Gaining insights into talent acquisition effectiveness and tracking recruitment metrics during the application and qualification stages is essential for optimizing your hiring process. These mid-funnel stages are pivotal in candidate engagement and qualification rates, helping you pinpoint where potential hires drop off and where top talent progresses. Analyzing performance here lets you fine-tune your strategies to boost conversions and ensure you're selecting the most qualified candidates.

That’s why we developed SFX Insights — aligning key metrics with each funnel stage to empower talent acquisition leaders to advance talent, drive team success, and fuel organizational growth.

In this three-part series, we explore the critical recruitment insights at every stage of the talent funnel and demonstrate how performance analysis can enhance your talent acquisition strategies.

Let’s focus on the middle of the funnel: Application and Qualification.

Jump to Parts One and Three to explore metrics at other funnel stages.

Recruitment insights throughout the middle of the talent funnel 

Application stage: The moment of intent

In the application stage, candidates formally express interest by submitting resumes, signifying their commitment to pursuing a role. At this point, both the volume and quality of applicants are crucial metrics to track for recruitment success.

Metrics that matter:

• Total applications: Track how many applications you're receiving for each job. A high volume might seem positive, but you'll need to balance that with the quality of the applicants.
  
• Cost-per-application (CPA): How much are you spending per application? Reducing your CPA while maintaining quality is essential for cost-effective recruitment.
  
• Application source: Which channels or campaigns are driving the most applications? Understanding this can help you allocate resources efficiently.
  
• Application drop-off: Track the number of candidates who start but do not complete the application process. A high drop-off rate may signal that your forms are too long or complicated or that the process is broken.
  
• Applications per job: Ensure you're attracting a healthy number of applications for each role. This can measure the role’s attractiveness and your recruitment efforts.

Qualification stage: Identifying top talent

Your team filters top talent from the applicant pool in the qualification stage. Tools like pre-employment assessments, on-demand interviews, and real-time feedback help streamline identifying right-fit candidates. Tracking metrics here ensures efficiency and better hiring decisions.

Metrics that matter:

• ATS status reporting: Ensure that your Applicant Tracking System provides real-time updates on where candidates are in the process. Track how long it takes for candidates to move through each stage of the hiring funnel.
  
• Time-to-advance by recruiter and hiring manager: How quickly are candidates advancing through the funnel? Long delays could indicate inefficiencies in the process.
  
• Assessment scores: Pre-interview assessments can help weed out underqualified candidates early. Track these scores to identify patterns in successful candidates and refine your criteria accordingly.
  

Symphony Talent SFX Insights

With disparate systems and fragmented data sources, obtaining a unified, real-time view of talent acquisition effectiveness is often challenging. Symphony Talent’s SFX Insights enhances your ability to track and measure the recruitment funnel metrics that matter most. 

Built upon a market-leading technology stack, SFX Insights delivers a powerful analytics platform that provides comprehensive data visualizations and in-depth insights to help TA teams evaluate full-funnel effectiveness.

Check out Parts One and Three in this series to learn how SFX Insights helps you gain insight into performance, optimize recruiting efforts, and measure ROI.

Brian Colvin is a Product Manager at Symphony Talent, responsible for overseeing the development and success of SFX Insights by defining its vision, strategy, and roadmap.