Running a business is not an easy task. There are many different things that you need to do, and one of the most important is to ensure you are hiring correctly. While getting some awesome talent is important, it is also a good idea to know your numbers during hiring.
While, of course, it is important to know how many interviews you have set up and when they are, that can easily be dealt with by having a good scheduler (more at this webpage). This article, in particular, will be looking at some metrics and numbers to keep track of to see how effective your hiring process is.
Time to Fill
This metric looks at how long it takes you to fill an open position. This is generally seen as the time the position opens to the time that a new employee is hired. The longer that your time to fill is, the longer that you go without the employee, and the more that hire costs.
Being able to know how long it takes, in general, to hire someone new, is quite important. The standard for how long it should take will vary greatly depending on the position and the industry. For example, a financial institution hiring a new CEO will have a longer time to fill than a restaurant looking for another server, most likely.
Source of Hire
Many companies use many more channels to attract applicants than ever before. In the past, it was usually a newspaper advertisement, a cold call or a referral that led to a new hire. However, nowadays, companies are using social media, online job boards, targeted ads and more to try and attract the best and brightest to work with them.
Not only is it good to know where your applicants are coming from, but metrics like this can also help you to figure out which sources have been delivering results for you, and which you might need to invest a little more time and money in. In turn, if a certain source takes a lot of time but doesn’t provide lots of results, you can start to put less time into it.
Application Completion Rates
For you to actually get access to the best applicants, they need to actually complete your application. Unfortunately, when it comes to many online applications, there are a lot of people who abandon applications halfway. This could be anything from a slow site, an application that is too long or a variety of other things.
You should be able to quickly see and identify where in the application people are leaving. The information you get should give you insight on to how long your application should be, which devices it works the best on and more.
Cost of Hire
While earlier we mentioned that a long time to fill can often contribute to a higher cost of hire, it isn’t the only thing that can make your hires expensive. The things that can add to the cost of your hires include posting on certain job boards, spending time reviewing applicants, holding interviews, pre-screening and more.
All of these either cost a lot of money directly, or simply by employees spending a lot of time on them. Knowing how much you spend on a hire can show you the various ways you can save going forward. Without these types of numbers, you may not know exactly what you are spending on each hire, which can be problematic.
In conclusion, hopefully, this article has helped to learn some of the numbers and metrics that you should keep track of when hiring new employees. While these are not the only metrics you should track, they are among the most important.
This is a guest post.
Angela Stringfellow is a writer with 10+ years of experience. She focuses on news, trends, and insights in marketing, business, and technology.