Did you know that 75% of workers are passive job seekers? This statistic gives companies a massive advantage in leveraging their recruitment strategy to attract those passive candidates to their organizations. If you’re unsure how to measure your recruitment strategy’s success or feel like something is lacking, you are not alone. To understand the effectiveness of your hiring efforts, analyze the following three metrics for a successful recruitment strategy.
Time to fill
Your time to fill ratio is how many days it takes for the job to be filled from start to finish. The national average for time to fill is 42 days. However, according to ERE Media, top candidates are off the market within ten days. Your hiring process should go as quickly and seamlessly as possible to attract these high-caliber candidates. You risk the chance of the candidate accepting an offer with another organization with a more efficient process. Or, if your approach is too slow, the candidate may become impatient and change their mind about the opportunity. Keep in mind that time kills all deals.
The national average turnover for all industries is 17.8%. While some industries have higher turnover than others, this is a good benchmark to use when calculating your own. To do this, select a period, say one year. Calculate the average number of employees during that year. Once you have that figure, divide the total number of separations by the average number of employees over that period. Then, multiply your result by 100 to turn it into a percentage, and voila, you have your employee retention rate. If your rate is significantly below the average, you may need to take a closer look at your recruitment strategy.
Your company’s acceptance ratio is the number of accepted offers compared to the number of offers presented. According to the NACE, the national average is 66%. If your recruitment strategy is less than that, there may be a common denominator why candidates are not accepting the offers you’re giving. Questions to consider while looking at your acceptance ratio are:
- Am I competitive in salary and benefits?
- Did the hiring process take too long?
- Was it a misfit in culture?
These are just a few of the reasons why candidates turn the job down. So, it’s essential to try and identify any internal factors that may be driving candidates away.
Using an external recruiter can help with any of these factors. My team at Johnson Search Group takes the time to understand your hiring process and recruitment strategy. Working with a recruiter can help you move the candidate through the process quickly. We keep our candidates interested in the opportunity by clear, continual communication and understand their motives for a job change. To assess a candidate’s skill set and organizational fit, we thoroughly vet each of them before presenting them to you.
Give us a call to discuss your hiring strategy and how we might be able to help you!