If you are hiring for talent, then your inability to hire top job candidates can cause business disruption.

The absolute minimum that companies need to understand within the hiring process is their time to hire and cost per hire. While these are significant measures of efficiency, they are just the tip of the iceberg. Understanding the hiring capability and effectiveness also needs to be known.

Start by answering these questions to assess your recruitment capability.

1. What is the cost of not having a business-critical hire in place?
2. What is the cost of lost opportunities for your business?
3. How much time is being spent on sourcing, reviewing profiles, screening candidates, interviews, background checks, assessments, travel costs, admin costs, and advertising/marketing costs?
4. Do you know which sourcing channels yield the best results?
5. Do you know how your recruitment metrics compare to industry benchmarks?

At the end of this review, you should know how many applicants come from internal sourcing, employee referrals, applications, and agencies.

You’ll also know where your candidate volume is the greatest and where quality is the highest. You’ll even see the minimum and maximum number of interviews to conduct to make a hire.

This knowledge creates a positive feedback loop when trying to understand the recruiting channels to invest in and the appropriate KPI’s to manage your hiring teams.