In the recruitment field, monitoring your KPIs (key performance indicators) is not just an administrative task, it’s a strategic imperative.
This data, both quantified and pragmatic, offers you a valuable window on the quality of your advertisements, their visibility, the state of the job market, the efficiency of your recruitment process, or even the experience of candidates. In other words, KPIs are the radar that guides you towards a better understanding of your recruitment practices, to better attract and retain the talent you need. 🧲
In this article, we suggest 14 KPIs to check regularly as part of your recruitment missions.
Recruitment statistics encompass a set of quantitative and measurable data related to the recruitment process within an organization. These data provide key performance indicators (KPIs) for evaluating and measuring the effectiveness, efficiency and quality of the candidate selection process.
Why monitor your recruitment KPIs?
- Improved inclusion and diversity / Reduced bias: Monitoring recruitment data enables analysis of trends in inclusion and diversity. By identifying potential biases in the recruitment process, companies can take steps to promote better representation of diversity within their workforce.
- Better use of resources and media: Data monitoring helps optimize resource allocation by identifying the most cost-effective channels and media for disseminating job offers.
- Better candidate experience: Reducing the time it takes to fill a position, as well as improving communication with candidates, contribute to an overall positive candidate experience.
- Better understanding of the work involved in recruitment: Visibility into the volume of applications and interviews provides a better understanding of the effort required to fill a position.
- More efficient recruitment process: You identify inefficiencies, guide processes in real time, and foster a culture of continuous improvement.
Recruitment KPIs to monitor
Different data will give you different information. Of course, it’s always important to consider this information with a pinch of salt, and to put it into perspective.
KPIs for monitoring the performance of your job ads
1. Number of applications / open position: This measure provides an overview of the visibility and attractiveness of the job offer. A high number of applications may indicate high attractiveness, but it’s also crucial to consider the quality of applications.
2. Number of clicks / job ad: The number of clicks in relation to job ads provides information on the appeal of the job title and text preview. This helps fine-tune ad content to maximize visits from potential candidates.
3. Number of candidates contacted by telephone (i.e. whose CVs meet the sine qua non conditions) / open position: This measure evaluates the relevance of the advert by identifying the number of candidates contacted out of all the applicants. Receiving 50 CVs is meaningless if only 5 of them meet the essential criteria. A relevant advert should attract candidates matching the specific needs of the position.
4. Application rate (Number of applications / number of clicks): This conversion rate measures how many candidates who viewed the ad decided to apply. It provides an indicator of the ad’s effectiveness in converting initial interest into concrete applications.
KPIs for monitoring the relevance of your recruitment sources
5. Number of applications / source: By analyzing the number of CVs received through each ad distribution channel (job boards, LinkedIn, internal database, career page), you can determine which sources are most effective in attracting candidates.
6. Number of candidates on shortlist (= list of promising candidates) / source: Similar to the previous statistic, this measurement takes you a step further. While one recruitment source may turn out to generate more applications, another may generate more quality candidates, i.e. those you place on the shortlist. Depending on the different steps in your recruitment process, you can also analyze the number of applicants at each stage by source.
KPIs for monitoring the effectiveness of your recruitment process
7. Number of interviews / open position: The number of interviews can be used as a barometer to assess the interest aroused by an open function, giving an idea of the number of candidates deemed relevant for the position. However, beyond this initial analysis, it also reveals the ability of the recruitment process to identify the right candidates at the earliest stages of the process.
8. Time to fill: This is the time between the opening of the position and the signing of the contract. Measuring the time taken to fill a position provides information on the overall efficiency of the recruitment process. A high time-to-fill may mean that your recruitment process involves too many steps, or that internal communication lacks fluidity. In order to be agile in the face of potential internal emergencies, it’s key to keep time to fill at a reasonable level.
KPIs for assessing the candidate experience
9. Time to hire: Similar to time to fill, this measure takes the candidate’s perspective. It measures the time that elapses between the candidate applying for the job and signing the contract. Multiple stages, slow feedback and slow decision-making are all factors likely to significantly increase your time-to-hire. The major risk is to frustrate committed candidates, driving them to explore other recruitment opportunities and, consequently, losing them.
10. Offer acceptance rate (Number of offers accepted / Number of offers sent): This measure enables you to determine whether your salary offers are competitive. It may also tell you more about your ability to secure the commitment of your candidates throughout your recruitment process.
11. Net Promoter Score: This metric, widely used to assess customer satisfaction, makes it easy to measure the candidate experience. The NPS is based on a simple question that asks participants to rate, on a scale of 0 to 10, the likelihood of them recommending a company or service to their friends or colleagues.
12. Satisfaction questionnaire: You can obtain interesting avenues for improvement by surveying candidates directly. Whether the questions produce quantitative or qualitative results, your willingness to improve will be greatly appreciated by candidates.
KPIs for monitoring the inclusiveness of your recruitment process
13. Percentage of applicants by gender: This statistic is essential for assessing your company’s ability to attract diverse candidates. Significant variations in the percentage of applicants by gender for certain positions or hierarchical levels may signal specific challenges. But it doesn’t stop there. It’s also about how far they get into your recruitment process. That way you can spot any bias in e.g. the screening stage, interview stage, etc. and act accordingly.
14. Percentage of applicants by age range: This metric shows the age diversity among applicants, and whether the company is attracting talent from different generations.
Analyzing KPIs at different levels, whether by recruiter, by job category, or globally, is of paramount importance in drawing informed conclusions and making sense of recruitment process metrics.
Examining individual recruiter performance contextualizes results within the overall recruitment framework, making it easier to identify specific opportunities for improvement. Analysis by function category reveals industry trends, enabling recruitment strategies to be adapted, while a global perspective reveals complex correlations and general success factors.
How to generate these recruitment statistics?
- Use an Applicant Tracking Software: An ATS allows you to centralize and efficiently analyze recruitment data. It’s all in one place! You no longer need to switch from one platform to another.
- Keep your processes up to date in your ATS: An ATS enables you to set up your own workflows, based on your reality. However, it’s important to keep each of your recruitment processes up to date, to ensure data compliance.
- Choose the right KPIs: You can’t monitor everything. It’s important to focus on the data you consider to be your priority.
- Visualize data regularly in a reporting tool, integrated in your ATS.
- Define SMART goals based on your current situation and the one you want to achieve.
No more excuses! You now have all the keys to embrace these recruitment analytics, refine your strategy, and make continuous improvement your priority. 🎯
Want to find out how Talent finder can help you collect and analyze your KPIs? 📊