While many small businesses struggle to adapt to the new way of work brought on by the coronavirus, hiring is an area that seems to be the last thing on some employers’ minds.
However, if you employ recruiters to help fill vacant roles at your small business and they’re twiddling their thumbs waiting for the green light to resume the hiring process, you may be wondering how to keep these workers busy.
One thing to focus on is how successful your key performance indicators (KPIs) were last year. By seeing where you can improve, you’ll be better equipped to successfully weed through the plethora of candidates now flooding the hiring market. But where should you begin? We’re outlining recent research to help guide you on where to start.
CareerPlug analyzed hiring activity in 2019 from over 10,000 companies—covering more than 10 million applications—to establish industry-specific benchmarks and shed light on key recruiting metrics that determine hiring success for small businesses. Using that information, CareerPlug created the report “2020 Recruiting Metrics: Benchmark Data by Industry.”
Defining Common Metrics
In the report, CareerPlug starts by breaking down the most common metrics you should be using and defines how each metric relates to the recruiting process.
- Views per job: how many views a job posting gets
- Applicants per job: the number of applicants received divided by the number of jobs posted
- Applicants per hire: how many applicants were received to make one hire
- Average days to contact applicant: the number of days it took to contact an applicant, starting from the minute the applicant applied
- Average days to contact hire: the number of days it took to contact an applicant who became a hire
- Average days to hire: the number of days it took to hire an applicant, starting from the minute the applicant applied
The last three metrics were huge in 2019, as candidates had the upper hand, forcing employers to speed up their hiring process so they wouldn’t lose top talent to the competition. As we know, candidates expect a speedy hiring process, or, in the very least, they demand continuous communication from first touch to the final offer.
We expect that due to the high unemployment brought on by the coronavirus pandemic, this trend will continue throughout 2020 and even into 2021 as employers start to bring back laid-off or furloughed workers and jobseekers remain anxious to get back to work.
Additionally, recruiters should be monitoring their conversion rates to see where they need to improve. Conversion rate is the percentage of candidates who move forward in each step of the hiring process. You should be filtering out candidates at each stage so the number of candidates will decrease the further you get in the hiring process. When it comes to conversion rates, CareerPlug defined the three most common metrics to track:
- View-to-applicant conversion rate: how many views of a job posting turn into applications
- Applicant-to-interview conversion rate: how many applications turn into interview invitations
- Interview-to-hire conversion rate: how many interview invitations turn into hires Read more here…
Source: HR Daily Advisor