What (Definition)
The hired positions metric is a quantitative indicator that is utilized by firms in order to optimize their recruitment processes. It is the number of people who were hired during a given time period.
Why (Benefits)
- This metric will allow a company to get a clear idea of its ability to attract, assess, and hire suitable candidates for the job openings.
- A company needs to evaluate the effectiveness of their recruitment strategies and the hired positions metric acts as a key performance indicator (KPI) for them. It helps identify strengths and areas that need improvement in their recruitment process. For example, if the hired positions metric is low, it may mean that not enough qualified candidates are attracted or that the interview process is not effective.
- Efficient allocation of resources is a crucial part of a company. And the cost-effectiveness of the hiring process of a company can be determined by this metric. This assists in identifying whether allocated resources are giving fitted results.
- This metric is a valuable tool when determining the time it takes to fill positions vacant as well. Reduction of time to fill job openings is important as that helps ensure workflow continuity without disruptions and also increases the chances of hiring top talent due to the time advantage compared to other companies.
- Tracking the hired positions metric can also be used to compare the recruitment process of the company with other companies. This can help determine whether job fillings are done in a timely manner.
- Beyond quantitative measures, this can also be used to determine the quality by cross-referencing with other performance indicators. Questions such as “Are they meeting expected performance requirements?, and Are the recruits staying with the company for a particular duration of time?” can also be addressed using this metric. Thereby hiring candidates for required job openings that also contribute to the goals of the company positively.
How (Calculation)
Formula
Using the following formula we can calculate the hired positions metric.
Hired Positions metric = (Number of hires)/( Total number of positions)*100
Define the timeframe
To calculate the metric first we have to determine the specific time period we want to calculate for.
Calculate the number of hires
Then within that time frame, count the number of positions that have been filled including the new hires and promotions or transfers if relevant.
For example, if a company had 25 job openings and 10 of them were filled within the specific time period, the hired positions metric can be calculated as follows;
Hired positions metric = (10)/(25)*100 = 40%
If we need to get the Hired Positions Metric from the following dataset.
Get the count of employees hired for each year as below.
Using the count and the total number of positions, you will be able to calculate the hired position metric.
