Building a successful business starts with selecting the right people for the job. But this is easier said than done. Countless studies have shown that even seasoned CEOs struggle with this crucial task – hiring the right talent is more important, and more difficult, than ever. It takes three things to run a successful business: a great idea, a little bit of money, and talented employees to get the job done. These days, ideas and money seem to be abundant. Everyone feels like they have a million-dollar idea. And there are plenty of investors willing to take a chance on a novel start up. However, the last ingredient – experienced and enthusiastic workers – is harder to come by. In recent years, companies have had an increasingly difficult time recruiting top talent.

When hiring, companies always want the best candidates, but finding “the best” is often easier said than done. With so many hiring sites and competitive recruitment processes, the person who is the perfect fit for your job may never even see your listing. Recruiters who think like marketers have the edge in today’s candidate-driven talent market.

An effective hiring process needs smart hiring metrics. Usually, the only metrics used to measure the success of the recruitment process are: one, how fast the role was filled and two, how little was spent to fill it. These metrics make for bad targets because they incentivize cutting corners.

There are a lot of different things to measure in the hiring cycle, but we’ve collected the most insightful ones that every recruiter should track.

Sourcing Stats
Let’s start with square one: sourcing. 21st-century recruitment gives us plenty of choices when it comes to sourcing channels. Job boards, employee referrals, social media, you name it. Having sourcing options is great of course, but measuring their effectiveness as well is even better. Knowing which channel gives you the best candidates – who ideally turn into actual hires further down the line – can be extremely valuable.

Source of hire
Tracking the sources which attract new hires to your organization is one of the most popular recruiting metrics. This metric also helps to keep track of the effectiveness of different recruiting channels. A few examples are job boards, the company’s career page, social media, and sourcing agencies.

Quality of hires
The candidate quality is measured in terms of percentage of candidates who accepted your offer and those who stayed, divided by 2. The resulting percentage reflects the key performance of the recruiting team in terms of high-quality candidates that are loyal. The quality of hire is the distinction between more candidates and top choice candidates. This recruitment metric reveals if recruiters are wasting their valuable time and effort in search of top talent or actually making optimum utilization of available resources.

Candidate net promoter score
Candidate net promoter score is a measure of how likely a candidate is to recommend your company to another contact. Promoter scores are usually calculated by polling candidates or estimating their satisfaction externally on a scale from 1-10. When calculating your net promoter score, anything over 0 is considered good, and anything over 50 is great. To boost your NP score, work on improving the candidate experience in order to increase candidate satisfaction.

Candidate job satisfaction
What is candidate job satisfaction? Candidate job satisfaction is the other side of the coin of hiring manager satisfaction. It measures a newly placed hire’s happiness and fulfilment in their current role during 30, 60, and 90 day periods. Why measure candidate job satisfaction? High or low scores are indicative of how well a recruiter presented the job opportunity, and if the reality of the job matches the expectations. Candidate job satisfaction is key to acquiring new talent. The more positive experiences you can relay to your candidates, the more likely they’ll recommend your services and build your brand.

Businesses success or fail based on who they hire. A smart company will treat talent acquisition as a major priority and put the necessary time, effort, and money onto recruiting the right staff.