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Finding great talent isn’t easy. As any recruiter knows, it’s about more than simply posting job ads and responding to applications.
There are dozens of metrics recruiters have to consider, but these five are the most essential, in order of importance.
- Number of Candidates
Recruitment is a numbers game, but too many or too few candidates can indicate a fault with the hiring process. A recruiter interviewing dozens of candidates, especially for a more senior role, clearly doesn’t know how to interview. For critical hires, you should aim for no more than four.
- Inbound Referrals
Particularly for executive roles, recruiters need to maintain a quality talent pipeline. The best way to do this is through referrals.
After speaking with a candidate who isn’t right, but might know people, make sure to get at least two names per call. After all, no one is better clued into who is looking to jump ship than trusted colleagues.
- Email Conversions
When using LinkedIn as an outbound channel, based on an achiever-based search criteria, you should be aiming for a 50% conversion rate. This should be a multi-tired process, but any less indicates you are taking too much of a shotgun approach with candidates.
- Job Ad Conversion Rates
Aim to write ads that convert, ads which capture the attention of your target audience: high-quality candidates. Writing more compelling job ads will increase conversions 3-4X. Be aware that if it takes a week for your first conversion you have a serious visibility issue.
- Retention Rates
The cost of a bad hire can be prohibitively expensive. Not only because it means going through the whole recruitment process again for every failed hire, but there are knock on financial consequences. A higher turnover results in lost productivity, extra training costs and weaker team morale.
Every quarter or six months, at the most, you should review turnover rates, identify problems and plan how to resolve issues before they escalate.
Sourcing high-quality candidates isn’t easy, which is why you should only concentrate on crucial metrics, rather than worrying about dozens of weaker indicators of success.
Social Paul
A recruiter who knows how to convert talent by using various tactics on Social Media. Follow Paul here! If you are interested to learn more about Candarine contact us today!
