Recruitment Funnel Effectiveness

Recruitment funnel effectiveness can be explained as a model that helps recruit employees in their recruiting process. Through the recruitment model, the employees are attracted and then assessed up to finding and hiring the best employees. Hiring a suitable candidate can be a tough job. All these stages serve a unique purpose in filtering out the candidates to hiring the top candidates.

Recruitment Funnel Stages

• Awareness - ""Attracting potential candidates"": This is the stage of making candidates aware of a certain job opening. This could be achieved through different channels such as social media, hiring platforms such as LinkedIn, referral programs, etc.
• Interest - ""Engaging with the candidate"": In this section, the interest of the candidate is in knowing about the job opening post the job description, and in addition, the interest of the employer to keep the employee interested in it by answering his queries, the description of the work culture; in a nutshell, describing the opportunities, benefits along with being polite may lead to the building of interest in the candidate.
• Effective application process - When the process enters the application stage, the candidates apply to the job vacancy. The organizations need to include a simple application process through which the candidates can apply. If the application process is complex, the candidates will not be able to apply for the vacancy. Make sure the application process is not too long, complex, and at the same time user-friendly.
• Assessment - ""Selection of the candidates"": This stage pertains to short-listing the candidates from the pool of candidates who applied for the position. It is done by assessing the applications and then short-listing of the candidates. The companies use assessment and screening tools to filter the resumes based on skills, experiences, etc.
• Interview - ""Assessing the candidates"": Such interviews are done to further ensure whether the candidate is eligible for the post or not. The employer must conduct the interview for the sake of fairness to the candidate and adjust accordingly. The interview can be conducted online or in person, depending upon the situation and the geographical conditions.
• Offer - ""Extend the job offer"": Upon selecting the best candidates, it is time to make the job offer. After finding the desirable candidate, it is the responsibility of the recruiter to extend a competitive offer to the candidate, which makes them feel valued.
• Acceptance - The onboarding process starts when the candidate accepts the job offer.

Measuring Effectiveness of Recruitment Funnel

• Quality of hire: The recruitment funnel''s purpose is to bring quality candidates. This gauges the value addition of the employees to the company.
• Time to hire: This is defined as the time frame from the beginning of the recruitment process to the point of hiring.
• Cost per hire: The average expenditure incurred in locating and attracting potential candidates is known as the cost per hire. It can be performed to determine the number of individuals hired for one position. The cost per hire measure can be utilised to set a benchmark for the incorporation of future hiring plans and investments.
• Source of hire: Organizations can determine whether they have to use outside bodies and even perform the recruitment through the source-of-hire statistic. Suppose a company intends to hire five individuals. While the agency filled up only one post, the internal team may fill four of the five. The internal hiring team did best in this case.

Conclusion

In a nutshell, the recruitment funnel has 7 stages namely Awareness, Interest, Application, Assessment, Interview, Offer, Acceptance. If the potential employee is nurtured well throughout the stages, as a recruiter you would be able to positively impact the major metrics. For instance, time to hire can increase if the candidate you share the offer letter to rejects it in the end because the other company''s recruiter was consistently in touch with the candidate showing their culture and clearing the doubts. So, keep sharing content and talking to the employees through every stage. All the best!

FAQs

Why is the hiring funnel important?

The hiring funnel is relevant in that it provides a structured and efficient way to attract, engage, and select outstanding candidates. It enables data-driven judgment, ensures fairness and equality, and enriches the candidate experience.

How is the recruitment funnel computed?

For example, metrics such as the number of applications submitted, the candidate screening process, the conducted interviews, offers extended, and recruited candidates are kept under continuous observation for every phase of the candidate sourcing to identify the funnel. For example, it is easy to find conversion rates and fine-tune the process from the analysis of such metrics.