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 Top Hiring Metrics that are Critical in Recruiting the Right Candidate for the Job

Hiring the right kind of workforce is critical for ensuring a steady growth and development of your organisation. Your employees are essentially the pillars of your company and it is important to know exactly what kind of people you would want to be a part of your vision and mission. Recruiters regularly employ different strategies to evaluate the competency of a potential candidate. While some of the strategies are largely defined by the types of role that you need to fill up, there are a set of standard hiring metrics that will help you both in streamlining your recruitment process and achieving a favourable result. Read on. Time required in filling up a position For a smooth and trouble-free recruitment process, you must first determine the total time that is likely to be employed in hiring the right candidate. Right from listing an ad for the vacancy, up to when the appointed candidate is finally onboard, you need to keep an account of how much time will be required for the successful completion of the recruitment process. Companies that have a stronger talent acquisition department are found to have faster recruiting times. Source for recruitment Knowing exactly where your most talented and suitable candidates are coming from is the key to carrying out a successful and time efficient recruitment process. It will not only help you in managing your resource allocation better but also ensure that you are able to find the right man or woman for the job with zero wastage of time. For this, you may employ the use of Google Analytics to determine the major traffic sources on your portal. Cost per hire In order to decide upon your recruitment budget, you need to determine as to how much your each newly appointed candidate would essentially cost the company. Some of the major parameters that will help you decide your cost per hire include your marketing costs, agency fees, recruiter time, candidate expenses, lost productivity from the vacancy, training costs of new hires and so on. Retention rates Given the amount every recruitment phase costs you, it is critical to keep an eye on your retention rates and analyse if they pose any cause for concern. If you are losing out thousands of dollars on filling up vacant positions all the year round, you might be looking at not only the cost per hire but also at the loss of productivity every time a hard working employee parts ways with the organisation. A poor retention rate implies that you might need to revise certain HR policies of your organisation and keep your workforce happy and content.  

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