Assuming that you already have a campus recruitment strategy and a strong team in place, recruitment metrics play a vital role. As with any other process, measuring campus recruiting metrics and calculating the ROI is very essential for the success of the overall program. Like Peter Drucker famously quoted

If you can’t measure it, you can’t improve it

3 Reasons Why Measuring Metrics is Important

1. To track hiring success:

The success of hiring should be measured through various metrics to reaffirm that the current hiring process is working. If KPIs are not being met, it is a sign that there are kinks in the process that need to be worked out.

2. Fuel Data-driven recruitment

Recruiting teams that leverage data are more likely to reduce costs, improve hiring and efficiency. Data can also help you benchmark your hiring success and make forecasts for the future.

3. Iterate and tailor the hiring process

Measuring and iterating the right metrics can help you tailor the hiring process to ensure the entire process is seamless and mistakes are avoided.

The metrics should align with the Company’s Hiring goals

As we know it, Data is the new oil and capturing data is a good idea.campus recruiting metrics

 

But, where do you start?

While collecting data is crucial, the right kind of data is of paramount importance. A good place to begin is to capture metrics that align with the company’s hiring goals.

campus goals vs measuring metrics

Designing a process to measure metrics effectively

STEP 1: Knowing what data to capture

The data that is captured should align with the company’s goals and also validate the use of new sourcing channels and simple tweaks in the process that have paid off.

how to measure campus metricsSTEP 2: Capturing data

The best way to measure these metrics is to use recruitment software that can keep track of all the data and isn’t prone to human error.

Startups that may not want to invest in software can use Google Sheets with formulas for all the metrics they wish to capture or download an online template

STEP 3: Making sense of data

Once all the data is captured, you need to sort it based on priority and present it so that other members of the hiring team can digest the data and draw the same conclusion.

Campus Recruiting Metrics that matter

1. Time to Fill

2. Time to Hire

3. Source of hire

4. First-year Attrition

5. Quality of Hire

6. Offer acceptance rate

7. Cost per Hire

8. Recruitment funnel effectiveness

We’ve already touched upon a few metrics which we will discuss in detail now

But, it is important to note that there are some universally agreed-upon metrics that every company should track regardless of their hiring goals

1. Time to Fill

As the name suggests, this campus recruitment metric tells you how much time it takes to find and hire a candidate. It sets the benchmarks for upcoming campus recruitment drives.

How to calculate it?

Rather simple. Count the number of days between the start of the recruitment drive to the day the position is filled successfully

2. Time to Hire

This quantifies the time it takes for a candidate to proceed from applying to the job to accepting that position within your company. This is a great indication of how the recruitment team is performing.

How to calculate it?

Time to hire

3. Source of hire

If you’ve just started leveraging social media for hiring, you want to know whether it works and to do that you must keep tabs on the source of hire. It also helps you determine if existing channels are working effectively

How to calculate it?

source of hire

4. First-year Attrition

This is a key recruiting metric that indicates hiring success. Candidates that leave in their first year of work end up costing the company a lot of money.

There are generally two types of attrition or churn – managed and unmanaged.

Managed attrition means the employer terminates the contract due to bad performance or fit within the team. Unmanaged attrition means employees on their own accord which is usually a strong indicator of a mismatch between the job description and the actual roles and responsibilities

How to calculate it?

first year churn

5. Quality of Hire

Often measured by performance rating, quality of hire is an indicator of the first-year performance of a candidate. Candidates that receive high-performance ratings are counted towards hiring success and vice-versa.

A single bad hire can cost a company tens of thousands of dollars. This is why measuring the quality of hire is important to assess the current process as well as make any necessary tweaks for the next round of hiring

How to calculate the Quality of Hire?

quality of hire

Where the indicators can be Job performance, retention, employee lifetime value, productivity, ramp-up time

6. Offer acceptance rate

This is a measure of how many candidates accepted the offers among the total number of offers made. If this rate is low, then you need to make sure your compensation packages are competitive

How to calculate it?

offer acceptance rate

7. Cost per Hire

Calculating the cost per hire is key for companies looking to streamline their hiring budget

How to calculate it?

Cost per hire

8. Recruitment funnel effectiveness

Recruitment is a funnel that begins at sourcing candidates and ends when the candidate signs a contract

How to calculate it?

By measuring the effectiveness at each step, you can calculate yield ratio or pass-through rate which indicates how many candidates are able to make it through each stage

yield ratio

Most of the steps in the recruitment funnel are automated – application, screening and reaching out to the candidate which means gathering this data is easy. Companies can also use an Applicant Tracking Software to calculate the yield ratio.

Return on Investment (ROI)

The ROI on-campus recruitment is measured to evaluate the feasibility of a future recruitment drive as well as gauge the current process.campus recruiting ROI

A ton of resources including time, money and manpower is spent on recruiting and it would be an impossible task to judge the success of a hiring drive without looking at the ROI.

The ROI is calculated at the very end but there are some things that should be kept in mind before the entire campus recruitment process begins

  1. Have clarity on the hiring goals
    If the hiring goals are ambiguous, the calculated ROI will not be a clear indicator of success.
  2. Perform a cost-benefit analysis
    Estimate the costs of running a campus recruitment drive and the potential benefits
  3. Have a training program in place for the recruitment team
    Despite having crystal clear goals and an excellent estimate, without a strategy to train the recruitment team, the best recruitment strategies might fail

Some of the most important metrics to calculate ROI are cost per hire, time to hire and quality of hire.
You can create a company-specific formula to calculate ROI. Or use a basic formula

roi calculation

 

Looking to ace your campus recruitment program? Check out our Campus recruitment suite now

Leave a Reply