Source of Hire
What is Source of Hire (SoH)?
This metric shows where your candidates are coming from. You can use it to track effectiveness at any hiring stage e.g. application, interview, offer, etc.
How to calculate Source of Hire (SoH)?
You can calculate Source of Hire as a percentage of hires from a channel/ source e.g. job board, referral, careers page. In this case, you would use the following formula:
# of hires
total # of candidates from a particular source
% of hires from a particular source
You can also track total number of hires, applicants, or interviewees per source.
Source of Hire data provides insights on where you can reduce costs, how to allocate your marketing and advertising budget, and which recruiting programs and tools to invest in.
Sometimes Source of Hire may introduce bias into the selection process. To avoid that, consider tracking source of hire for every hiring stage. For example, if you’ve hired a few good employees through a particular external recruiter, you may always turn to them, in which case SoH will be influenced in favour of that recruiter, but your company may be missing out on talent from other sources. Also, it’s always useful to pair SoH with other metrics, such as time to fill to be able to take better decisions.