentations and number of offers and hires. Recruiter scorecards are reviewed weekly and discussed during operational meetings with our partners to keep them informed of our progress Frequently. Checking in with our team helps us identify any issues or roadblocks preventing them from meeting their goals and provide an opportunity to offer support and training where necessary.

Sarah Palmer:

Rpos play a crucial role in reporting and analyzing metrics for their partners to enhance recruitment and make data-driven decision. They provide detailed reports that include insights on recruitment metrics, candidate data and process analysis. Tracking recruitment metrics is an essential pillar of a successful recruitment strategy. If you're looking to elevate your recruitment game with data-driven approaches, you can trust an RPO partner like Human to take this responsibility off your plate. Thank you for joining for this episode of the Human Resources Audio Blog. For helpful links and additional resources related to this topic, please check out the podcast notes. Also, don't forget to subscribe to the Human Resources Podcast channel for more valuable content on talent acquisition, recruiting and workforce planning and management. To learn more about Human and our recruiting services, visit Humancom.