The Rundown on Metrics for Recruitment

Any company, no matter what industry it belongs to, can attest to the fact that its workforce is its most important asset. This goes without saying that a company or enterprise cannot exist without its employees. This is precisely why it is very important to hire the right people for the open positions in any company. Recruitment, therefore, plays a huge role in the overall success of a company, no matter the size or tenure in the professional realm. For recruitment to be successful, there should be metrics laid out. These measurable figures are needed show the present performance of the company against its goals and objectives. With metrics for recruitment in place, it would then be easier to determine whether or not the recruitment practices in place are indeed aligned with corporate goals and objectives.

It is common to find several types of metrics in any industry. However, all of these, across all departments, they have a common goal – and that is getting the job right. In the case of recruitment metrics, they exist so that the people behind the Human Resource Department are better guided in hiring the best applicant for a certain position. HRDs of companies could have different recruitment metrics on their scorecard because it is inevitable for these enterprises to have different goals and objectives. Still, there are a few common ones you might find across companies and enterprises. Here are some of the common recruitment metrics.

Cost per hire is one recruitment metric that has been used for quite some time now. As suggested by the name itself, this metric actually pertains to the costs entailed in hiring people for each open position. You have to understand that the hiring process does come with costs. Every time there is an open position in a company, the HRD would have to shell out funds just to fill that position once again. These costs can be in the form of classified ads posted, or it could be in the form of training costs. There really is no general formula to use when it comes to calculating hiring costs. The sad thing about this metric is that it focuses on just the initial recruitment costs. Long-term costs are not exactly considered. After all, you have yet to discover if the hired applicant would indeed be productive in the long run.

Time to fill refers to the length of time that it takes for the HRD to find and hire the best applicant for a certain position. Most of you may not know this, but there are entailed costs while the position has been left vacant. For instance, if the open position is that of a web content writer, then the company would be missing the output of one more web content writer on the team. This, in itself, is costly, which is why HR recruitment has to be speedy, yet still efficient. Being speedy does not mean you have to be hasty in making decisions for you might end up hiring the wrong person. This means additional expenses as well.

These are just some of the commonly used metrics for recruitment. If you want more of these but do not really know where to find them, go ahead and check the web. You will surely find lots of sources that can help you out.