Table Of Content

• Applications Per Opening/Job Posting
• Time to Fill/Hire
• Diversity and Inclusion
• Cost Per Hire
• Source Quality
• Offer Acceptance Rate
• Period of Vacancy
• Return on Investment
• Conclusion
• FAQs

How to Track Recruitment Success: Know If Your Strategy Works

Recruitment is a critical function for organisations as it can boost operations and drive innovation. However, you need to ensure you have an effective recruitment strategy in place. Every staff recruitment agency suggests using key performance indicators (KPIs) to track hiring strategy efficiency.

This blog takes you through all the tracking indicators to understand how efficient your hiring or staffing services are.

Why is it Important to Track Recruitment Success?

Recruitment is a key feature of every business. For your business to succeed in the market, an effective workforce is necessary. It's mandatory to have an efficient recruitment process.

Measuring recruitment success helps to identify which recruitment strategies are most effective. It helps identify where issues are arising and the best way to solve them. This aims to create a seamless recruitment process.

Recruitment success is usually measured using KPIs (Key Performance Indicators). Every staff recruitment agency uses them as well to streamline their service delivery.

Do you have a hybrid workforce and are having issues? Use these 6 must-know details of managing a hybrid workforce.

1. Applications Per Opening/Job Posting

The number of applications/candidates for job postings helps assess recruitment efficiency. The more the application, the greater the choice. Not just that, higher application numbers show clear engagement and reach.

But, applications aren't the desired goal here. Companies must think feasibly and consider how many suitable applications come in.

If partnering with a staff recruitment agency, applications depend on network size. With a professional agency, you get more suitable candidate applications.

2. Time to Fill/Hire

Time to hire refers to the total time to fill a vacancy. This includes the interview, shortlisting, and onboarding.

Knowing your hiring campaign's success provides insight into how much in advance to start. Generally, if it takes longer, you will have to start earlier. If the time to hire is extensive, you will have to adjust their recruitment campaign.

Is your company taking too long to hire staff or fill vacancies? If so, you can use staffing services to overcome this challenge. These services offer rapid screening, skill assessment, onboarding and training.

Companies whose operations are impacted by staff loss would benefit from outsourcing hiring.

3. Diversity and Inclusion

Every company is now aware of the benefits of diversity in the workplace. Hiring diverse staff provides better problem-solving, perceptions, and skills to the workforce. Ensuring a diverse workforce has become a top metric in measuring recruitment success.

Analyse hiring data to measure diversity trends and statistics. To measure acceptance of D&I in the workplace you can:

• Conduct staff interviews
• Collect feedback
• Use staff data to analyse the diversity statistics

Sometimes internal hiring may fail to attract diverse staff. This is where staffing agencies in India help companies. They provide access to suitable diverse candidates from across the country.

Find out how contract staffing services strengthen your workforce.

4. Cost Per Hire

The cost per hire is defined as the total cost to hire a candidate. Calculating these costs is best done annually. It is the total cost of hiring throughout the year divided by total hires. A high cost per hire highlights an ineffective hiring strategy.

You can effectively change this by streamlining your hiring process. Use more effective platforms that provide better results.

If this doesn't work, you can opt for contract staffing services for cost-efficient hiring.

5. Source Quality

Companies with limited resources will prioritise source quality, considering it an important KPI. You should choose sources that provide high-quality candidates.

Staff recruitment agencies are a top destination for sourcing quality candidates immediately. If you are not getting these benefits, maybe it's time to change your staffing services partner.

6. Offer Acceptance Rate

Candidates who pass selection don't always go on to accept the offer. That's because hiring is a two-way process. While you assess the suitability of an applicant, they assess your company.

They consider the remuneration and perks that come with the position and the company's values. Hence, it's important to calculate the offer acceptance rate to assess staffing services' success.

Offer acceptance rate is another key performance indicator companies can use. This KPI becomes more effective when dividing the number of accepted offers by offer extensions. This can give insight into how well your company is doing in retaining valuable staff.

7. Period of Vacancy

Are vacancies going unfilled for too long? This could be a sign related to your staffing strategy. Ideally, vacancies should be open for a minimal time before being filled. This would show that the hiring strategy is quick and effective.

Sometimes you can hire for the position but it opens up again soon. That is because the candidate was not suitable. This means that not only do companies have to rush against time to fill vacancies. But they have to find the right candidate.

8. Return on Investment

The Human Resources department usually measures the return on investment. This takes a look at whether the candidate is performing well. Can they be considered an asset to the company?

Did you know that staffing services help your business increase ROI through these 7 methods?

Team leaders and managers can provide feedback on the new candidate. This provides hiring staff with insight into the quality of the candidate.

Conclusion

Tracking recruitment success is important for companies. It helps to determine if the strategy implemented is effective or not. As a result, it helps you determine if you need a staff recruitment agency.

8 KPIs to track recruitment are:

• Applications per opening/job posting
• Time to fill/hire
• Diversity and inclusion
• Cost per hire
• Source quality
• Offer acceptance rate
• Period of vacancy
• Return on investment

Are you looking to improve your hiring strategy? Staffing agencies in India follow the best staff recruitment strategies to boost your operations. If you are ready to benefit from the best staffing solutions, contact us today.

FAQs

Is a staff recruitment agency more efficient than company-driven recruitment?

Staffing agencies can deliver suitable candidates. This is also possible with minimal costs. The hiring process can be costly when the company undertakes it. This does make it better to hire services from staffing agencies in India.

What are contract staffing services, and how do they contribute to staffing success?

These services include hiring staff for a certain amount of time only. They help companies scale up fast and deliver better results.