Top 9 Recruitment Metrics To Track In 2022 No Matter Of Trends And Changes
Dear Founder, what if there was a simple way to fix your recruitment process? I know this sounds like an obviously ridiculous question but there are certain recruitment metrics to track in 2022 that can seriously help to solve your current hiring issues. It just depends how you look at them and what you do with them.
Let me explain.
In the last year, after working with hundreds of CEOs, we’ve heard them all complain on a daily basis about the same things;
- How can I fill Senior & C-Level positions at speed without a big network?
- I don’t have the clear picture of where to focus on my hiring strategy
- My internal recruitment process has too many stages and feels disjointed
- How can I get my Hiring Teams to be more aligned with who we need to hire
We listened to them. We noted their recruitment issues. And we found out which recruitment metrics are the most important metrics to track in 2022 to improve your hiring process. But, even though recruitment is a continuous process, one that evolves with the market.
There was one conclusion that stood out…
It all boils down to how your business interprets success and health in terms of recruitment.
A good rule of thumb in this case is to prioritize the recruitment metrics that best align with your business goals, and keep the others under wraps until you need to dig deeper into specific issues.
So, to find the most value in this blog post, we recommend talking with your team about the following recruitment metrics to track in 2022. Ask them questions to compel their ideas, give them advice and use this as an opportunity to not only test their knowledge but hear their insights into how you could improve your hiring processes.
Let’s dive straight in!
Want to have some fun with it?
We’ve created an interactive tool which you and your team can use to start improving your recruitment. We like to call it; Pipe Talks.
Click the button below to learn more.
1. Time to Fill
What is Time to Fill? Time to Fill is defined as the time it takes to identify a candidate and fill an open position. This recruitment metric is still important in 2022 because it directly impacts your ability to onboard the most lucrative talent.
What’s the average Time to Fill? Interestingly, the Society of Human Resource Management (SHRM) reports an average time to fill of 42 days. But this does vary based on the industry, as you can see in the image below from LinkedIn, with Engineering holding the title of the longest time to fill (not a great place to be).
What strategy can you use to reduce your Time to Fill? So, if your time to fill is anywhere above 42 days, there are a number of strategies you can use to bring it down.
Try a referral program for your staff and/or clients and/or network. This also reduces the need for advertising and resume screening (wahey!).
Use recruitment agencies specific to your industry or recruitment needs. For example, if you’re a product IT company looking to hire Senior+ and C-level executives, we at VP Team specialize in just that (and would love to chat).
Analyze each stage within your time to fill with a fine tooth comb and find which stage is taking too long or which one could be made more efficient. This moves us on to the next recruitment metric to track…
Extra Metrics Advice: To best track your time to fill, you need to measure it consistently with a defined A to B time period e.g. from a recruiter advertising for a job to a candidate accepting the offer or from Finance approving a job opening to a candidate signing the contract. The call is yours!
2. Time in Process Step
What is Time in Process Step? Time in Process Step is defined as the time a candidate spends in each step of your hiring process. This recruitment metric is great for finding the bottlenecks in your process, whether it’s a delayed trigger in your ATS or one member of staff slowing things down. Measuring each step in the process will also in turn help you to improve your Time to Fill.
Generally speaking, the fewer process steps you have, the faster the process. But as a Founder, finding the time to optimize each step of your hiring process and knowing where to focus is hard. So, what if you had a trusted partner that could do all the heavy lifting for you, in half the time… would you work with them? Get in contact to learn more.
3. Quality of Hire (also known as First-Year Quality)
For those reading this with a ‘quality over quantity’ mindset, this recruitment metric will probably be your favorite as it helps to distinguish between more candidates and the best candidates. So, how do you measure Quality of Hire? It is the percentage of candidates submitted by recruiters who are accepted for employment (+) the percentage of those that do not leave (÷) two.
To many business founders, Quality of Hire is one of the most important recruiting metrics to track. Because, if recruiting teams are submitting low-quality talent, hiring managers are wasting valuable time and resources. Therefore, the next strategy in this case would focus on improving Quality of Hire to reduce wasted recruitment costs.
But how do you measure your overall hiring efficiency?...
4. Interview to Hire Ratio
That’s where Interview to Hire Ratio comes into play. This recruitment metric calculates the percentage of candidates submitted against those actually hired. Therefore, allowing you to calculate your overall hiring efficiency in its simplest form.
Sot) attribution. For example, if your best performing LinkedIn ads (a.k.a. the ads that are attracting your best quality candidates) are specifically targeting the state of California, use that insight to drive more marketing budget into that state.
If you’re looking for recruitment marketing inspiration, Marketing Examples by Harry Dry is a great source to ignite your outreach and creativity.
5. Diversity of Candidates
Diversity of candidates has fast become an essential recruiting metric to track because of the increasing need for transparency in digital-savvy Millenials and Gen-Z’s. Did you know, Millennials and Gen Zs will make 75% of the global workforce by 2025 (source).
This increased need for transparency means candidates will prioritize the diversity and/or the political stance of organizations when applying for their next role. As we found in our Q2 Report on Salaries of Senior IT Specialists.
How do you measure Diversity of Candidates? This recruitment metric is usually calculated differently compared to the more top of funnel metrics we’ve already mentioned. This is mainly due to a more qualitative form of measurement. We suggest using qualitative data acquisition via candidate surveys, hiring feedback, and ATS analytics.
The Importance Of Open Conversation
We could continue listing trackable recruitment metrics for hours but there’s a reason we chose to focus on these. Each one of these recruitment metrics provides a great opportunity for open conversation with your hiring managers. And without open conversation, how can you work as a team to improve your hiring efficiency? You can’t (in our experience).
So, to make this opportunity for open conversation as accessible as possible, we created an interactive tool which you and your team can use to start improving your recruitment processes together.
We like to call it; Pipe Talks.
Click the button below to learn more.