7 Recruiting Metrics Benchmarks You’ll Want to Outperform
Recruitment marketing benchmarks are linked to — but distinct from — the metrics discussed in this article. As a reminder, we looked at the top recruitment marketing metrics that savvy recruiters are tracking:
While metrics are quantifiable data points that can be clearly demonstrated and proven, benchmarks are the numbers, states, or conditions against which future metric results can be compared.
How to Determine Recruitment Marketing Benchmarks for Your Team
To determine the recruitment marketing benchmarks to measure against, you can start by researching industry standards and best practices for the specific metrics you want to track.
For example, industry organisations, such as the Society for Human Resource Management (SHRM), often publish benchmark reports that provide data on average recruitment metrics for different industries and job functions.
Additionally, you can look at your own historical data and performance to establish a baseline and identify areas for improvement. By analysing your past recruitment metrics, you can identify trends and patterns that can help you set realistic benchmarks and goals for the future. If you don’t have historical metrics, start tracking today’s metrics and look back on them in one month, one quarter, and one year, to set a new benchmark.
It’s also important to consider the unique characteristics of your organisation, such as size, location, and industry, as well as the specific roles you are recruiting for. This can help you set benchmarks that are tailored to your organisation’s needs and goals.
By regularly tracking and analysing your recruitment metrics against these benchmarks, you can continuously improve your recruitment strategies and achieve your hiring goals.
- Metrics: Quantifiable data points that can be clearly demonstrated and proven
- Benchmarks: Numbers, states, or conditions against which future metric results can be compared.
Sample Recruiting Metrics Benchmarks
Overall, establishing benchmarks requires a combination of industry research, historical data analysis, and consideration of organisational and role-specific factors. However, there are some metrics discussed in this article that have generic benchmarks you can use as a starting point.
Click-Through Rate (CTR)
To calculate CTR, you can divide the number of clicks on your job ad by the number of impressions (i.e., the number of times your ad was displayed).
Across all industries, the average CTR for a search ad is 1.91%, and 0.35% for a display ad. For recruitment, the CTR for a search ad is 2.13% and 0.14% for a display ad.
Cost Per Click Benchmark
To calculate your cost per click, divide the total advertising cost by the total number of clicks. For example, if you post a job for $2,000 and you receive 1,600 clicks on that job, your CPC would be $1.25.
The average CPC for recruitment ads in 2020 stood at $0.79 USD. This increased to $1.10 USD in 2021 and has now stabilised around $1.00. It’s important to remember that this cost can increase depending on the industry as some are more competitive than others.
Cost Per Application Benchmark
To determine CPA, add up all your recruitment expenses, including advertising costs and onboarding time, and divide by the number of hires during the same period. For instance, if you spent $30,000 over three months and received 1,575 applications, your cost per application during that period was $19.05.
We recommend setting your own benchmark by keeping a record of your costs per application. The record serves as both a goal to stay below and a benchmark for investments in future recruitment cycles.
You can also look at the past performance of your hiring team by asking questions like:
- Did we meet our hiring goals compared to other quarters?
- Have we reduced the time and costs associated with hiring?
- How effective are our sourcing channels?
- Has our attrition rate of new hires increased or decreased?
Apply Rate Benchmark
Apply rates are calculated by taking the number of applications and dividing that by the number of total ad interactions that can be tracked to an application during the same time period. For example, if you had 200 applications from 1,000 interactions, your conversion rate would be 20%.
Apply rates shift based on many factors, including the geographic market you’re recruiting in. Tracking your local competition along with your industry’s recruiting trends paints a more holistic picture of your hiring landscape.
Other factors that affect apply rate are:
- Job seeker preferences – Do you know what makes your candidates click?
- Ad location – Have you researched the best job posting site for your ad?
- Enough traffic – Where does your ad rank on the search results page?
- Type of job – Some skills are more in demand than others, and there are not always enough applicants in the talent pool
The best way to benchmark your apply rate performance is to test and record over defined periods of time, by campaign or quarter for example. Running audits on your application process can also help uncover opportunities to attract candidates more efficiently and improve the candidate experience.
Application to Hire Benchmark
Do you know how many applications you need to find one successful hire? If you’re receiving too many, you’re wasting time sifting through unsuitable resumes; too few, you might not find the skills or talent you need for the role.
To determine your sweet spot, calculate your applicant-to-hire rate or the percentage of applicants to hire.
According to global PageUp research, on average globally and across all industries, 25 applications are needed for one hire. The exact numbers vary based on the industry. Higher Education hires approximately 7% of applicants whereas retail hires approximately 3% of applicants.
Your organisation’s metrics will also differ from the benchmark so discover the volume of applications your company requires to find the right person for the role.
Time to Fill Benchmark
Time to fill is a critical metric that measures the amount of time it takes to fill a job opening. According to SHRM data, the average time to fill a role across all industries is 36 days.
DHI Group, Inc., a specialised websites and services provider, issues a monthly report on the average duration of job vacancies, which they define as the number of days it takes to fill a position or time to hire.
The data used in these reports is collected from the Job Openings and Labor Turnover Survey (JOLTS) conducted by the U.S. Bureau of Labor Statistics:
| Industry |
Mean Vacancy Duration in working days (average time to hire) |
|---|---|
|
Construction |
12.7 |
|
Resources |
17.9 |
|
Leisure and Hospitality |
20.7 |
|
Wholesale and Retail |
24.6 |
|
Warehouse, Transport and Utilities |
24.9 |
|
Professional and Business Services |
25.2 |
|
Non-Farm |
28.3 |
|
Education |
29.3 |
|
Manufacturing |
30.7 |
|
Other Services |
31.2 |
|
Information |
33 |
|
Government |
40.9 |
|
Financial Services |
44.7 |
|
Health Services |
49 |
Automating Benchmark Tracking
Integrating HR technologies can significantly improve the quality of metrics used in recruitment marketing and help you track your metrics against your goals and benchmarks.
Technology can automate and streamline data collection processes, reducing manual errors and increasing the accuracy of the data. This is critical in helping you ensure you get them maximum return on investment from your recruitment marketing spend.
Outperform These Recruiting Benchmarks With Hirematic
Are traditional methods not getting you the results you’re looking to achieve? Benchmarks falling below industry averages and spending unnecessary dollars?
At Hirematic, we help you find and hire the right people — faster and with fewer resources. See how our platform can help you with your recruitment goals.
