Based on the current competitive candidate market, companies that intend to grow quickly and efficiently must bring in the needed resources through top-of-the-line recruitment agencies.
To help you address the dilemma of selecting the best recruitment agency for your business, consider these recruitment metrics that matter.
Table of Contents
- Time To Fill
- Cost Per Hire
- Quality Of Hire
- Offer Acceptance Rate
- Application Completion Rate
- Selection Ratio
- Applicants Per Opening
- Attrition Rate
- Employee Turnover Rate
- Candidate Satisfaction
- Candidate Net Promoter Score
- Applicants Per Hire
- Qualified Candidates Per Hire
Hire An Agency Based On The Following Recruitment Metrics
Time To Fill
A premium recruitment agency will always use your time effectively; they will quickly scan the preferred candidate market and present to you the best-suited aspirants. It is one way they minimize their time to fill as their leading recruitment metric.
Once you select your favorite applicant, the agency will negotiate on your behalf, process the documentation, and onboard the candidate at the earliest.
Cost Per Hire
The cost per hire may vary depending on the resource you are looking for. Still, an efficient recruitment agency will have a convenient cost-per-hire rate as a recruitment metric, so you get the maximum value.
If you plan to hire a remote team of IT experts, engaging the agency with a lower cost-per-hire rate must be your priority.
Quality Of Hire
Quality of hire is a recruitment metric that measures the value new hires bring to your business in terms of KPIs, productivity, etc. Any recruitment agency that offers a high-quality hire should be the first choice for hiring managers across different industries.
When you hire an agency with a credible quality of hire recruitment metric, you get the satisfaction of onboarding premium resources that can achieve more outstanding performance excellence and organizational goals.
Offer Acceptance Rate
Another significant recruitment metric is the offer acceptance rate; agencies with a higher offer acceptance are known to be more proactive in negotiating with the needed candidates.
If you hire a recruitment agency with a higher offer acceptance rate, chances are you can get the right professionals for your business quickly with a higher retention rate.
Our Advice: Our shortlisted recruitment metrics are an easy way to help you determine which staffing agency suits a particular headhunting job for your business operating in any industry, locally or globally; stay tuned for more advice.
Application Completion Rate
Agencies with better application completion rate metrics show they can process the applications quickly, efficiently, and effectively. Companies that use online application processing systems should check this metric before finalizing their recruitment agency.
Agency with a lower application completion rate may risk missing out on top talent as their application process may be slow or the right candidate needs to be addressed amidst the long list of applicants.
The selection ratio recruitment metric can be considered by hiring managers when onboarding a recruitment agency, as it denotes the number of candidates hired from the total number of applicants. It shows the overall efficiency of the recruitment firm as it sources the best candidates from the market.
Recruitment agencies with a better selection ratio tend to scan the candidate market with a more robust approach. It’s one way to enhance the quality of their proposed candidates, and they can get them on board with the clients quickly.
Applicants Per Opening
A top-level recruitment firm knows which job is in high demand in a given industry and market, and they know this because of the application per opening recruitment metric. Usually, more applicants apply for a job that is in high demand.
Suppose your recruitment agency understands the concept of applicants per opening recruitment metric when sourcing your preferred candidates. In that case, they can also negotiate better with the promising applicants based on the market situation and the quality of the candidate.
When a business appoints a recruitment agency as its strategic hiring partner, it wants to know its attrition rate recruitment metric. It’s one way to know if the agency will hire resources that will stay with your organization long.
Agencies with lower attrition rates are considered more beneficial for clients who need to curb their hiring costs. If you plan to get a recruitment agency with lower attrition rates, try RFS HR.
Employee Turnover Rate
Growing companies often face the issue of high employee turnover. It naturally increases the staffing costs, and hiring new employees now and then may cause the company culture to deteriorate as well.
Agencies with lower employee turnover rates are more useful when hiring people for the long run. If you plan to hire resources for the long run, check this performance metric of your agency.
High-value recruitment agencies conduct regular surveys of their placed candidates to know about their job satisfaction level. Candidate satisfaction recruitment metric, therefore, becomes essential for companies who want to become more employee-centric and offer a more wholesome work environment.
Agencies that stay in touch with their placed candidates earn great esteem in their respective candidate markets. If your agency conducts regular candidate or employee satisfaction surveys, they can also facilitate you in understanding what your ideal resources will be expecting from you as an employer.
Candidate Net Promoter Score
The Candidate Net Promoter Score recruitment metric is critical to understanding the issues of your hiring process from the perspective of your preferred candidates. From this metric, the recruiter can also gauge the candidate’s satisfaction levels regarding a company’s hiring process.
Once you know what the candidates liked or disliked about your company, you can improve or build upon it accordingly. A recruitment agency with a strong candidate net promoter score metric has the potential to become your strategic hiring partner.
Applicants Per Hire
Another recruitment metric is the applicant-per-hire ratio. A well-known agency usually has a vast pool of candidates actively looking for employment. If the agency’s applicants-per-hire ratio is high, their collection of candidates is extensive enough to let you onboard the needed resources quickly.
When more applicants apply for a job, the job is in high demand if seen from the candidate’s perspective. The competition among the candidates may allow the employer to choose the best candidates without having to wait or search for inactive job seekers.
Qualified Candidates Per Hire
Another important recruitment metric is the qualified candidates per hire ratio. Here, the qualified candidates are referred to as the applicants who pass the first round of evaluation. The more qualified candidates appearing per hire means the employers have a chance to select the best resources at the time.
Agencies with more qualified candidates per hire provide more value to their short and long-term clients. If you are looking for the best candidates in a shorter period, it’s better to approach an agency that offers more qualified candidates per hire.
All the recruitment metrics mentioned earlier are pivotal when choosing the right recruitment agency for your business. At times, there are some specific preferences by companies that require specialist staffing agencies like RFS HR, which specializes in all the top-tier industries of the world.
Growing companies need to ensure that their money brings in the expected value as well, and it can be assured if they hire a recruitment firm based on the metrics discussed in this blog article.
RFS HR Consultancy is a well-known recruitment specialist agency based in multiple countries and offers precision-based recruitment solutions for businesses of all sizes. If you want to learn more about the latest recruitment practices and industry insights, follow our blog.