The Most Important Recruiting KPIs When Using AI Software

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KPIs, or Key Performance Indicators, are metrics that measure whether or not your organization is meeting its goals. Defining your organization’s recruiting KPIs is a task that shifts from situation to situation—but tracking them is essential. When using AI software to aid your recruitment plan, new KPIs should be added in order to assure that the software tracks with your goals. Here are some recruiting KPIs to prioritize when using AI software in your plan.

Job Ad To Applicant Ratio

Using AI recruitment software, such as PandoExchange, to place your job ads allows your sourcing to become much more effective. Programming the software to prioritize diversity, expansion, or any other metric your HR team wants to improve will shift which job boards your ad is placed on. 

In this scenario, tracking the ratio of applicants your ad has reached in relation to the number of job boards you’ve posted to should be a priority recruiting KPIs. If your software has posted to optimal sites, but the number of applicants hasn’t increased, the wording of the ad might need to be changed. On the other hand, if the wording has been reviewed and the problem persists, the site placement may need to be altered to better suit your needs.

Average Time To Hire

One of the greatest benefits of using AI recruitment software is how fast it can make the recruitment process. The average time each recruiter spends screening a single resume is around 6 seconds. This seems quick, but with many organizations receiving hundreds of resumes per position, the screening phase alone can take multiple days, even weeks. AI software can do the job in a fraction of the time, and won’t miss any key resume features in the process. 

AI recruitment software can take over more than just the screening of resumes, it can assist in much of the pre-interview process as well. From sending candidates assessments to gauge their viability, to giving them their interview time and date, AI tools are quite versatile. With the automation of the more menial portions of the hiring process, your organization’s average time to hire should be one of your most improved recruiting KPIs.

Percentage Of Qualified Candidates

While the number of applicants received is an important metric, especially if that number is low, a large number of applicants can be a deceiving statistic. Instead of only using the quantity of applicants as a recruiting KPI, take into account the quality of the candidates. How many candidates have your desired experience, traits, and mindset? 

When using AI recruitment software, this number can also help determine whether or not your software is being used properly. Each of these automation options can provide major increases to the quality of each individual candidate:

  • Chatbots
    • When utilizing AI chatbots, check some of their conversation logs. Those using your chatbots to gain information should not only be receiving what they need, but should also be engaged in a nearly true-to-life conversation. AI chatbots take the information they’re given through communication, and alter their speech to near human levels. Having something or someone they can engage with will improve a candidate’s likelihood of sticking to the recruitment process. 
  • AI Screening Software
    • Screening software can improve the quality of each individual candidate by looking for exactly what your organization needs. AI technology doesn’t discriminate based on age, race, or gender, and has no potentially harmful human bias. If qualified candidates aren’t as plentiful as they should be, double check what your screening software is looking for in an optimal candidate. They may need to be reconfigured if your needs change.
  • Job Ad Placement Software
    • Checking what your ad placement software is programmed to prioritize can help determine whether or not its priorities need to be changed. If you’re not reaching the right groups, your recruiting KPIs will reflect that. If implemented correctly, your number of qualified candidates should increase significantly.

Utilizing AI recruitment software can help your recruiting KPIs to reach the levels you need them to—while reducing the overall cost per hire. PandoLogic’s suite of AI recruitment tools have the versatility to meet your organization’s needs, and usher in a new cluster of quality candidates.

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