Recruitment Metrics with Formulas and Calculations
Recruitment metrics are essential for assessing the effectiveness of the hiring process and making data-driven decisions. Here are some key recruitment metrics along with their formulas and calculations:
1. Time to Fill (TTF):
- Formula: TTF = (Date the position was filled - Date the job requisition was opened)
- Example Calculation: If a position was filled on June 30, and the job requisition was opened on June 1, then TTF = 30 days.
2. Cost per Hire:
- Formula: Cost per Hire = (External Costs + Internal Costs) / Total Number of Hires
- Example Calculation: If external costs were $5,000, internal costs were $3,000, and 10 hires were made, then Cost per Hire = ($5,000 + $3,000) / 10 = $800.
3. Offer Acceptance Rate:
- Formula: Offer Acceptance Rate = (Number of Offers Accepted / Number of Offers Extended) x 100
- Example Calculation: If 20 offers were accepted out of 30 extended, Offer Acceptance Rate = (20 / 30) x 100 = 66.67%.
4. Source of Hire:
- Formula: Source of Hire = (Number of Hires from Source / Total Number of Hires) x 100
- Example Calculation: If 15 hires came from referrals out of 50 total hires, Source of Hire = (15 / 50) x 100 = 30%.
5. Retention Rate:
- Formula: Retention Rate = ((Number of Employees Retained / Number of Employees at Start of Period) - Number of Employees who Left) x 100
- Example Calculation: If 450 employees were retained out of 500 at the start and 50 left, Retention Rate = ((450 / 500) - 50) x 100 = 80%.
By tracking these recruitment metrics and their calculations, organizations can optimize their hiring processes, reduce costs, and improve overall recruitment efficiency.
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