It’s easy to blame a poor recruiting experience on a lack of good candidates out there. If the applicant’s don’t meet your criteria, then obviously you’re going to have a hard time finding great talent to fill up your organization’s rank and file.
But it’s equally easy to start at the wrong place, too. Recruiters often underestimate the role of generation gap, opportunities available to their prospective employees, and technology when setting their baseline criteria. Consequently, they may end up chasing down the wrong leads, and spending more time on the frivolous rather than the impactful.
By some estimates, companies may spend as much as $50,000 to hire a software engineer when factoring in recruitment costs, trial-period stipends, and internal costs for vetting, training and onboarding. Go wrong here, and you may end up wasting a lot of time and money.
The best way to make sure this never happens when you’re trying to hire virtual software engineers is to have a set of reliable performance indicators to help you stay on track. We thought of putting together a list of the ones we find always work.
Source of Hire Quality
Source of Hire (SoH) shows how all the different channels you’re using in your recruitment drive are adding to your pipeline in percentage value. The objective of tracking SoH fill rate is to identify channels that provide the best quality candidates, and/or better return on investment.
You can also use data gathered by your Applicant Tracking System (ATS) or even standard analytics software to identify opportunities for improvement, key data points that can help you narrow down on the best candidates, and figure out what content helps you get better results.
SoH can be easily measured by dividing a channel’s recruiting yield by the number of applicants from the source. So, if you’re trying to hire virtual software engineers through LinkedIn and you get 100 applications of which 30 are accepted, then LinkedIn has an efficiency of 30%.
Time to Fill
Time to Fill informs us on the number of days, weeks or months it takes from opening up a job post to the candidate accepting the offer. The metric is useful for identifying the amount of time it takes to find candidates throughout your organization. The data can then be used to create more efficient processes to reduce the number of days to fill up positions.
Time to Fill is ideally used for jobs that have definitive opening and closing points and is calculated by adding up the number of days taken to fill up all the roles by the number of roles.
So, let’s say you’re trying to create dedicated engineering teams. You open up positions for Java, Python and .NET developers, which takes 20, 30, and 10 days to fill up respectively. The Time to Fill here will be 20+30+10, or 60 divided by 3 (number of positions), or 20 days.
Employee Net Promoter Score
Created by Bain and Co, Employee Net Promoter Score, or eNPS is a version of Customer Loyalty Index which attempts to measure brand loyalty in a company’s clients. eNPS takes the same idea, and applies it to employees.
It tries to find how employees feel about the company they are working with. The KPI uses a survey question like “how likely are you to recommend our company to your peers, friends and family on a scale of 1 to 10. The more employees answer closer to 10, the more loyal they are.
eNPS is a critical metric for hiring virtual software engineers because your employees are already sharing their views both on and offline. Since prospective recruits often reach out to existing employees to find out more about what they can expect, a bad work experience can deter great talent from considering your organization.
Interested In Finding Out More?
At Muoro, we use these metrics and more to identify the best fit for our team. But we go a lot further. Our Engineer-as-a-Service model leverages a unique AI powered recruitment engine along with decades worth of combined experience and insights into both software engineering and recruitment to help you get the best possible talent at competitive prices.
Feel free to reach out to us to discuss how we can help you create your best remote team yet. Read more at: https://www.muoro.io/