TOP HIRING METRICS TO MONITOR FOR HIGH TURNOVER INDUSTRIES
Your hiring process should be methodical, well-calculated, and driven by data, especially if you’re in a high turnover industry. Whether or not you use applicant tracking software, it is critical to maintain a well-documented process that will track these two core metrics: applicants to offer and time to hire.
These two metrics are the most important for high turnover industries, but there are several leading indicators that will let you know why they are what they are. When you’re hiring frequently, you are spending a lot of time and money. It is therefore imperative to make sure your process is efficient and you’re hiring the right people.
Here are the top metrics to monitor.
Applicants to Offer
This metric will show you one of two things. First, it will tell you the quality of your applicant source. If you have an applicant source that is producing a high number of applicants but they aren’t converting to offers, evaluate whether you should continue your efforts with that applicant source.
Second, it will tell you how selective you’re being in the screening process. If the number is low, you’ll know you either have a poor applicant source or you’re being too picky. Many times, simple, non-character related blank spots on a candidate’s resume can be an automatic disqualifier. Evaluate whether or not these pre-requisites, such as a high school diploma or a guard card can be negotiable.
Monitor the following metrics as a percentage to ensure your applicant sources are producing good candidates and there are no roadblocks impeding the flow of candidates through your hiring process.
Measure these by percentage
Application to Phone Screen
Phone Screen to Interview
Interview to Offer
Offer to Hire
Hire to Start Date
Time to Hire
When you’re in a constant state of hiring, a sense of urgency around your staffing decisions generally follows. Understanding time to hire can help you better project when you will be able to fill positions, which will help you better project how and when you can service your clients.
This stat also shows where bottlenecks might be in the process. This can help you identify any patterns indicating why it takes the time it does to move an applicant into the next phase.
Using the same metrics, track the number of days it takes to move an applicant in between each phase.
Application to Phone Screen (in number of days)
Phone Screen to Interview
Interview to Offer
Offer to Hire
Hire to Start Date
The good news is: this is much easier to track than it may seem. Of course, using applicant tracking software like Kwantek can help automate these metrics in a handy report. But if you’re doing it the manual way, we’ve built a spreadsheet that will help you calculate these metrics and improve your hiring process.