There are times when people try their luck at getting a job at your company. Some candidates are what you’ve been looking for, while others don’t seem that invested. Still, you wish you could them into your team and work towards success, but that’s not possible.
Did you know that you could keep track of your accepted offers? It helps your company assets your ability to entice the best candidates, and how effective you are in getting new people. It’s called the acceptance rate, and the following paragraphs will tell you more about it.
What is the Acceptance Rate?
The acceptance rate basically shows the percentage of candidates who accepted your formal job offer. So, let’s say you offered a job at your company to several people. Some of them were glad for the offer and accepted it, but others refused it for several reasons. The percentage on those who accepted the offer represents the acceptance rate your business has.
In order to get people to accept your offer, you need to treat candidates well and properly communicate with them. A positive experience is one of the factors that help them decide whether to join forces with you or not. If there are delays during the process, or if the interviewers make mistakes, candidates won’t be so pleased. Consequently, they will be less likely to accept the offer.
Moreover, you have to communicate with them and tell them everything about the job. They need to know the good elements of a job offer, especially if they have a job at that moment and they would have to leave it. You need to communicate good points, as well as negative ones.
How do You Calculate It?
It’s not difficult to calculate the acceptance rate. All you have to do is use this formula:
When using this formula, you should keep in mind to only include final official offers to external candidates. If there were offers made formally, or in distinct stages of the process, they are usually not relevant to this metric.
It can be calculated annually, as well as more frequently if needed. In cases when you had a busy recruiting month, you can do it more frequently, for instance. In addition, you should calculate job acceptance rate per recruiter, department or hiring manager. The percentage shouldn’t look too odd. If it’s too low, that means you have to work on your recruiting strategies. If it’s a rate close to 100%, that would look odd too, except if you’re a prestigious company.
The acceptance rate measures the effectiveness of your formal job offers and lets you entice the best candidates. It’s a useful tool because it tells you whether you need to work on your recruiting strategy or not. So, you may end up being able to recruit even more candidates. If this metric wasn’t known to you, now you have the relevant information that could help your company’s future.