HR Metrics for Recruitment: a Cheat Sheet

Data Visualization
Nov 29, 2018
HR Metrics for Recruitment: a Cheat Sheet

Following our previous blogpost on staffing metrics for HR, we’re taking you further on our journey through the wonderful world of HR metrics. So hop on board! In this blogpost, we want to shed light on the KPIs that matter the most to HR professionals, within the different fields of HR.

This blogpost takes a closer look at the field of recruitment. If you’re involved in one of the following processes, you'll find some actionable advice in this blogpost.

  • Talent sourcing
  • The hiring funnel – from applicant to hire
  • Employer branding

A data-driven recruitment strategy

A modern recruitment process is actually very similar to the marketing & sales cycle. Finding new applicants is basically the HR variant of ‘lead generation’. It starts with a well-executed employer branding strategy that will attract new talent for your company.

Once the applicants find their way to your company, it’s a process of qualifying them and converting the best match(es) to new hires, with a killer proposal.

Whereas sales automation and data-driven sales strategies have become the norm, how is that transformation going for recruitment? Although it’s a very similar process, data-driven recruitment is not yet the norm. But we’re getting there!

HR automation is well on track, thanks to countless new recruitment software and SaaS platforms that emerge. They help HR automate the recruitment process. Moreover, it opens up a lot of data related to the hiring funnel.

Many of those software platforms are starting to make smarter use of their data, by adding embedded analytics to their platform.

But the important question for those SaaS companies is: “Which data is important for our customers in their quest for talent?”

A list of key HR metrics for recruitment

HR metrics for recruitment

Let’s dive into the data that’s relevant for recruiters. There are a couple of common challenges for almost anyone who is recruiting.

  • Where and how do I find new candidates?
  • How are candidates moving through the funnel from applicant to hire? What can we do to improve the flow?
  • How can we spend our recruitment budget more efficiently?

There’s an answer to all of these questions. In the list below, we’ll spell out the metrics related to these questions.

  • Number of candidates
  • Number of hires
  • Number of interviews
  • Cost per talent acquisition
  • Candidate to hire conversion rate
  • Time to hire
  • Hiring target

You can dive deeper into each of these metrics by mapping them against certain dimensions. For example:

  • Funnel stage (e.g. first interview vs assessment test)
  • Recruitment channel (e.g. headhunting, social media, job boards)
  • Job role/position
  • Evolution over time

Example of a recruitment dashboard

To give you a better understanding of what this would look like in a report, we’ve created an example dashboard. HR managers use this as a daily monitoring tool of their recruitment activities.

If you’ve developed a recruitment platform, it’s easy to create & embed a similar report into your application. Many SaaS companies have reported an increase in their product usage, thanks to this extra – but often crucial – feature.

Curious what that would look like? Play around with the interactive dashboard below!

Need help to get started with HR recruitment dashboards? Speak with one of our product experts for a guided tour of Luzmo, an embedded analytics platform that lets you create dashboards in hours, not weeks.

Build your first embedded dashboard in less than 15 min

Experience the power of Luzmo. Talk to our product experts for a guided demo  or get your hands dirty with a free 10-day trial.