Recruiting often requires a significant financial investment and a large amount of time. Because recruiting is such big business, many business owners want to know just how effective their recruitment efforts are. By measuring the effectiveness of your recruitment, you can better decide if strategy modification is necessary for optimal success.
Keep track of how many recruitment targets you are successful in recruiting. Use this information to calculate your recruitment success percentage. Calculate this percentage each quarter to see if your recruitment success is increasing, decreasing or staying the same.
Calculate the cost per recruited individual. Add up the total cost of your recruitment operation, and divide this figure by the number of individuals you successfully recruit to find out how much you are spending for each individual you obtain through recruitment.
Monitor the speed of recruitment. Keep track of the dates on which you start attempting to recruit individuals and the dates on which they either accept or decline your offer to determine how much time you are spending on your recruitment attempts.
Calculate your offer acceptance rate. Divide the number of accepted offers by the number of offers made to recruitment targets to see what percentages of your recruitment efforts result in successful hires.
Survey the recruited individuals. Give those you attempt to recruit a survey when you present them with their offers. On this survey, ask them to explain what they found effective and ineffective in the recruitment process. Use this anecdotal information to improve your recruitment process.
Compile the collected data to develop a comprehensive picture of recruitment effectiveness. Review each of the data pieces regularly to check for improvement. Set a goal based on improvement. For example, if your recruitment success percentage is 50 percent, set a goal to increase this percentage to 60 percent, ensuring that your goal is attainable.