First Year Attrition:
A crucial recruiting metric and a sign of hiring success is first year attrition or new hire turnover. Candidates who quit within their first year of employment usually cost a lot to the organizations and are not fully productive. Attrition in the first year can be managed and unmanaged.
Managed attrition implies that the agreement is cancelled by the organization. Unmanaged implies that the employee leave on their own accord, also known as voluntary turnover. The first is frequently a sign of poor first-year performance or a lack of team fit.
The second is frequently a sign that the candidate has high expectations that lead to their resignation. This could be the result of the recruiter overselling the position and/or company or a mismatch between the job description and the actual position.
Another name for this metric is “candidate retention rate.”
Application Completion Rate:
The number of candidates who completed a job application is shown by this talent acquisition metric. The “applicant drop-off rate,” for example, can also be measured in the opposite direction. The proportion of applicants who did not complete their applications.
For businesses with complex online recruiting systems, the application completion rate is especially interesting. Before candidates can apply for a job, many large corporations require them to manually enter their entire CV into their systems. Incompatibility of the web browser with the application system or an interface that is difficult to use are two examples of issues that can cause drop-off during this process.
Sourcing Channel Cost:
Putting it to the test yourself is an easy way to check for any problems that might arise during the application process. This will assist you with understanding where your candidates could battle with and how you can further develop it.
By including ad spend, or the amount spent on advertisements on those platforms, you can also use this information to calculate the cost effectiveness of your various sourcing channels. The sourcing channel cost per hire can be calculated by dividing the ad spends by the number of visitors who successfully applied for the job opening.
Hope this article was helpful to you. If yes, we will be glad if you could share it with your connections online.
You can also tweet your comments to @Rezoomex and @akshaymoon89 with #TechHiringBlog
Thank You!
With an overall experience of more that 7 years, Akshay Moon is someone who specializes in content marketing and has always managed to create quality content. He is currently working with Rezoomex as a Digital Marketing Executive.
Passionate about sports, particularly obsessed with cricket, anything related to the game is enough to attract Akshay’s attention.