5 Recruitment Metrics You Need to Track in 2024

The success of your recruitment process has a direct impact on the quality of talent you attract, your employer brand, and your ability to grow as a company. 

It’s important to track recruitment metrics to report on your recruitment and to make targeted improvements over time to the way you recruit and welcome new employees.

To help you measure and improve your recruitment process here are some of the most important KPIs to track.

  1. Time to Hire (TTH)

This is the number of days between getting approval for the position and filling the position. 

Tracking this metric alerts you to opportunities to speed up the recruitment process so you’re filling essential roles in a timely manner.

For each position filled count the number of days it took to fill each one from the day the job was approved to the day the offer was made.

Generally, 30–45 days indicates a strong hiring process, but benchmarks vary by industry and job role.

  1. Offer Acceptance Rate (OAR)

This is the percentage of candidates who accept your job offer from your company. 

It helps you fine-tune areas in your recruitment and interview process, salary and benefits, or culture that are causing you to lose out on good candidates.

Count the number of offers accepted or declined.

When candidates decline an offer, collect as much feedback as you can to point yourself in the right direction.

  1. Diversity

This is the characteristics of your workforce, such as age, gender, race, education level, etc. 

Tracking this KPI helps to inform your strategies for creating a more diverse and inclusive workforce.

  1. New Hire Attrition Rate (NHAR)

This is the number of new hires who exit the company within a set period usually within their first year of employment.

Tracking this metric helps you identify recruitment, onboarding, or training issues that are causing you to lose talent early or resulting in making risky hires.

Count the number of new hires who’ve quit or were let go within a specified period (typically one year). 

  1. Time to Productivity (TTP)

This is the time it takes for new hires to ‘ramp up’ and be able to contribute as expected for the role. 

Tracking this metric helps you uncover where your onboarding and training programs may

be lacking. It also should be considered in the cost to hire as the Time to Productivity is a real cost for the organisation.

However, it’s largely a subjective measure unless you establish KPIs for each role, and track when the KPIs are achieved.

Next Steps

When considering your next hiring process, please contact us as our end-to-end recruitment process may be something we could assist you with. Alternatively, we can support you with a more tailored cost-effective approach reducing cost to hire.