{"id":5498,"date":"2024-11-19T16:37:35","date_gmt":"2024-11-19T16:37:35","guid":{"rendered":"https:\/\/bizedgeapp.com\/blog\/?p=5498"},"modified":"2024-11-29T15:59:33","modified_gmt":"2024-11-29T15:59:33","slug":"want-to-hire-top-talent-faster","status":"publish","type":"post","link":"https:\/\/bizedgeapp.com\/blog\/want-to-hire-top-talent-faster","title":{"rendered":"Want to Hire Top Talent Faster?"},"content":{"rendered":"\t\t
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A LETTER FROM THE BIZEDGE TEAM.<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Dear Recruiting Enthusiast,<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Are you passionate about attracting top talent to your organisation, optimising your hiring processes, and transforming your recruitment approach?<\/p>

Measuring the effectiveness of a recruitment process and identifying areas for improvement may both be done with the use of recruitment metrics. Implementing any recruitment plan is one thing, but determining if it is effective requires the use of recruitment metrics. How well-performing arev your recruitment tactics? Does your hiring approach need improvement?<\/p>

How content are the selected candidates in your company? If you want to build a devoted team of employees and be sustainable, these are all crucial questions to ask.<\/p>

We have curated recruitment metrics to help you gain insights and assess your recruitment process.<\/p>

We hope you find this resource useful in your present and future recruitment process.<\/p>

To staying ahead,
BizEdge Team.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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01.  Source Of Hire<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This valuable indicator aids in identifying the source channels drawing in the majority of your new applicants. Social media, business websites, job boards, and\/or forums are examples of source channels. You’ll be able to better manage your advertising budget, cut costs, and determine the
source channels that work best for your company’s hiring process once you start keeping track of where your new hires come from.<\/p>

Measure the value of sourcing channels by calculating how much money you spend per applicant,
per channel.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Use a pie chart as shown below over some time say 6-12 months to identify which channel brings the most successful candidates. This will give a clear indication of which channels are most effective<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tClick to Download The Complete Resource<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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02.  Yield Ratio<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The yield ratio metric is a key performance indicator (KPI) that refers to the percentage of candidates who qualified for an official interview from each source channel. Your yield ratio and source of hire metric are similar. They are both used to determine the effectiveness of a source channel. This metric will help you identify the source that yields the appropriate candidates for interview<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of candidates invited for an interview<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Number of candidates generated<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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It’s important to note that the yield ratio calculation applies to one specific source channel. You cannot use this formula to measure multiple source channels.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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03.  Application Completion Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Your application completion rate refers to the number of candidates completing and submitting your application form. Typically used by organizations and job boards with intricate online application systems, this metric is great for identifying technical errors and low application completion rates.<\/p>

A low application completion rate means that candidates either don\u2019t follow the application process or lose interest along the way.<\/strong> In this case, you would assess the process to know what is discouraging or stopping candidates from completing their application.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of submitted applications<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Number of incomplete applications<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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04.  Application Per Job<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Also referred to as “applicants per hire,” this metric calculates the number of candidates who applied and were successfully chosen to fill a job position. With this metric, you can measure the popularity of each job you advertise and determine if your recruiting methods are working. Because every job is different and may generate various measurements, it’s recommended that you calculate the rate for each position.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of applicants per position<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Number of successful hires<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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05.  Time to Fill<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This is a popular metric that provides a great overview of how long it takes to fill one position, starting from the release of a job description and ending with an official hire. Your time-to-fill rate can be influenced by a range of internal and external factors, including supply and demand, the speed of your recruitment team, yield ratio, and your acceptance rate.<\/p>

Time to fill is generally used to assess the effectiveness of a business’s recruitment strategies and processes.<\/strong> If your time to fill lasts longer than 50 days, it’s seen as a slow time-to-fill rate and may justify further investigation. In this case, you’ll want to reevaluate your recruitment team and strategies to help automate the hiring process<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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06.  Time to Hire<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The time-to-hire metric works similarly to the time-to-fill calculation. The only difference between the two metrics boils down to when you start counting the days. With the time to hire metric, you’re measuring the time it takes to hire a candidate after you’ve already received applications. Essentially, time to hire tracks how long it takes to interview, assess, and hire qualified candidates, while time to fill focuses on your overall hiring process.<\/p>

Time to hire is great for analyzing your hiring teams’ efficiency. <\/strong>With this metric in mind, you’ll be able to identify areas in your hiring process that need improvement and work with your hiring team to better locate top talent. With a short time-to-hire period, you can snatch up any top candidates before competitors can catch up.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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07.  Cost Per Hire<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The cost-per-hire metric is one of the more important calculations to understand because it refers to the total costs of hiring one candidate. This includes the costs of posting a job description, screening and interviewing candidates, and the onboarding period. The cost-per-hire metric is crucial to any business’s success, thanks to its ability to impact a company’s bottom line or break annual budgets.<\/p>

Your cost-per-hire calculation is made up of internal and external factors.<\/strong> The factors you include may depend on the efficiency of your hiring process. You’ll typically calculate the costs of advertising, labour, onboarding, training, and lost productivity time. In addition, if your business makes use of a recruitment agency, you’ll need to add those costs as well.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Total internal costs + total external costs<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Total number of hires<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tClick to Download The Complete Resource<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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08.  Quality of Hire<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This metric is typically influenced by a candidate’s performance rating during their first year of employment. Ultimately, it distinguishes between more candidates and top candidates and helps reveal if recruiters are wasting time and money or recruiting valuable assets.<\/p>

Combine the quality of hire metric with your source of hire calculation.<\/strong> This will help you determine which source fails to attract top-performing candidates. If chosen candidates generally receive a low performance rating, this is an indication that your recruitment and screening processes need improvement.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Numbered of hired candidates considered satisfactory<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Number of candidates hired<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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09.  First-Year Attrition Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The first-year attrition rate refers to the number of employees who resign or are let go during their first year of work. If your goal is to ensure that you don’t waste costs by hiring candidates who aren’t the best fit for your company, then you’ll need to master the attrition rate metric. If you have a high attrition rate, you’ll be constantly stuck in a cycle of hiring, which ultimately costs the company money.<\/p>

Repeatedly hiring applicants who eventually leave in a short <\/strong>period could also be seen as a red flag<\/strong> by your candidate pool. Did the candidate not meet goals and deadlines? Were they not a good fit for the team? Or, did the candidate resign because the company did not meet their expectations? For the best results, you’ll need to ensure that you evaluate the cause of the departure and incorporate new strategies that remedy the issue.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of leaves<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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10.  Vacancy Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Your vacancy rate and attrition rate will seem similar but both are vital as separate calculations. With your vacancy rate, you have to calculate the involuntary and voluntary vacancy rates
for each job position, which is similar to the attrition rate’s managed and unmanaged vacancies. This simply means that you need to calculate the number of people who leave of their own free will and those who are let go for various reasons.<\/p>

Employers generally use the vacancy rate to identify trends or patterns. For example, if one position has a high vacancy rate, this is an indication that the hiring team needs to evaluate the cause and introduce processes that help lower both involuntary and\/or voluntary resignations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Voluntary Rate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees who voluntarily left<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees you had during your calculation period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Involuntary Rate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees who involuntarily left<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees you had during your calculation period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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11.  Conversion Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The conversion rate or job conversion rate refers to the percentage of successful candidates hired compared to the number of vacancies available over some time. If you have a low conversion rate, this means that you’re not getting a return on investment. Most businesses use this recruitment metric to evaluate internal factors that lead to a high attrition rate and a high vacancy rate.<\/p>

The conversion rate is an excellent way to determine the value <\/strong>of your recruiters.<\/strong> If they’re unable to fill the majority of the jobs with applicants who are qualified, experienced, and a great asset to the team, you’ll need to start evaluating their recruitment strategies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Successful hires made<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Total vacant jobs<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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12.  Offer Acceptance Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The offer acceptance rate is a straightforward recruitment metric that calculates the number of applicants who accepted a job offer with the total number of applicants who received a job offer. Going through the entire recruitment process only to not receive a job offer acceptance can be disheartening and expensive. Therefore, you must study the reasons for low acceptance rates. This may include poor job descriptions, compensation packages, job expectations, or a bad employer brand.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of successful job offers<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of job offers made over a period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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13.  Time to Productivity<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The time-to-productivity rate can also contribute to your time-to-hire calculation. While your time to hire measures the time it takes to hire an employee, the time to productivity metric takes it a step further by evaluating the time it takes for one employee to get up to speed and join the team. For the best results, evaluate each position over a 6\u201312 month period. This will help you better organize your metrics and create a standard time-to-productivity period for each position in your company.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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14.  Employee Turnover Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Your employee turnover rate measures how many candidates leave the company voluntarily or involuntarily. For a company, its employee turnover rate indicates its level of sustainability. With a high turnover rate, you’ll be losing employees every few years, which results in a lack of company loyalty and steep hiring costs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of employees who left during a period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Total number of employees<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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15.  Employee Referral Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Because your current employees have first-hand knowledge of your hiring processes, job expectations, and work environment, they’re excellent sources for recruiting new talent. The employee referral rate essentially calculates the conversion rate of your referral program. If your employee’s referrals have a low conversion rate, this may be a sign that your referral program needs work or that they don’t understand the expectations or responsibilities of the job position.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Total number of referrals<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of those referrals hired<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tClick to Download The Complete Resource<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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15.  Employee Referral Rate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This calculates the rate at which candidates withdraw from an interview process. The reasons for withdrawing may be external factors but often, applicants withdraw because they were hired faster elsewhere, offered better compensation, or felt like the hiring process was too complicated.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How to calculate:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of candidates that withdrew<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Number of candidates that were invited for an interview<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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x 100<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Streamline Your Hiring Process - Anytime, Anywhere<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Revolutionize your hiring strategy with our powerful and intuitive recruitment app. Whether you’re a startup, SME, or a large enterprise, this app is tailored to suit your recruitment needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Why Choose BizEdge Recruit?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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