Recruiting Metrics – Why companies should be monitoring their in-house and agency providers

10th August 2020 0 Comments

Steve Oakley | Principal Recruiter at Broadrock Marks


In a world where metrics and data are becoming ever more important, I started thinking recently about whether companies really monitor their recruitment metrics and return on investment (ROI). I’m fully aware this is a bold blog post but one I think is needed and hopefully will get companies thinking about how well their recruitment providers are actually doing – whether that be their inhouse recruiters or their chosen recruitment agencies.

According to PwC, HR costs make up 28% of a company’s total operating expense on average. So, with so much money at stake, now more than ever should be the time when companies require their HR/Recruitment departments to calculate metrics and demonstrate their ROI.

According to several HR bodies, below is what is perceived to be average metrics for the technology sector:

 

Average amount of candidates required per hire 22

Time to fill

(Number of days between vacancy being released to the moment a candidate accepts the job)

65 days
Percentage of candidates submitted to line manager that are invited to 1st stage interview 50%
Percentage of 1st stage interviews that go to final stage 40%
Percentage of final stage interviews that are offered position 65%

 

Having worked as an agency-side recruiter for 15+ years, I think it is vitally important for agencies to stay on top of our metrics to ensure we continue to provide added value to customers.

To be even more bold and completely transparent below is Broadrock Marks metrics for the last 2 years:

 

Average amount of candidates required per hire 6

Time to fill

(Number of days between vacancy being released to the moment a candidate accepts the job)

29 days
Percentage of candidates submitted to line manager that are invited to 1st stage interview 83%
Percentage of 1st stage interviews that go to final stage 80%
Percentage of final stage interviews that are offered position 95%
First 12-month attrition rate 98%

 

Let it be known that these metrics have only been achieved by Broadrock Marks and our client/s working to sensible timeframes and service level agreements.

 

Failure to work to sensible timeframes will ultimately mean a company losing what could have been a great hire. Moreover, a candidate’s poor recruitment experience with a company will always circulate, resulting in the company having a negative reputation in the market.

 

To companies, if your inhouse recruiters and/or agency recruiters are not providing you with quality service and good ROI, I would encourage you to look at alternative options for the sake of your business and reputation.

 

If you would like to discuss this or how Broadrock Marks can help you, please do not hesitate to contact me.