7 metrics that really matter for volume recruitment

Ask any aspiring entrepreneur what they need most, and you'll get an answer like "we want talent and we need it fast".

Even a well-established company that has developed strategies to grow can find itself short-staffed to deal with rapidly developing competition or an expanding customer base.

To keep their organizations running smoothly, leaders eagerly recruit employees, from junior to senior positions, to fill many roles. Particularly in the case of start-ups, leaders are aggressively reaching out to their own networks, or posting job openings, or letting recruiters explore the larger database in hopes of a quick hire.
Going through thousands of resumes or interviewing too many candidates is the last way a business manager wants to spend their time.

Similarly, volume recruiting comes with its own set of challenges that should be approached differently than recruiting for a single position. Perhaps tracking a few recruiting metrics and improving them are the first steps leaders should take to ensure their efforts are not a drain on their company's resources.

In a data-obsessed world, what are the most important metrics for volume recruitment? Here they are:

7 indicateurs pour le recrutement en volume scaled uai

1. The time indicator

When recruiting in volume, time availability weighs. For every day lost, the organization also loses revenue. According to a SHRM report, the average time to fill a position is 42 days. Ideally, this is the time from the first day the position is posted to the last day the offer is accepted. This metric provides leaders with a realistic view to assess how quickly candidates in the pipeline are moving to meet the company's recruitment goals.

Particularly for volume hires, calculating and optimizing TTF (Time Take to Fill the positions) will help measure recruitment efficiency and improve the overall candidate experience.

2. Offer acceptance rate

Another important measure is the acceptance rate of job offers by candidates. This rate is calculated by dividing the number of accepted offers by the total number of job offers made by recruiters. Its value indicates how well your efforts are achieving your recruitment goals. If this rate is low, you need to re-examine your approach and address the issues

Recruiters understand that simply filling the candidate pipeline is not their goal. It is important to note that their job is "well done" when the largest number of candidates accept their offer.

However, the in-house recruitment team leverages their connectivity with the internal recruitment team and their organizational knowledge. They operate within the environment and framework of the company's closest circle. In turn, it may be easier for them to sometimes know things that go beyond the requirements of the role, and therefore, make changes accordingly.

3. Application time

This recruitment metric is calculated by knowing how long it takes a candidate to apply for a job. If the application is complex or has multiple steps added to the slowness of the website, fewer candidates will apply.

More likely, most will refrain from applying or give up halfway through. According to one study, the number of applicants can increase by over 300% when the application time is 5 minutes or less. To take advantage of this, make the application shorter and more enjoyable. If it's necessary to organize it into multiple stages, make sure applicants can save and retrieve information at each stage.

4. Cost per candidate

There is no denying that the notions of cost and quality vary with each hiring company. As such, they certainly have an impact on their results and business objectives. Conventionally, recruiter salaries, advertising costs, and then selection and interview costs are calculated against each quality hire. This will allow you to set benchmarks to measure the cost incurred per hire.

5. Utility metrics

In addition, companies also calculate the selection ratio by comparing the number of candidates recruited to the total number of candidates. This helps them to measure and evaluate the usefulness of the recruitment tool, model or process in practice, identify gaps and, therefore, facilitate forecasting and then decision making.

6. Source of recruitment

Where do you get the most authentic talent from? Yes, it can be from internal or external sources, or both. But not all sources can perform equally well in all situations. In particular, when filling a large number of positions, recruiters can't just rely on any one of the above sources. They will be looking for an "all-inclusive" solution. However, calculating the "recruiting source" metric allows them to identify which source is performing well and in what way in a given situation. This facilitates their decision making by identifying the "source to go to" for all future hires.

7. Return on investment

In the business world, calculating return on investment or revenue is always useful, and of course, recruiting is no exception. It allows the recruiting team to judge all the costs, time and energy they spent on recruiting volume.

In fact, in a world where everything is data-driven, you have to learn how to manipulate statistics. Well, it's high time to get into numbers and calculators to establish the right indicators.

If you are looking for profiles in tension, Molitor International Conseil is the partner you need. Discover our recruitment solutions to find the one that meets your needs !