Is hiring metrics playing a greater role?

Across industries in different companies HR executives or the recruitment/talent acquisition team look at different hiring metrics to make this differentiation and accordingly chart out the right hiring metrics suitable for their organizations depending upon their business goals. For example, MindTree has specific hiring metrics for its recruitment process, which includes: Workforce planning that comprises actual addition compared to planned addition and laterals (campus additions); Business fulfillment has staffing fulfillment rate (SFR), new hire fulfillment rate (NHFR), and lead time to hire; Talent acquisition (TA) process performance includes resumes to shortlist ratio, interviews to offers ratio, offer to joinee ratio, and hiring manager satisfaction; under TA efficiency it has source mix (i.e. employee referral, recruitment partner, career website, portals, social network sites), and cost per hire; and Quality of hire metric has tier 1:tier 2:others, retention ratio of new hires, number of training hours for panel training, and turnover rate of interview panels. "All the hiring requests come out of workforce planning, which is based on business projections. Workforce planning is done at an annual level and monthly level for rolling on three months".

Hiring metrics

■ Quality of hire (average % rating of hires after six and 12 months compared to standard)

■ New hire failure rate (% of new recruits in main positions that were terminated or asked to leave in 12 months compared to standard)

■ Turnover of new hires (% of hires that voluntarily quit within 12 months, or average tenure compared to a standard)

■ Acceptance rate (% of candidates that accept offers)

■ Manager satisfaction (% of key managers who are satisfied with the recruitment process and the candidates)

■ New hire satisfaction (% of new joinees in key jobs and applicants for key jobs who are satisfied with the recruitment process)

■ Source mix rate (% of recruits from various sources)