So, where do you begin? Consider tracking the following metrics as they are great indicators of success when it comes to finding new team members.
💸 Cost per hire
Cost per hire provides insight into the amount of resources you are dedicating to finding and hiring candidates. It takes your total recruiting expenses such as recruiter fees, job postings, etc., then divides them by how many hires were made from those efforts – giving you a measurable indication of recruitment efficiency. This metric can then be used as a benchmark for future hires. This helps guide the amount of investment to recruit for specific jobs and help develop future hiring budgets/plans.
⏰ Time to hire
Also known as Time to fill, measures just how long it takes to identify, vet, and ultimately hire a candidate. Uncovering the root cause of long hiring times can help companies optimize their recruitment processes and reduce costs. With Time to Hire analysis, teams gain valuable insight into where costly delays are occurring and what strategies may be used to improve them.
🔎 Sourcing Channel Effectiveness
For scaling SaaS teams, time is a valuable asset. Keep tabs on where your hires and candidates are coming from to make sure you're getting the best returns for your resources. Measure your sourcing success by tracking how much each of your recruiting channels - from job boards to social networks and more - is generating top-tier candidates for you.
"Measure your sourcing success by tracking which of your recruiting channels is generating top candidates for you."
🚀 Quality of Hire
Quality of hire (QoH) assesses how effectively new hires contribute to their company's long-term success. QoH has many parts with nuanced definitions making it difficult for most companies to accurately measure it.
However, QoH typically involves three primary indicators:
Quality of hire is an important KPI with 45% of startups prioritising it according to LinkedIn's global trends report. Though time-saving recruitment metrics are trending up, they don't always guarantee quality or business success so it's essential you start measuring QofH..
📈 Talent Promoter score
This metric tells you how likely candidates are to actively promote and spread the word about your organisation. To find out, send a survey at the exit point for any candidate who’s been involved in your recruitment process , asking them for their score from zero - ten, on how willing they'd be to recommend it.
A TPS survey can help you track those brand promoters who rated 9-10 and then you simply ask them for referrals.
⛰ ELTV
With a powerful Employer Brand, companies can greatly influence employee engagement and retention - with 33% of organisations using the former as their primary metric for measuring ROI. Additionally, you can measure the value your team brings over time by tracking ELTV (Employee-Lifetime-Value). This starts when someone joins on Day 1 and ends when they eventually leave – spanning across their entire lifespan at the company.
Here are a few ways to spot Employer Branding ROI by measuring ELTV
Depending on the maturity of your hiring function, you may already be tracking some of these, but if you’re starting from ground zero, I’d say you need to prioritise cost per hire and then quality of hire, as they are pillar metrics that inform many of the others. Quality of Hire can come after cost per hire as it's a little more complex to measure, takes time to get right and even more time to track properly.
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