17 Recruitment Metrics and KPIs for Successful Hiring - Juggle Jobs

17 Recruitment Metrics and KPIs for Successful Hiring

The following is an excerpt from our new 70-page ebook – The Ultimate Guide to Hiring for Start-ups. Use the link to download the full guide for free, or read more to discover the key metrics to measure throughout the recruitment process

Hiring and onboarding high-quality employees is arguably the most important part of running a successful business. Hiring isn’t especially complicated but that doesn’t stop the vast majority of firms struggling with it. There are multiple moving parts and most companies find they invest too much time and money into the wrong places.

Whether you’re going through external recruiters or using a hiring platform, having your processes clearly mapped out and performance measurements set up will help you to constantly improve until hiring is incredibly efficient and promotes your brand all at the same time.

Gender and Ethnicity

Tracking gender, ethnicity and other items (social background and neurodiversity for example) are extremely important but only you will know how pressing this is vs your current team makeup. We as humans have solved most simple problems by now, the complicated ones will require a diversity of thinking only achieved through diverse teams.   

Applications vs Headhunting

Please note that the performance funnel for the applicant process only, and ideally you should be allocating resources to headhunting too so you’re taking a more proactive approach about who exactly you want in the business. That might be internal resources, people who have training in Executive Search, or it may be an external consultancy or platform specialising in proactive talent sourcing. 

Momentum Momentum Momentum

You will notice KPIs attached to “time” throughout this table. A tardy recruitment process is the number one reason hiring becomes painful for everyone and why companies lose the best contacts. Momentum is everything so it’s important to track this. Momentum is also a marker of engagement which impacts the quality of experience and in turn, brand.

The 17 recruitment metrics and KPI examples to monitor for an effective hiring funnel

% of relevant CVS

What: The percent of high quality and relevant applicants CVs received per role listing

Success criteria: Between 20-30% relevant CVs

Why it matters: Indicates that your ad and job posting are written correctly, and are being shown to a relevant audience

Time to respond after receiving CV

What: Average and longest time it takes to respond to applications

Success criteria: No longer than 1 week and ideally, less

Why it matters: Good people are often interviewing in several places. Getting ahead straight away helps.

Candidate drop off: CV stage

What: % of applicants you want to progress who drop out of the process

Success criteria: Between 0-5%

Why it matters: Gives you an idea of whether the job preposition is resonating after candidates have had more time to reflect.

Gender split: top of the funnel

What: % of male vs female applicants

Success criteria: Subjective based on your company need

Why it matters: Getting the balance right can only happen if the top of the funnel is well balanced too

Ethnicity split: top of the funnel

What: % of applicants from ethnically-diverse backgrounds

Success criteria: Subjective based on your company need

Why it matters: Same as previous – promoting a diverse working culture starts with job applicants

Progressed to screening task

What: % of people screened (first round interview) who are progressed to the next stage

Success criteria: Subjective but a drop off of around 20-30% is a good rule of thumb here

Why it matters: If the percentage is low, it could indicate that you can be more discerning at the CV stage. If it’s high, you might need to increase the number of people you’re talking to.

Time-to-call (screener)

What: Time between requesting a call and the call happening

Success criteria: Within 72 hours

Why it matters: Momentum to get that first call in and establish “fit” quickly is important

Candidate drop-off during screening

What: % of applicants you want to progress after the initial call who drop out of the process

Success criteria: Between 0-10%

Why it matters: Some churn is normal but higher suggests something is amiss in the call

Gender split: early interview

What: % of male vs female applicants progressing to interview

Success criteria: Subjective based on your company need

Why it matters: If you are not achieving your gender equality goals, you might want to consider adjusting your sourcing strategy

Ethnicity split: early interview

What: % of ethnically-diverse applicants progressing to interview

Success criteria: Subjective based on your company need

Why it matters: Same as previous – if it’s clear you won’t be hitting your diversity goals, you might want to consider adjusting your sourcing strategy

Screening task success

What: % of people who are progressed from the task/core skill assessment to later stage interviews

Success criteria: A drop of between 40-60% is normal here

Why it matters: If the rate of drop-off is high, you should ask yourself whether the bar is realistic and do you need to invest more in headhunting? If the drop-off is very low, is the task/test truly assessing people?

Time to schedule task/skills assessment

What: Time from finishing the screener to completing the tasks

Success criteria: Within 72 hours

Why it matters: Momentum, when engagement is high after the call is important

Drop off: task/skills assessment

What: % of applicants you want to progress who drop out of the process

Success criteria: Between 10-20%

Why it matters: Some churn is normal but higher suggests something is amiss with the task/skills assessment

Gender split: task/skills assessment

What: Male vs female* candidates progressing to task/skills assessment

Success criteria: Subjective based on your company need

Why it matters: Do you need to adjust your sourcing strategy accordingly?

Ethnicity split: task/skills assessment

What: Percentage of ethnically-diverse candidates progressing to task/skills assessment

Success criteria: Subjective based on your company need

Why it matters: Do you need to adjust your sourcing strategy accordingly?

Offer to hire ratio

What: % of offers made which result in a successful hire

Success criteria: Ideally 100%!

Why it matters: If you’ve gone this far in the process, candidates that you want shouldn’t be dropping off. Listen carefully to the reasons why offers are turned down – can you change something to improve the odds next time?

Time from creating the role to offer accepted

What: Number of working days to complete recruitment for a specific role

Success criteria: Within 1 month (ideally less)

Why it matters: When this creeps up you can look and see where the momentum is lost

* Note on gender/ethnicity split: these questions must have an option to not answer. It needs to also be part of a more concerted effort and strategy to improve gender and ethnic diversity, not just a tick box exercise. If there isn’t one in place yet we’d recommend removing this as virtue signalling for the good of your reporting numbers is poor practice and insensitive to what are both, very important causes. 

Want to learn more about hiring best practices? Get your copy of the Ultimate Guide to Hiring70 pages of tips, tricks and expert advice, completely free to download. To learn more about screening candidates, read our previous article on how to review CVs.