How to Improve Recruitment Metrics with Online Learning

Businesses are composed of people, and recruitment is what brings people into a company. Recruitment goes on at every level of the corporate sphere, and hiring managers are those who find both frontline workers, qualified professionals, and senior executives. Teams depend heavily on the quality of their work.

Using recruitment metrics, teams can manage their hiring process and employee adaptation, build their brand and corporate reputation, and ensure team sustainability. In this article, we’ll describe the principal recruitment metrics and explain how to assess them. Moreover, we’ll show you how to enhance recruitment with training via a corporate LMS.

What Are Recruitment Metrics?

Sourcing Metrics

Source of hire

The source of hire metric shows how many candidates each of your sourcing (recruitment) channels brings. Sourcing channels can include job boards, recruitment agencies, the company career site, or employee referrals. To track sources of hire, you can use Google Analytics, which shows what attracts the viewers of a job vacancy.

Sourcing channel effectiveness

Knowing these statistics, you can find out what hiring channels are most effective and beneficial. For example, you see that employee referrals do a good job, but job boards do not. Your new hires coming from those platforms tend to quit soon. What’s behind that? Maybe the job description is misleading. You can try revising it and keep monitoring the metric to see how it changes.

Sourcing channel cost

Application Process Metrics

Applications per opening

Interview to hire ratio

Offer acceptance rate

Offer acceptance rates help you improve hiring policies and explore the reasons why they can be low. Why do candidates decline job offers? What if you change the work schedule and give a pay raise? Or speed up offering in order not to lose talented candidates to other companies? Adjustments to the hiring processes can increase the offer acceptance rate.

Selection ratio

Recruitment Effectiveness Metrics

Time to fill

To calculate it, divide the amount of time spent on filling positions by the number of the positions. According to the SHRM report, it takes 42 days on average to fill a given position. But this figure is merely illustrative when it comes to industries and enterprises in general.

It will be more meaningful when counted and applied in one particular company or for particular jobs. For example, the time to fill frontline positions can be just up to a couple of days, whereas finding a product owner for an IT company might take much longer.

Time to hire

The worldwide average time to hire was 38 days in 2018. However, figures vary from industry to industry. For example, it is estimated at 12.6 days for the construction industry and 24.6 days for wholesale and retail in the USA.

Recruitment funnel effectiveness

This metric is applied to assess how things are going at every step of recruitment. It is also called the ‘yield ratio’ and shows how many candidates pass each of the stages. These stages usually include application, resume screening, phone screening, candidate assessment tests, interviews, and job offers. By using this metric, you can estimate the performance of recruitment and present it in clear figures to the board of directors.

To calculate the recruitment funnel effectiveness, divide the number of successful candidates by the total number of candidates who entered that stage.

Let’s take the resume screening stage, for instance. If 60 CVs were reviewed and 10 candidates were submitted as a result, then the metric is 6:1.

Cost per hire

In the United States, the average cost per hire is $4,129. While assessing this metric in your company, you should consider position levels, departments where your hires belong, and source of hire. For example, the cost of an entry-level employee replacement will be less ($3,400).

Time to productivity

Cost of getting to OPL

Team Sustainability Metrics

Quality of hire

This metric is rather complicated and may include factors that can vary from company to company. When this rate is high, it means a lot: good productivity, low turnover, and, consequently, less money spent on hires who didn’t fit in. If it is low, recruiting teams may be doing things wrong and are missing the right candidates.

Candidate job satisfaction

Candidate job satisfaction can be assessed via direct conversation or using anonymous surveys based on the Likert scale. In the case of the latter, you can prompt new hires to score given statements with Strongly disagree (1) to Strongly agree (5).

To get the candidate job satisfaction index, divide the total point score by the number of questions, and multiply the result by 100.

You can also analyze responses to each of the statements. If some of them tend to gain low scores, they may be pain points and indicate mismanagement.

90-day retention

First-year attrition

Attrition can be managed and unmanaged. If it is managed, it means the employer decides to fire an employee. When it is unmanaged, it is the employee who leaves the company voluntarily.

The reasons behind both can be varied and require careful examination.

In the case of managed attrition, don’t let this ‘managed’ part mislead you. Though you’re in control, there may be systemic factors like corporate culture issues. They should be regarded as warning signals.

If companies don’t manage these metrics and leave them to chance, the entire team is exposed to unsustainability. They’re relevant for all the categories of your future employees: both frontline workers, middle management, and senior executives.

Quality of hire, candidate satisfaction, and retention metrics can be affected by the careful planning of pre-boarding, induction, onboarding, and job-specific training. If conducted online, training can speed up new hire adaptation, reduce churn, and improve employee performance. That’s where a learning management system (LMS) comes in.

How to Improve Recruitment Metrics with iSpring Learn LMS

iSpring Learn is an online platform that can facilitate the necessary training in each stage of the employee’s life cycle. With its help, you can deliver knowledge to large numbers of learners and assess the new hires of any position.

For every category of new employees, hiring and onboarding will be different. Next, we’ll look at the three following categories of workers:

  • Non-qualified professionals
  • Qualified professionals
  • Senior executives

We’ll elaborate on the key factors, metrics, and objectives to enhance recruitment in each category. We’ll also show how iSpring can help in each case.

Non-qualified professionals/frontline workers

How iSpring can help

Speed up onboarding

Scale your new hire training

Below is a compliance course made in iSpring Suite. Safety courses like this can be a part of induction training for new hires.

With online learning, your employees will start working according to unified standards faster and make fewer mistakes. Here you can learn more about how to create an online course.

Qualified professionals/middle management

How iSpring can help

Ensure cultural fit

New employee onboarding with iSpring Learn

Conduct pre-employment tests

Assign job-specific courses

A sales training course in iSpring Learn

Below, you can see what a product knowledge course can look like. It will be helpful to include a basic product knowledge course in your onboarding program for all new hires.

Or here is a course for customer service and sales professionals.

Senior management and executives

How iSpring can help

Create learning tracks for executives

According to Oleg Pashukevich, a corporate training expert at iSpring, a learning track for new executives should include:

  • Corporate communications course. This is ‘the rules of the game’ in a company. The course on corporate communications will explain how the company works, communicates, and builds its brand. For example, it may include the company’s email policies on attachments and format, and other nuances.
  • Business values materials. These can take the form of welcome courses and transmit what values are important for the business.
  • Product knowledge course. Usually, executives take these slowly (up to half a year), and these courses might not be so function oriented as courses for the majority of staff.
  • Interim face-to-face meetings. These are conducted regularly, at least every week, to “feel the pulse” of top talent onboarding.

Automate the Onboarding Process with iSpring Learn

With iSpring, you establish certain procedures once, and the LMS will do the rest. You can create groups of users and enroll users in courses automatically by defining rules. For example, you can specify that all new hires get assigned to an onboarding course immediately after they are added to the “interns” group.

Also, if you need to train staff with a certain frequency, to refresh their skills, for example, the system can automate the re-enrollment process.

With iSpring, you don’t have to send notifications manually. They are automated and can be applied to live training events as well. Add a new event in the built-in calendar and set a reminder with a click. The system will send notifications to the participants of the event. If there are some changes in the time or location of the training, edit these details, and the participants will be notified in advance.

iSpring Learn gathers and organizes all the training stats into comprehensible reports, and makes this process automated too. So, instead of preparing a report manually every two weeks, you can set the LMS to send it via email to the board of directors. This will take just a few clicks.

If you use HR systems for recruitment, iSpring Learn integrates with them smoothly and can transfer all prospective candidates or new hires automatically. For example, once you add a new hire to your HR system, iSpring Learn will create an account for them and assign a training program. You don’t do double work and save time.

To Sum Up

iSpring Suite

Originally published at https://www.ispringsolutions.com on August 20, 2021.

Digital Marketing Specialist at iSpring Solutions www.ispringsolutions.com

Digital Marketing Specialist at iSpring Solutions www.ispringsolutions.com