Recruiting Efficiency:

This is another metric used to determine how efficient HR is about recruiting new hires and balancing expenses. After figuring out the recruiting cost ratio, you should subtract 1 from the percentage to figure out how efficient the department is.
Recruiting efficiency numbers should be high in order to be considered efficient.
Becoming more efficient may require hiring more employees during the year to justify costs, cutting costs by traveling less, or not participating in those job fairs that cost too much and yield little in respect to new hires. Tracking how people find your company is an excellent way to judge venues that are successful and those that are not.
These metrics may be good starting points if you haven’t been using metrics to measure the recruiting process so far. Understanding how much is being spent on recruiting and the success rates will give you a good idea on where improvements should be made.

New Hire Performance:

When gauging new hire performance, it is important to be consistent and maintain a record of all new hires in each department. In order to do this, you will need assistance from the hiring manager. Before implementing this metric, discuss grading systems with hiring managers and decide on a universal system. This can be a grading system or a point system. Make sure all managers understand the system and are willing to use it. The best time to evaluate new hires is between 90 and 180 days after they started working for the company. By compiling new hire performance data, you will be able to see how well new hires adjust, if additional training is required, or if more information needs to be passed on to the new hire during the recruitment or orientation stages.
If you notice, for example, that large a number of new hires leave the company before their evaluation period is up, then you need to find out why they are leaving as this will effect the company’s reputation over time.

There are many reasons when new employees leave:

• Incorrect information given during recruitment stage
• Inadequate training
• New hires not given the position they were originally hired for
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• Policy changes implemented after new hire started
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• Shift changes after new hire started
• Family/personal issues

These are all possibilities that will have to be investigated.
Tracking new hire performance will also give you perspective into the types of personalities that stay with the company and those that don’t. This may help when recruiting others.