What is Applicant Conversion Rate?
Applicant Conversion Rate is the percentage of job applicants who move from one stage of the recruitment process to the next, ultimately becoming hires. This metric helps assess the effectiveness of your recruitment process and the quality of your applicant pool.
How to Measure Applicant Conversion Rate?
Applicant Conversion Rate is measured by:
Stage-by-Stage Tracking: Monitor the number of applicants who advance from each stage of the recruitment process (e.g., application, interview, offer) and divide by the total number of applicants at the previous stage.
Overall Conversion Rate: Calculate the percentage of total applicants who are ultimately hired by dividing the number of hires by the total number of applicants.
ATS Data: Use an Applicant Tracking System (ATS) to automatically track and calculate conversion rates at each stage.
Number of Open Positions: Consider the number of open positions when calculating and interpreting conversion rates to ensure you’re attracting enough qualified candidates for each role.
How to Improve Applicant Conversion Rate?
To improve applicant conversion rate:
Optimize Job Descriptions: Ensure that job descriptions accurately reflect the role and attract the right candidates.
Streamline the Recruitment Process: Simplify and speed up the recruitment process to reduce candidate drop-off rates.
Improve Candidate Screening: Use more effective screening methods to identify the most qualified candidates early in the process.
Enhance Candidate Experience: Provide clear communication, prompt feedback, and a positive experience throughout the recruitment process to keep candidates engaged.