10 Remote Hiring Metrics for Measuring Success and ROI
To effectively manage remote hiring, consider ten key metrics to measure the success of the process and the return on investment (ROI) of these hires.
Time to Fill
The time-to-fill metric indicates the efficiency of the hiring process, indicating a shorter time from posting a remote job opening to making the final offer.
Price of each hire
Evaluate the financial impact of your hiring efforts by calculating the total cost of hiring remote employees, including job advertising, recruitment tools, and onboarding expenses.
Utilize role-specific KPIs to assess the productivity and suitability of remote workers, ensuring they are achieving objectives and enhancing company value.
Acceptance Rate of Offer
The acceptance rate measures the percentage of job offers accepted by candidates, suggesting a need for improvement in recruitment processes or job offer quality.
Rate of Retention
The study reveals that high retention rates of remote hires, indicating successful long-term employment, are indicative of the company's success.
Time to Productivity
The onboarding process's effectiveness can be assessed by measuring the time it takes for remote hires to fully become productive in their roles.
Gathering feedback from remote candidates can enhance your employer's brand and attract top talent by ensuring a positive candidate experience.
Regularly assess remote employees' job satisfaction, engagement, and overall happiness through surveys or assessments.
8 Tips for Conducting Performance Reviews With Remote Employees
ROI on Remote Hires
Calculate the ROI of remote employees by comparing their contributions to hiring and supporting costs, including their impact on revenue, cost savings, and other business metrics.
Diversity and Inclusion Metrics
Evaluate the diversity and inclusion aspects of remote hiring by tracking the demographic makeup of your workforce and assessing the effectiveness of your initiatives.