If there's one ATS that does a nice job reporting trends, it's Jobvite.
Every year they release a Recruiting Benchmark Report offering a unique combination of data and guidance: summary and analysis of industry benchmark data, along with strategic advice to help you measure, improve and optimize every step of the recruiting funnel.
They've got the data - the report is based on quantitative and qualitative analysis of 2017 data from Jobvite’s massive database of more than 55 million job seekers and 17 million applications and includes year-over-year benchmark data by company size, by revenue, by source of applicants and hires, and by industry. The report is objective, it’s free, and it’s your guide on how to improve your recruiting process.
Now onto my analysis form the report. Based on companies that use their system, here's what Jobvite shows as the benchmarked state of the Recruiting Funnel - namely, how many applicants companies are getting and how many they interview to get a hire on average.
Here's the 3 year tracking data from Jobvite (email subscribers click through if you don't see the image below):
What's it all mean? Here's what I see:
--Applicants per job are down, which makes sense given the hot economy.
--Companies are interviewing an average of 3.5 candidates per job to get a hire, and 90% of the offers are being accepted.
--Time to fill is down slightly even as the economy continues to heat up, which may mean companies are settling for less than stellar talent at times.
This data matches what we saw at Kinetix (my recruiting company) across 4500 hires for clients last year. At Kinetix, our data follows our Show/Screen/Hire model, which goes something like this:
Need an overview/executive summary metric that makes sense? Here's a metric you can provide that's part metric, part statement and part "please look at the big picture." I call it "The Screen/Show/Hire Statement", and it's designed to take all the noise out of your recruiting metrics. Here's a real life example of how that plays out at Kinetix (my recruiting company):
So that's the recruiting funnel for a single department in an RPO relationship, and it could also be an annual report overall for a smaller RPO engagement.
There's a lot of info in that picture, but the lead is what you see in box at top - "We screen 49 candidates, show you 7 to 8, you hire 1."
That's The Screen/Show/Hire Statement, and it's designed to show you how healthy a search process is. Those numbers mean for this client we would make 7 submittals, and out of those 7 submittals, the hiring manager would make 1 hire.
The Screen/Show/Hire Statement is more of a headline than a metric, but it belongs in the metric family because I haven't seen it. It's designed to report the number and say, "how do you feel about that?"
The recruiting funnel we show for one of our clients is pretty average - we generally show 6-7 candidates via submittal, our clients interview 3 and hire one.
So the missing link to the Jobvite data - and a question you should ask from a recruiting service level perspective - is how many resumes/submittals are your recruiters providing to your hiring managers? If it's more than our number (6 to 7), odds are your recruiters are asking the hiring managers to do the real work of recruiting, which isn't great from branding perspective for your HR/recruiting team.
Great data in this report -go check it out now! Download here!