Key recruiting metrics for your health agency
A successful recruiting exercise goes beyond hiring new team members. It is the ability to onboard new employees who have both the hard and soft skills to drive the vision of the organization to a new level. And when an organization successfully recruit new workers, it doesn’t only rub off on the organization’s productivity but also changes the narrative by moving them in the right direction.
Recruitment metrics are the necessary measurements for tracking hiring success in every organization. They are essential for optimizing the process of hiring candidates in data-driven recruitment. Here are some key recruiting metrics health organizations should be aware of to engage the right candidates successfully.
- Time to Fill
Just as it sounds, time to fill indicates the total amount of time it takes to discover new candidates, and onboard them. It is mostly calculating as the number of days from when the job opening was posted to when the candidates were hired.
This recruiting metric is determined by the difference between the supply and demand for a particular job opening. Time to fill parameter enables the hiring manager to know the amount of time it will take to find a replacement for an employee and also helps to conduct proper business planning.
- Time to Accept
This is another recruiting metric that indicates the number of days it takes to hire candidates from when they were approached to the moment they accept the job offer. This is succinctly described as the time it takes candidates to move through all the stages of the hiring process. The metric is also referred to as time to hire, and it solely provides a solid background of the performance of the recruitment team.
- Hiring Source
The hiring source or the source of hire represents the sources through which your recruits come to your organization. When your organization tracks these sources, you will be able to detect what works and doesn’t. Also, the recruiting metric allows your health organization to monitor the effectiveness of the various recruiting channels you have integrated into the recruitment process.
- First-year attrition
First-year attrition or candidate retention rate indicates recruiting success on the part of the organization. This particular metric shows the candidates who leave their role in their first year of work, which tends to really affect the productivity of the organization and also increase the expense incurred by the organization.
First-year attrition falls under managed and unmanaged metrics. A managed attrition occurs when the employer terminates the contract within the first year of work, and it always indicates candidates’ poor performance or bad fit with the team.
Unmanaged attrition, on the other hand, means the candidates leave their job by themselves within the first year. It is an indication of unrealistic expectations, probably as a result of a mismatch between the job description and the job role.
- Quality of hire
This metric comes in two- high-performance ratings and low-performance ratings. The grades are awarded to the new employees after their first year on the job. While the high-performance ranks indicate successful recruitment, the low-performance ratings indicate unsuccessful recruitment.