What are the best metrics to measure the effectiveness of your talent scouting on employee retention?

1 Quality of hire

Quality of hire is a broad metric that reflects the value and performance of your new hires, as well as their alignment with your organizational culture and goals. Quality of hire can be measured by various indicators, such as productivity, engagement, feedback, and turnover rate. By tracking the quality of hire of your talent scouting sources, you can identify which ones bring the most suitable and loyal candidates, and invest more in them.

2 Time to fill

Time to fill is the average number of days it takes to fill a vacant position, from the moment it is posted to the moment the offer is accepted. Time to fill can indicate how efficient and effective your talent scouting process is, as well as how competitive and attractive your employer brand is. A shorter time to fill means that you can reduce the costs and risks of having unfilled positions, and that you can attract and secure top talent faster.

3 Offer acceptance rate

Offer acceptance rate is the percentage of candidates who accept your job offer, out of the total number of candidates who receive it. Offer acceptance rate can reveal how appealing and competitive your job offer is, as well as how well you communicate and engage with your candidates throughout the talent scouting process. A higher offer acceptance rate means that you can reduce the chances of losing qualified candidates to other employers, and that you can build a positive reputation as an employer of choice.

4 Candidate satisfaction

Candidate satisfaction is the degree of satisfaction and positive perception that your candidates have about your talent scouting process, from the first contact to the final outcome. Candidate satisfaction can be measured by surveys, reviews, referrals, or ratings. Candidate satisfaction can influence your employer brand, your talent pool, and your employee retention, as satisfied candidates are more likely to accept your offer, recommend you to others, and stay longer with your organization.

5 Employee referral rate

Employee referral rate is the percentage of hires that come from referrals by your current employees, out of the total number of hires. Employee referral rate can indicate how satisfied and engaged your employees are, as well as how well they understand and promote your organizational culture and values. A higher employee referral rate means that you can leverage your employees' networks and word-of-mouth to find and attract high-quality candidates, who are more likely to fit in and stay with your organization.

6 Retention rate

Retention rate is the percentage of employees who stay with your organization for a certain period of time, usually a year, out of the total number of employees who were hired in that period. Retention rate can measure the effectiveness of your talent scouting on employee retention, as it shows how well you match candidates with the right roles and expectations, and how well you support and retain them after hiring. A higher retention rate means that you can reduce the costs and consequences of turnover, and that you can build a stable and loyal workforce.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?