5 Key Recruitment KPIs You Must Know For Recruiting Excellence

Anyone who has worked in a corporate setting is familiar with the Key Performance Indicators (KPIs) concept. Employees must have had meetings where these KPIs were used to judge their abilities and performance. The reason is because KPIs have always been seen as one of the most reliable metrics to measure the abilities 

However, in recruitment, finding reliable KPIs is a challenging task. This is because hiring remains one of the most volatile areas of a company and is hugely affected by external factors that may be outside the control of the company. For example, if there is a dearth of talented employees in the market, no matter how much a recruitment team tries, they will find it hard to attract people with the required skills.

There are times when hiring managers wonder what the best recruitment KPIs and talent acquisition metrics to consider for their organization. Truth be told, there are several metrics to consider that can help you in your journey to becoming the best recruitment specialist. Let’s dive a little deeper into this.

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Reduce Time to fill

There is a certain time that each Hiring manager takes to fulfill the job vacancy of their organization; this is called time to fill or time to hire. Basically, it is the recruitment KPIs that are measured to take an average number of days it takes to fill a job recruitment. So the faster you can fill the requirement raised by the other teams, the less time to hire it is. However, there is a flaw in this system: a slow time to hire can drastically reduce the quality of hiring and minimize the candidate’s hiring experience, making them drop out from the hiring process itself. 

Hence, it becomes quite important for the recruiter to keep the TAT for onboarding minimum. A sweet example of this would be to check how much time it is taking to get a candidate onboard with the company, from entry to ATS to joining the office. If a large number of candidates were in the beginning, but only a few finished the onboarding process. Perhaps you should consider revising the hiring process and minimizing the step for recruitment. And that’s why the time to fill/hire recruitment KPIs becomes a crucial factor in the talent acquisition metrics.

Also Read: Explained: What Is Full Cycle Recruitment? 

Maintain the quality of hire

It is true that maintaining the quality of hiring is a challenge. You can keep in account all the steps to hire the best candidate, such as shortlisting the CV, taking a quality introduction session, deep technical skill assessment, HR rounds, and document verification. However, we still don’t know if the hiring will turn out to be positive for the organizational benefit. The quite simple answer to this problem is the process of evaluation of the candidate, you see, each candidate is different, and each one has different needs and aspirations. If the organization is able to match the candidate’s needs and aspirational values effectively, then it turns out to be a Quality hiring.  

Hence, it is important for the organization to measure the quality of hiring, it helps the recruiters in analyzing the candidate’s performance and come to an effective solution to better the quality of hire and recruitment KPIs. One way to do this is to ensure that there is a structured hiring process traand each candidate is given a fair and unbiased platform to showcase their talent and skills. It also helps in making the candidate interview more swift and qualitative and improves the overall candidate hiring experience. 

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Reducing the cost of hiring a candidate

Most of us don’t realize this, but there is a certain hiring cost that is involved in the hiring process of a candidate. Be it advertising for job vacancies, hiring an agency as a third-party recruiter, interviewing expenses for overseas candidates, and accommodation costs for the hiring for higher profiles, cost to train the candidate such as fresher before joining. All of these factors make the hiring process a little costly for the organization to bear, this can take a toll on the hiring budget if it is overlooked. Hence, it is important for recruiters to ensure that the cost to hire the candidate is as minimal as possible. 

A simple solution to this would be introducing an online hiring platform and video interviews to the hiring process wherever it is possible. With this, the recruitment team would also be able to collect the necessary hiring data to improve their recruitment KPIS and talent acquisition metrics. 

Also Read: How Does BarRaiser Utilize The Interview Intelligence AI Tool In The Hiring Process?

Reduce adverse impact 

First things first, it is indeed quite a challenge to reduce the adverse impacts during the hiring process in one go. It is a prolonged process that involves not just creating a good candidate experience but also ensuring that each interviewer is top-notch and adheres to the quality guidelines of the interview. The rule is quite simple and states that a certain protected class should not be discriminated against on the basis of caste, creed, gender, or ethnicity. And frankly, it is not quite simple to minimize every single basis from the hiring process until proper and constant interviewer training is conducted.

Hence, it is a necessary recruitment KPIs to keep in check that each interviewer is adequately trained. It also helps in creating a diverse work culture within the organization, bringing in new ideas and openness to cultural knowledge across the globe. Ideally, each recruiter should keep a database of how many protected class candidates were screened and, from those, how many were selected; if the data shows negative results, then perhaps it is time to channel a different strategy for hiring. 

Also Read: How to collect interview feedback timely from the interviewer?

Keep the retention rate low

The key challenge in front of today’s corporate work culture is the rising retention rate, and let me tell you this: there is no good answer. It is a bitter truth that perhaps each organization needs to buckle up, digest, and sit together with their team to figure out a solution. However, the most prominent reasons for retention rates tend to be increment and job satisfaction, for some, it can be work culture, and for some, it can be a performance issue. Whatever the case might be, a rising retention rate is an alarm not just for the human resource team but for the company as well. As there might be an issue with the company’s work culture, the impact of a rising retention rate is completely negative for a company, as this disrupts the bandwidth and mental state of all the employees working together. 

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Thus, it is crucial for organizations to identify the retention rate at the earliest and start working towards the goal of minimizing it. The core problem for the rise of retention rate will vary from organization to organization. However, the determination to improve the performance score will lead the human resource team in tackling the situation in a much better way. Hence, it becomes necessary for recruitment KPIs and talent acquisition metrics to be considered.

At the end

These are the 5 recruitment KPIs and talent acquisition metrics that one needs to consider while hiring any candidate. However, this largely depends on the job profile and type of organization that one is recruiting for. The one that this quite true is that if hiring managers keep the metrics in check, and surely they would be able to increase recruitment efficiently within the organization. 

Now that we have mentioned the relevant KPIs, How can a recruiter’s performance on those metrics be improved? This is where companies can use BarRaiser, our AI-backed interview assistant that promises to get you the most suitable talent for your company.

So, let’s look at the KPIs mentioned in the article, reducing the time to fill. BarRaiser helps an interviewer create a Structured interview plan with just a few instructions to our AI bot. Our tool also records and transcribes the entire interview. Post-interview, the recruiter has the option to judge a candidate on more than 45 metrics. This report is created within two days, helping companies hire quickly.

Our AI bot also creates a robust interview plan that does not compromise the quality of the hire. Since all this is coming in reduced time compared to the traditional method, it also helps reduce the rate of hiring cost per employee. If candidates selected after such a robust process are the most suitable for a company, the retention rate will also reduce drastically.

Using BarRaiser, we guarantee you quality hiring that will also bolster Diversity and inclusion. BarRaiser is the best AI Interview platform that features Structured interviews, AI-generated interview notes,  and tools to ensure quality hiring while eliminating biases from the recruitment process. With BarRaiser’s support, you’ll be well-equipped to build a strong team of sales associates who will drive sales and deliver exceptional customer service.