Any data that recruiting software gathers to assist hiring managers in making evidence-based decisions in the recruiting and onboarding process is known as talent acquisition metrics or TA analytics.
These types of analytics can boost employee engagement and productivity, while simultaneously addressing the biases in the workplace. Gathering and understanding these metrics allow recruiters to make much-needed improvements in the onboarding process.
5 Talent Acquisition Metrics
People analytics are typically acquired through an applicant tracking system (ATS) or employee assessment software. These programs gather information during the hiring process that allows recruiters to continually improve their recruitment strategy and application process. Below are the most helpful talent acquisition metrics to track.
Time to Fill
The time to fill metric tracks the number of days it takes to source, hire, and onboard a new candidate. Typically, this is measured from the day the position has been approved to the day the selected candidate accepts the offer of employment.
This metric includes creating a job posting, the recruiting period, generating a pipeline, conducting interviews, background, and reference checks, and creating the offer letter. It is a helpful statistic because it shows the average amount of time spent from start to finish in the hiring process.
Time to Hire
This refers to the amount of time it takes from a candidate being approached by a recruiter to the candidate accepting a position. This differs from time to fill because this metric tells you how long one person takes to work through the application process.
This is in comparison to how long it takes from sourcing the position to filling the position. The data allows hiring managers to see the stage of the hiring process that is the longest and allows them to make improvements in that stage.
Offer Acceptance Rate
These metrics keep track of how many offers of employment have been sent out in a set amount of time. Then they track the rate that the letters were accepted, which leads to filled positions.
These statistics show how successful the hiring team is at finding the right candidate for the position. It also shows where improvement may be necessary for the prescreening of applicants.
Lastly, it shows how attractive candidates find your company. This can lead to changes in employer branding. Make a note that any changes in acceptance rates can reflect how competitive the job market is currently.
This measures how long it takes an applicant in each stage of the hiring process, as well as how long it takes them to finish it from start to finish. This is important because it measures the effectiveness of your source strategy. The most common examples include job boards, social media, and referrals.
The yield ratio allows you to see the percentage of applicants who make it to each stage and where the majority of applicants get stuck along the way. By understanding where candidates get hung up, hiring managers can make improvements in specific stages to streamline the hiring process.
Sourcing Channel Efficiency
Sourcing channel efficiency determines how many potential candidates each recruitment channel is fielding. These channels can be job boards, newspaper ads, social media, and any other recruiting source.
This measures quantity and quality – the number of candidates reached through each channel as well as how many candidates are hired through that source. This allows you to shift your recruiting focus to the appropriate channels.
Benefits of Utilizing Talent Acquisition KPIs
As you can see from the top five talent acquisition metrics, there are quite a few benefits in the talent acquisition KPIs. Metrics can be used in the following ways:
Optimize Recruiting Process
Utilizing the time-to-fill and time-to-hire metrics allows you to see where the recruitment team can improve. You may find that the sourcing of candidates is not diverse enough. These metrics will allow managers to avoid adverse impacts during recruiting.
Another common roadblock is that making hiring decisions takes far too long. By using analytics we can make drastic improvements to the hiring and onboarding processes.
Quality of Hires
This tends to be more difficult to measure. The metrics allow you to look at how long it takes a skilled, competent employee to reach full productivity. Some programs can track overall productivity and even the manager’s satisfaction with the new hire.
By understanding these metrics, you can decipher what a high-quality candidate would look like during the sourcing and application process. It will show what qualities to look for as well as what to avoid. This is especially helpful when looking through the candidate pipeline. If you know that you are searching for a specific set of qualities then you will be able to sort candidates by that criteria.
Understand Business Impact
Data allows hiring managers to improve the overall hiring process and guides them to success with headcount planning. It directs managers in the right direction to decrease the costs per hire. The costs per hire are calculated by external cost plus internal cost divided by the total number of hires in a given time.
The goal is to source top talent every time a position needs to be filled to lower the cost per hire. Metrics allow managers to review the new hire’s performance and even look at the turnover rate. When you know what to look for in a candidate you can create the most efficient hiring process and improve the success of the company with fantastic, long-term employees.
Talent Acquisition Analytics at Discovered ATS
If you are looking to improve the talent acquisition process, let Discovered ATS help. We have a variety of programs that assist in sourcing, assessing, and hiring candidates while giving you the talent acquisition metrics you need to continually improve your processes. Book a demo today to learn how our software can begin improving your hiring process today!