Selection rate is the rate at which a particular idea, advice or an individual gets selected. It can also be understood as the proportion of candidates or applicants who are promoted, hired or selected otherwise. Selection rate is the conversion rate of the number of applicants finally got shortlisted with respect to the number of applicants applied for any particular job opening. Selection rate can be calculated in any field where there is hiring going on or is intake going on.
For example, there can be selection rate in the admission rounds of school, colleges, job openings, civil services exams, defense selections, etc.
If we consider the example of American Air force, in the year 2015 there were 272 OTS applications and the Air Force Recruiting service chose 189 or 69.49%, and will attend the Officer training school at the Maxwell Air Force Base in Alabama in the year 2016.
Selection rate gives an idea about the probability or chances of getting selected, if the selection rate is high then there are more chances of an applicant getting selected in which ever job he has applied for and on the other hand, if the selection rate is low which means that there are less chances of an applicant getting selected.
In the Indian context, selection rate at the top notch organizations, IITs, IIMs, AIIMs, UPSE, etc is very low. While on the other hand, selection rate of the BPOs, small organizations, Blue collared jobs, Low level engineering, management and medical colleges is high.