Recruiting metrics

Recruitment metrics are a standard set of measurements used to manage and improve the process of hiring candidates into an organization. Candidates can be existing employees within an organization, people entering the workforce for the first time or employees interested in job opportunities outside their current organization.
Many recruitment metrics are used by organizations to gain valuable insights on potential candidates during the recruitment process:

Identification of candidates, sometimes known as sourcing personnel.
Attraction of candidates.
Interviewing and assessment of candidates.
Overall process improvement of the recruiting workflow and steps.

Standard Recruitment Metrics

Time-to-hire refers to the time between a job candidate applying and accepting an offer. In a competitive job market, time-to-hire may be prolonged as candidates mull their options. In 2019, the United States Office of Personnel Management started requiring time-to-hire metrics for all new federal hires.
Source of hire is a recruitment metric identifying the specific channel, platform, or method through which a company recruited a employee. These include in-person recruitment fairs, online job boards, social media, and employee referrals. The metric enables entities to optimize their hiring strategies. There are a number of mediums through which candidates may be recruited, such as advertisements, job fair, online and in-person job boards, recruiter, referral, and walk-in.
Quality of hire is a metric assessing the value a new employee. It is a reflection of performance, contributions, adaptability, and personality fit. The metric is difficult to define and assess.
Cost per hire is a human resource metric that reflects the cost of a new employee. The cost per hire does not always reflect the loss of productivity and the emotional toll of turnover.

Variations on Metrics

Time based metrics can be measured in business or calendar days related to the nature of the hiring organization. Example: Hospitals may hire on weekends, so time based metrics being measured in calendar days will potentially give more insight. However, more traditional organizations are better served by measuring time based metrics with business days.