Hiring the right people is critical for any organization’s success. However, setting goals around key performance indicators (KPIs) and regularly tracking progress is equally essential for improving your talent acquisition over time.
With the right KPIs, you can identify what’s working well in your recruiting process and what needs improvement. Regularly monitoring your metrics provides insight into bottlenecks, the effectiveness of sources and campaigns, recruiter performance, and more.
But what are talent acquisition KPIs, why are they important, and how can we measure them? We’ll answer these questions today. Let’s get started.
What Is Talent Acquisition KPIs?
Talent acquisition KPIs are metrics used to evaluate and measure the effectiveness of an organization’s recruiting and hiring efforts. Effective KPIs are specific, measurable, achievable, relevant, and time bound.
KPIs provide quantifiable data points that help recruiters:
- Set goals and benchmarks for improvement.
- Identify what’s working well and what needs adjustment in their recruiting process.
- Track progress over time.
- Demonstrate the business impact of their work.
Some examples of important talent acquisition KPIs include:
- Time to hire: The number of days between when a role is opened and when the candidate accepts an offer. It measures the efficiency of hiring.
- Cost per hire: The average cost (recruiting expenses + hiring manager time) incurred to make one hire. It measures hiring cost-effectiveness.
- Source of hire: Tracking where candidates come from (company site, job boards, etc.). This allows you to assess the best sources for candidates.
- Quality of hire: Metrics indicating on-the-job performance for new hires. It helps determine the effectiveness of recruiting efforts.
- Offer acceptance rate: Percentage of job offers accepted by candidates. This is useful for identifying and improving offer stage fallout.
Read more: https://husys.com/blogs/getting-granular-deep-dive-into-talent-acquisition/
