Key Performance Indicators (KPIs) allow businesses to evaluate and understand how well they are performing against their goals. They are used to measure a number of goals, including sales, marketing, financial performance, customer satisfaction, and most importantly, recruitment objectives. It’s essential for talent acquisition specialists to know and understand the most important recruitment KPIs which we’ve gathered in a cheat sheet which you can download at the end of this article.
Recruitment KPIs: what do you need them for?
Recruitment KPIs allow you to eliminate the guesswork from your recruitment process and show you where you’re doing things right and where you’re going wrong. They also allow you to understand whether the changes you’re introducing have positive or negative consequences and make sure your hiring process is structured and replicable. That’s because recruitment KPIs paint a detailed picture of a particular aspect of your recruitment process, like how quick it is, how many candidates you get per opening, how many people leave after a given period of time, how satisfied your employees are and so on. What is more, apart from painting a detailed picture, they are also objective in verifying your hiring success.
Recommended reading: 5 recruitment metrics that will transform the way you hire
Recruitment KPIs cheat sheet
To make things easier for you, we’ve created a short printable cheat sheet which presents some of the most important recruitment KPIs and formulas to calculate them. On the cheat sheet, you can find the following 10 KPIs:
- Source of Hire
- Time to Hire
- Candidates per Hire
- Offer Acceptance Rate
- Cost per Hire
- Quality of Hire
- Retention Rate
- Fill Rate
- Turnover Rate
The cheat sheet is short and printable so you can use as a quick reference whenever necessary. Make sure you download and print it out so you can consult it whenever needed.