Understanding what to measure in the hiring process is the key to getting a better return on investment (ROI) from your recruitment marketing spend. But it’s not as simple as compiling a few reports, recruiting metrics need to answer questions relevant to your business. We’re taking an in-depth look at the four key performance indicators (KPIs) we think are worth tracking in recruiting metrics. In the last of our series, we look at “interviews per hire.”
What is the definition of “interviews per hire”?
DEFINITION: INTERVIEWS PER HIRE
The number of conversations (screening, assessment or interviews) your hiring team conducts with candidates before a hire is made
The recruiting process, as we’ve often explained, is complicated. There are a lot of factors, such as the labor market, that you can’t control. This means it’s doubly important to track what you can control, like your own recruiting efficiency and throughput, all of which can be found via Workable’s new Reporting Center.
The hiring process should work like a funnel: you get a lot of applicants, you speak to some of them, you meet a few of them, you hire the one who fits best. The efficiency of this process is your guarantee that you’re not wasting the company or candidates’ time.
The number of screening calls, assessments, initial interviews and executive interviews collectively represent the bulk of the hours spent on recruiting. It’s also the key metric in revealing how much time senior members of the team are spending on an individual hire. The interviews per hire ratio is a recruiting KPI that should, within reason, remain stable.
What is a good interview to hire ratio?
Unlike our previous metrics (Time to hire, time to fill, and Qualified candidates per hire) there is no wide variance by location or industry in the number of interviews per hire. This reflects the relative absence of external factors influencing this part of the hiring process. And as such this is the recruitment metric that tells you how well your process is working.
What should you do if you find your average number of interviews per job is starting to climb?
- Break down your average interview to hire ratio report into individual roles and see if one problem hire is responsible for skewing your figures. Do the same by hiring manager and department to see who is struggling.
- Break it down by down by stage using a hiring velocity report to see whether the numbers are increasing at the screening stage or at the initial interview stage or at a final executive interview.
- Review your approach to screening calls, it could be that your internal recruiter or hiring managers need support to better understand the roles that are being hired for.
- Revisit your hiring plan to include a more thorough briefing for the hiring team on the roles being recruited. Spend more time on job descriptions that give your hiring team a complete picture of open roles.
- Review your recruiting budget to ensure that you’re spending in the most effective recruiting channels.
The top 4 recruiting KPIs
Our series on the recruiting metrics that matter: