Simple answer, yes, there is! You see, understanding which recruitment strategies are working and which ones are not and need to be adjusted is crucial to leading an effective recruitment process. Today, recruitment professionals can obtain business data quite easily, which then later use to obtain key information to support their decision making. It is these recruitment metrics that the professionals use to manage and improve the hiring process, or better yet, to gain valuable insights on their recruitment processes in order for them to improve the recruitment workflow and overall process. To have a better understanding of how your recruitment strategy is operating, ask yourself the following questions;

How long does the hiring take?

Here is the thing, time to hire tells you the number of days it takes to actually hire a candidate, right from the start of the recruitment process and the moment the candidate gets hired. This information enables you to range the performance of your recruiting team, by tracking the speed with which qualified candidates move within the hiring process, right from the onset – when they applied.  Improving this metric means minimize the time you take to fill a position. Qualified candidates don’t stay in the market too long, which means that the longer you take to fill a position, the less qualified candidates you will end up with. A shorter process gives you a better chance of attracting and hiring top talent. So, try to identify where the recruitment team is spending too much and do something about it.

How much does it cost per hire?

When it comes to calculating the hiring budget, the cost per hire is a metric you will have to pay attention to. It helps you figure out the amount of money used to make a new hire. This cost includes things like the purchase of equipment, onboarding, administrative costs, and benefits, as well as the recruitment itself. The cost varies based on the company size, the seniority of the position, as well as the number of recruitment channels used. If you are spending too much money on each hire, then you should know your strategy may not be as effective. So, you have come up with strategies to reduce your cost per hire and optimize your recruitment process.

Is your sourcing channel effective?

How are your job advertising channels performing? Of course, you don’t use one channel to advertise your job openings, right? So, with the multiple channels that you have, you will need to evaluate all of them to verify the ones that are working and the ones that need to be reconsidered. Check the channels that are more effective than the rest, the one that provides the greatest number of candidates, and lastly, start looking at the channels that produce the best talent over time.

Basically, this is how you are going to assess the effectiveness of your recruitment strategy. Look at areas where it working efficiently and try to improve on them, and for those areas not working as well, you try to adjust. In the end, you need to have a strategy that’s working for you.