Understanding Your Recruiting Funnel Metrics
The hiring process is a notoriously difficult process for most applicants. It can be similarly stressful for the business doing the hiring, however. Especially if you don’t know how well (or how poorly) the whole process is going.
Join us today, then, as we unfold the question of funnel metrics, and how these can be used to gauge your own hiring process.
The process starts with the number of visitors to your job posting or website. This particular metric isn’t so much about the visitors, but how that number stacks up against the number of applications you get.
Any conversion rate above 12% you can consider effective. Lower than that, and you’ll want to pay attention to your visibility, brand impression, and choice of posting site.
Applications Per Open Requisition
From applications, we move onto the average number of applications you receive per job requisition. A rate above 60 (where the applicants are up to standard) means good work. Anything lower, and you’re either posting a job for a pretty unique skillset, or you’ve slipped up at some point in posting for the position.
Remember that the length of time hirees stay at your company after being hired gets around. Make sure you have a reputation that precedes you in a good way.
Application To Interview
This is where things feel like they’re “starting to move,” for most companies. This rate might seem low when you first look at it but keep in mind that anything above a 15% in today’s climate is considered good going.
Conversions From Interview To Offer
The hiring process takes on new levels of progress when you move from interviews to job offers. Out of the 18% of applicants who make it through to the interview process, one person will usually receive the offer.
One of the only metrics that never changes in the recruitment industry is the rate at which people accept job offers made to them. If your rate falls below an 89% acceptance rate, there’s a good chance something’s gone wrong. Investigate possible negative reviews or other issues that might be throwing applicants off.
Otherwise known as your “top-to-bottom” rate, this metric is famously low. Expect a 0.2% efficiency rating for most recruitment funnels, meaning anything more than 2 people hired out of 500 applicants is good. Fewer than 1, and your funnel is broken at some point.
Time To Hire
Our last point is fairly straightforward: the time it takes you from posting your job to hiring someone. The average for this is around 40 days. As with many of our other points, taking much longer than this means you’ve hit a snag at some point and should examine your recruitment funnel. If you take fewer than this, you’ve done something very right with your recruiting.
Understanding Funnel Metrics: A Numbers Game
Ultimately, all business can be boiled down to questions of low or high numbers. The same applies to hiring new employees. Hopefully, with some help from our funnel metrics primer, you’ve got all the data you need to start your hiring process today.
Looking for more on the complicated process of meeting and hiring new job candidates? Check out some of our other great blog posts and find your perfect employee today!