Dividing the number of applicants who meet every must-have requirement by the total number of applicants gives the rate, for a role or a source. If 300 people apply and 60 meet the core requirements, the rate is 20%. Tracked by job board, advert version or campaign, it shows which channels bring relevant applicants and which mainly add volume.
A low rate means recruiters spend most of their time reviewing applications that cannot progress, which slows response times for everyone. Common fixes include clearer adverts, stating essential requirements early and shifting spend between channels. The measure depends on the must-haves being right, so an unexpectedly low rate can also be a sign that the requirements are too strict.