Statistics, analysis, key performance indicators, … Terms that make some recruiters break out in a hot sweat. That is why HR professionals are happy to ignore collecting various KPIs in recruitment. But, with the ever increasing 'war for talent', management accounting in HR is not only becoming increasingly important - it is now almost essential. Good enough reason for a new series in our blog. To kick off, the most important KPIs (Key Performance Indicators) relating to "time":
Service rate within time x
Recruiters are all talking about 'candidate experience' – and HR is increasingly seen as a service provider. This includes the time taken to answer queries.
Definition: Percentage of applicant questions answered by recruiters within a specific time period.
Example:
Period: 14 days, number of questions: 50, number of questions answered: 37
Service rate within 14 days: 74%
Time to fill
Time is money – literally in the case of unfilled vacancies.
Definition: The time from when the staffing requirement was notified to the vacancy being filled.
Example:
Notification of staffing requirement: 04 June, vacancy filled: 28 July
Time to fill: 54 days
Time to hire
See time to fill… the question is, from when do you start to measure it?
Definition: The time from when the job advert was published to the vacancy being filled.
Example:
Job advertisement: 08 June, vacancy filled: 28 July
Time to hire: 50 days
Time to internal feedback
It is often internal processes and a lack of feedback from colleagues that costs valuable time.
Definition: The time taken for a recruiter to receive a response concerning an applicant from the department where the vacancy is.
Example:
Application forwarded to the relevant department: 13 July at 09:00 hrs, response received from the department: 15 July at 17:00 hrs
Time to internal feedback: 3 days
Time to interview
The interview remains the most important instrument in the selection process.
Definition: The time from when the staffing requirement was notified to the interview.
Example:
Notification of staffing requirement: 04 June, first interview: 24 June
Time to interview: 20 days
Unfilled vacancies after x days:
A low figure indicates that you have got things right.
Definition: Percentage of vacancies in a company that have not been filled within a specific number of days.
Example:
Number of unfilled vacancies on 01 June: 31, number of unfilled vacancies on 01 July: 26
Unfilled vacancies after 30 days (in percent): 84%
Read more about KPIs relating to "quality" in the second part of our series soon.
Incidentally: the use of processional recruitment software (ATS) will not only help to improve your key metrics, but will also help you in analysing these and many other KPIs – making child's play of management accounting in recruitment. Interested? Our experts will be pleased to advise you!
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