Key Takeaways
- Quality of Hire: It measures the long-term success of your hiring process, including performance, retention, and manager feedback.
- Data-Driven Wins Big: With a quality measurement framework and the right recruitment platform, you make better decisions: no more guesswork.
- Track Your Offer Acceptance Rate: Use the formula, compare to your industry, and aim for at least 90%, if you’re below, find out why.
Monitoring your recruitment assessment process with the right measurement framework allows you to spot the right pain points of your hiring process. When done right, you can up your hiring game, save time and money, and back up any investment that you might be asking the management to support your hiring decisions.
Let’s find out what are the top 10 most critical metrics that you can measure for recruitment assessment.
1. Quality of Hire
The quality of hire measures the value a new hire is bringing to your team over time. For instance, hiring someone that fits right into your culture, crushes their goals, and sticks around.
How to Measure: Collect info like:
- Productivity: Are they meeting goals—like sales targets or project deadlines?
- Retention: Did they stay longer than a year?
- Manager Feedback: Is their manager happy with them?
With a good quality of hire measurement framework, you combine these into a clear score. This isn’t just a vanity metric. It’s the best way to see if your hiring really works over the long run.
2. Time to Fill
This is a favorite for recruiters everywhere: time to fill. Time to fill shows the amount of time you’re taking to fill a job, from posting the role to signing the offer letter.
How to Measure
To measure it just count the days between posting the job and your new hire accepting the offer. If you’re stuck in sourcing or interviews, this metric can help you find out where you can go faster.
3. Time to Hire
Closely related, but from the candidate’s point of view—time to hire measures how long it takes from the moment someone applies to when they accept your job offer.
How to Measure
Count from application date to offer acceptance. If this drags on, your top talent may dip out early because no one likes waiting around forever! To keep your best prospective candidates engaged, you’ll need to smooth things out here.
4. Source of Hire
Ever wonder where your best people actually come from? That’s where the source of hiring steps in—for instance, among job boards, referrals, social media, etc., which ones are working the best.
How to Measure:
Use your recruitment platform or ATS to tag where each person originally came from. Put your energy and budget into sources that deliver. And if your employee referrals keep landing you star candidates, double down on that!
5. Assessment Completion Rate
Say you send out an assessment. How many candidates actually complete it? That’s what you find with this metric.
How to Measure:
Take the total number of assessments that have been completed and divide with the total number assessments that you’ve sent out. Once you get the answer to it, multiply the quotient with 100.
Calculation: (Number of Completed Assessments / Number Sent) x 100.
6. Offer Acceptance Rate (OAR)
This metric shows how often candidates accept your offers.
How to Measure:
The calculation is simple.
OAR = (Number of Offers Accepted / Number Extended) x 100.
If you have a low OAR, it could mean that either your pay, company culture, interview process, or even your brand might be off. Most companies aim for 90% or higher OAR. Although, the number can vary by industry and role.
If you’re consistently below the mark, dig into why people are turning down your offers.
7. Cost Per Hire
No one wants to overspend. This classic metric shows how much you’re shelling out for each new person who joins.
How to Measure:
To get the cost per hire, simply, add up all recruiting costs (salaries, agency fees, job posts, tech) and divide the sum by number of hires for that period. Keep optimizing things like time to fill and source of hire, and you’ll often see your costs drop naturally.
8. Candidate Satisfaction
First impressions last, even for people you don’t end up hiring. Candidate satisfaction looks at how applicants feel about your process.
How to Measure:
Survey candidates after key steps: right after interviews or after you share decisions. Ask about communication, professionalism, fairness, etc. When candidates feel valued, even those you don’t hire walk away as brand fans, not brand critics. That can lead to more and better applicants down the line.
9. Hiring Manager Satisfaction
It means how happy are your hiring managers with the process and the talent you’re bringing in.
How to Measure:
To measure it, simply, survey your managers on their experience and the quality of the shortlist and final hire after filling in a new role.
10. Assessment Pass-Through Rate
How many people pass your assessment and move ahead? That’s your pass-through rate.
How to Measure:
Calculations = (Number Passed / Number Who Took the Assessment) x 100.
It helps you understand are people who just squeak by becoming great employees? Maybe your standards are too high. Are top scorers underperforming? Your assessment might be off track.
Frequently Asked Questions (FAQ)
Q: Which metric best predicts long-term hire success?
A: The highest performing metric you should chase is the quality of hires.
Q: How can we cut down on assessment drop-offs?
A: To cut down on your assessment drop-offs:
- Make sure that your assessments are job-relevant and clear.
- Communicate the right expectations to your candidates.
- Use a mobile-friendly, easy-to-use assessment platform.
Q: What’s the real difference between Time to Fill and Time to Hire?
A: Time to Fill is the amount of time the whole recruiting process takes from start to finish. On the other hand, the time to hire zeroes in on your candidate’s journey from the time they submit their job application to the moment they accept your offer.
Q: How often should we check in on these metrics?
A: A quarterly or annual review is a good call.
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