Talent Acquisition Metric : The Key To Data-Driven Hiring

 

𝗧𝗮𝗹𝗲𝗻𝘁 𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: 𝗧𝗵𝗲 𝗞𝗲𝘆 𝗧𝗼 𝗗𝗮𝘁𝗮-𝗗𝗿𝗶𝘃𝗲𝗻 𝗛𝗶𝗿𝗶𝗻𝗴

How To Calculate 15 Top Talent Acquisition Metrics Along With Descriptions, Formulas, And Examples.

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In today's competitive job market, making data-driven decisions is crucial for effective talent acquisition.

Tracking the right metrics helps you understand the efficiency and effectiveness of your recruitment process.

Here are 15 essential talent acquisition metrics to calculate, along with their formulas and examples:

1. Time-to-Hire (TTH)

~ Formula: TTH = (Date of hire — Date of job posting) / Number of days

+ Example: TTH = (25th April — 15th March) / 30 days = 10 days

2. Cost-per-Hire (CPH)

~ Formula: CPH = (Total recruitment costs) / (Number of hires)

+ Example: CPH = ($10,000) / (5 hires) = $2,000 per hire

3. Source of Hire (SOH)

~ Formula: SOH = (Number of hires from each source) / (Total number of hires)

+ Example: SOH (Employee referrals) = (3 hires) / (5 total hires) = 60%

4. Application Completion Rate (ACR)

~ Formula: ACR = (Number of completed applications) / (Total number of started applications)

+ Example: ACR = (50 completed) / (100 started) = 50%

5. Interview-to-Hire Ratio (IHR)

~ Formula: IHR = (Number of interviews) / (Number of hires)

+ Example: IHR = (10 interviews) / (3 hires) = 3.33

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6. Offer Acceptance Rate (OAR)

~ Formula: OAR = (Number of accepted offers) / (Total number of offers extended)

+ Example: OAR = (4 accepted) / (5 extended) = 80%

7. New Hire Turnover Rate (NHTR)

~ Formula:: NHTR = (Number of new hires who left) / (Total number of new hires)

+ Example: NHTR = (2 left) / (10 new hires) = 20%

8. Average Tenure (AT)

~ Formula: AT = (Total months of service) / (Number of employees)

+ Example: AT = (120 months) / (10 employees) = 12 months

9. Quality of Hire (QOH)

~ Formula: QOH = (Number of high-performing hires) / (Total number of hires)

+ Example: QOH = (4 high-performers) / (5 hires) = 80%

10. Recruitment ROI (RROI)

~ Formula: RROI = (Total value of new hires) / (Total recruitment costs)

+ Example: RROI = ($100,000) / ($10,000) = 10

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11. Time-to-Productivity (TTP)

~ Formula: TTP = (Date of full productivity — Date of hire) / Number of days

+ Example: TTP = (30th June — 25th April) / 60 days = 20 days

12. Candidate Satisfaction (CS)

~ Formula: CS = (Number of satisfied candidates) / (Total number of candidates)

+ Example: CS = (40 satisfied) / (50 candidates) = 80%

13. Employer Brand Index (EBI)

~ Formula: EBI = (Number of positive employer brand mentions) / (Total number of mentions)

+ Example: EBI = (25 positive) / (30 mentions) = 83%

14. Diversity Hire Rate (DHR)

~ Formula: DHR = (Number of diverse hires) / (Total number of hires)

+ Example: DHR = (3 diverse hires) / (5 hires) = 60%

15. Return on Investment (ROI)

~ Formula: ROI = (Total value of new hires — Total recruitment costs) / Total recruitment costs

+ Example: ROI = ($100,000 — $10,000) / $10,000 = 900%

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♧ Top 5 Books About Talent Acquisition Metrics:

~ 1. “The Executive Recruiter's Playbook: Winning Strategies For Finding Exceptional Leaders & Building a Sustainable Executive Recruitment Strategy” By William J Sheweloff https://amzn.to/3RYVlz4

~ 2. “Candidate Experience: How to Improve Talent Acquisition to Drive Business Performance” By Kevin W. Grossman & Adela Schoolderman
https://amzn.to/4bH1Ldu

~ 3. “Predictive HR Analytics: Mastering The HR Metric” By Dr. Martin Edwards & Kirsten Edwards https://amzn.to/3xYkDGN

~ 4. “The Recruiter’s Handbook: A Complete Guide For Sourcing, Selecting, & Engaging The Best Talent” By Sharlyn Lauby https://amzn.to/3WbwScl

~ 5. “High-Tech High-Touch Recruiting: How To Attract & Retain The Best Talent By Improving The Candidate Experience” By Barbara Bruno
https://amzn.to/45WSDQl

Note: The formulas and examples are illustrative and may vary based on individual organizational needs and contexts.

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