How to Measure and Track Recruiting Metrics: With 25 Examples

Recruiting metrics are one of the important aspects of a successful talent acquisition strategy. They show how well the hiring process works and where it can be improved. According to a report, less than a quarter of recruiters have key metrics accessible to all team members, meaning there is often a lack of transparency and shared understanding across recruiting teams.

Measuring and tracking these metrics can be tricky, especially if the relevant metrics are unknown and how to interpret them is unclear. This article will explore the 25 important recruiting metrics that you should measure and track to improve the hiring process. Knowing these staffing metrics also helps in identifying the most important ones for you and your organization.

What are recruiting metrics?

Recruiting metrics are measurements used to assess how well your hiring process is working. They cover aspects such as how long it takes to fill a position (time to hire), how much it costs to recruit (cost per hire), the quality of the people you're bringing on board (quality of hire), and various other factors.

The main goal of tracking these hiring metrics is to identify areas for improvement and make data-driven decisions to streamline the organization's hiring efforts. For example, tracking time to hire can highlight bottlenecks in the recruitment process, which allows adjustments to speed up hiring timelines and secure top talent more efficiently.

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What is the difference between recruiting KPIs and metrics?

The difference between recruiting KPIs and recruiting metrics is that recruiting metrics are specific quantitative measures used to track various aspects of the recruiting process, such as time-to-fill, cost-per-hire, applicant-to-hire ratio, and candidate satisfaction scores.

Meanwhile, the KPI in recruiting focuses on key performance indicators that are strategically chosen to reflect the overall effectiveness and success of the recruiting efforts in meeting organizational goals.

These KPIs often include metrics but are more closely tied to the strategic objectives of the recruitment function, such as quality of hire, turnover rates of new hires, and alignment of hires with organizational culture and values.

Importance of measuring and tracking recruiting metrics

Measuring and tracking the right recruitment metrics is important for any company that wants to improve its hiring process and bring in the best talent. Here's why:

Leads to better quality hires

Tracking metrics like time-to-hire and quality of hire reveal if your recruiting efforts are attracting the right talent. These metrics for recruiting help identify strengths and weaknesses in your process, which allows you to focus on finding the best hiring candidates for the job.

Saves time and resources

Research  found that some job seekers, especially Gen Zs, expect the hiring process to last 5 days. Keeping this in mind, it's important to streamline your recruitment process. Metrics such as cost-per-hire and source of hire can help you save resources by identifying the most effective recruiting channels to focus on, while also avoiding external recruiting costs.

Creates a positive experience that attracts top talent

According to a report, 65% of respondents say a bad interview experience makes them question if they want the job, which is sometimes reflected in the candidate net promoter score. Efficient recruitment processes improve the candidate's experience, which makes your organization more appealing to top talent and boosts the likelihood of hiring high-quality candidates.

Refines your employer branding strategy

In a study, 75% of job seekers  research a company's reputation before applying, and 50 % refuse to work for a company with a bad reputation, even with higher pay. Metrics for recruiting show how potential candidates perceive your employer brand. They reveal which channels generate the most interest, allowing you to adjust your employer branding strategy accordingly.

Provides hard data to support your decisions

Metrics offer solid data to support your hiring decisions. This data can justify budget requests for new recruiting tools or initiatives and demonstrate the ROI of your recruiting efforts.

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25 top recruiting metrics to measure and track

Here are key recruitment metrics for organizations to consider. Note: Each company's needs vary, so customize your metrics tracking to fit your recruitment goals and strategies.

1. Time-to-fill: This recruiting metric measures how long to fill an open position.

2. Time-to-hire: Tracks how long to hire after a candidate applies.

3. Source of hire: Identifies where the best candidates come from (e.g., job boards, referrals).

4. Sourcing channel effectiveness: Shows how well different channels bring in qualified applicants.

5. Cost-per-hire: This recruitment metric calculates the total cost to fill a position.

6. Recruitment marketing spend: Tracks how much you spend on attracting candidates.

7. Number of open positions: Indicates your current hiring needs.

8. Applicants per job opening: Shows how many people apply for each job.

9. Application completion rate: Measures how many people finish the application process.

10. Quality of hire: Evaluates new hire performance.

11. Offer acceptance rate: Shows how many candidates accept your job offer.

12. Time to first contact: Tracks how long it takes to reach out to applicants after they apply.

13. Number of interview stages: Indicates the complexity of your interview process.

14. Candidate satisfaction: Measures how happy applicants are with your hiring experience.

15. Diversity of candidates: Shows the variety of backgrounds in your applicant pool.

16. Diversity of hires: Indicates how well you're recruiting a diverse workforce.

17. Hiring manager satisfaction: Gauges how happy hiring managers are with the hiring process.

18. Retention rates or hire retention rate: Measures how long employees stay with the company.

19. First-year turnover rate: Tracks how many employees leave within the first year.

20. Recruitment funnel effectiveness: Analyzes how well candidates move through your hiring process.

21. Cost of getting to Optimum Productivity Level (OPL): Tracks expenses until a new hire reaches full efficiency.

22. Time to productivity: Measures how long it takes for a new hire to become productive.

23. Adverse impact: Identifies if your hiring practices unfairly disadvantage certain groups.

24. Recruiter performance metrics: Tracks individual recruiter effectiveness.

25. Recruitment ROI: Calculates the return on investment of your recruiting efforts.

What is the most underutilized metric in recruiting?

One of the most underutilized metrics in recruiting is mobile application rates. Research  shows that 25% of job applications are submitted via mobile devices, with specific sectors like retail (21%), hospitality (29%), healthcare (29%), and finance (20%) leading to mobile usage.

Tracking and optimizing these rates should be also a priority for recruiters, as they offer valuable insights into candidate behavior and can greatly improve recruitment efficiency and effectiveness.

How to track and measure recruiting metrics

Now that you know the key recruiting metrics, it's time to learn how to effectively track and measure them. Here's how:

1. Step 1: Identify your goals and priorities

   Before you start tracking metrics for recruiting, decide what you want from your hiring process. This could be cutting hiring time, finding better candidates, or spending less on recruitment. Knowing your company's goals helps you choose the right metrics later.

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2. Step 2: Choose the right metrics

   Select common recruiting metrics that align with your goals and provide meaningful insights into your recruitment process. Examples include:

   • Time-to-fill

   • Sourcing channel effectiveness

   • Candidate experience feedback

   • Cost per hire

3. Step 3: Gather, analyze, and interpret the data

   Collect data from your hiring process using tools like your Applicant Tracking System (ATS). Look at both numbers and feedback to see trends and areas to fix. For example, if it's taking too long to hire, figure out where the delays are happening.

4. Step 4: Take action and track progress

   Use your findings to make changes that improve hiring. This could mean trying new ways to find qualified candidates, improving how you screen them, or making their experience better. Keep checking how these changes affect things over time.

   For example, if you try a new way to find candidates, see if it brings in better candidates faster or how many job seekers apply for the position.

Recruiting metrics are measured and tracked by organizations to gauge the effectiveness of their hiring processes, helping them make informed decisions and improvements. However, these metrics for recruiting alone are not sufficient for hiring success. Your talent acquisition team should utilize tools like Real-time Job Posting Salary Data solution, which provides a dataset capturing real-time job postings and labor market analytics.