Level 2: Advanced reporting/analytics At level 2, the relationships between different variables are regularly examined. Here are three essential recruitment metrics we use at Recruitee. Be sure to read the previous article in this series: 6 Best Recruitment Metrics to Optimise Your Recruitment Process. Put your recruitment plan into action. Collect relevant data 3. 80% see it as a high priority issue. Employee SWOT Analysis 2. Prioritize candidates that are likely to respond, and reach out and contact the candidate. Integrate data sources and create your dashboard There are different applications for each function within HR. Put the data into perspective 5. Recruitment metrics examples: Passive Candidate Conversion Rate Recruiting passive candidates successfully is the "bread and butter" of any recruitment agency. Mrs. Jones has a thing for vintage designer bags. There are three main stages of recruitment analytics to consider, including: Operational reporting The first stage of recruitment analytics is operational reporting. For example, print advertisement yielded 15 candidates last year, while online employment. Selection ratio 10. An example of such an optimization is a case study on chatAssess, a chatbot that was implemented to optimize the application process for Rolls-Royce. Talismatic's talent analytics leverages competitive intelligence to bring forth some of the most exclusive data like: Positions your competitors are recruiting for In future parts of this series, we will list the best metrics and how to build a strong recruitment analytics dashboard. Time to hire 3. Why time to hire is a key metric. Candidate job satisfaction 8. Visualize your data 4. 3. Referral source is a simple measurement of the number of candidates received from a particular source. In fact, about 98% of Fortune 500 companies use an ATS, according to Jobscan research. What are recruiting metrics? Employee Performance SWOT Analysis Strengths and weaknesses are generally considered as the internal factors of the company, whereas opportunities and threats are known as external factors. Proven scripts from industry experts could be just what your recruiting strategy needs. Other examples of analytics are the prediction of an ideal candidate profile, predicting the time to hire, and optimization of the recruitment funnel. In our e-book, "Recruitment Analytics and KPIs", we would like to show you why analytics and KPIs are essential for your recruiting success. The smart use of recruitment analytics saves a lot of time and money in helping managers make better-informed talent decisions or track employees' performance. Send new hires a survey asking them how they applied and how they found out about the job opportunity. Name. 5. Before, most recruiting teams were flying blind trying to put butts in seats as quickly and cheaply as possible, disregarding the impact of recruitment activities on business results. 1. This metric tells you the number of candidates you get from specific sources, like job boards. Cost per Hire How much does your company spend to hire someone? Here are some examples of specific metrics that can be measured by HR: Time to hire - The number of days that it takes to post jobs and finalize the hiring of candidates. To help you get started with designing a recruitment dashboard that works for you, here are a few examples: 1. This means you look at information from the past in order to determine the likelihood of a future outcome. A gauge icon indicates the completion rate of the application . It helps you examine and analyze key metrics that tell how well your recruitment process is functioning. 1. This dashboard should be easy-to-use and provide only the most relevant information as it pertains to your core KPIs. With good reason. Talent analytics showcases its optimum potential in this example. Use the data to plan for the future 7. Optimize your hiring process with data insights 6. Recognize data limitations Next step What exactly is recruitment analytics? How a software can help you to optimize your recruiting process. Here are some ways predictive analytics can be used during the recruiting process. This metric looks at how many days pass from the time a job is posted to when a candidate accepts an offer. First-year attrition 5. Candidate sources It's important to know where the talent in your pipeline comes from. For example, if you fill three positions and they took 20, 40 and 60 days to fill, your time to fill is 20+40+60/3 = 40 days. While there are many types of dashboards, here is a recruitment dashboard example that you can use to visualize the main KPIs related to your recruiting funnel: **click to enlarge** This metric is monitored over time and is compared to the desired organizational rate. Recruitment analytics best practices 1. Approximately 71% of recruiting professionals see analytics as a high priority for recruiting success. Create your own. To sum it up, recruitment analytics is your road map to attain your organizational goals. An Exploration Into the Depths of Recruitment Analytics-II Hiring managers are the most concerned about analytics. RECRUITING ANALYTICS PLATFORMS / 01 An ATS Many (if not most) hiring teams already use an ATS in their hiring processes. Competitor recruitment strategies have so much for HR to analyze and inform their endeavors. What comes next is putting your strategy into action. Only 15% of respondents have access to a dedicated recruitment analytics tool. It tracks the number of sessions to the careers page (an important indicator of the health of the company's 'employer branding') as well as the top sources driving that traffic. Furthermore, you get to know your recruiting strengths and weaknesses that help improve the recruitment process leading to quality hiring. The template above provides a macro perspective of recruitment activity. 3 Examples of Recruitment Dashboards. Cost per hire 11. Recruitment cost to hire - The total cost involved . Next, I'll share what they tell us about our performance. Recruitment SWOT Analysis Examples & Templates 1. Recruitment analytics is defined as the application of statistical analysis and modeling to the recruitment process to improve business outcomes. The trick here is to pipeline proactively and reach out to potential candidates by making them aware of your organization and highlighting its strengths. Examples of HR analytics Metrics. Step 4: Set up measurement and reporting with analytics recruitment tools Once you've set your predictive analytics machine into motion, the next step is to create a recruitment KPI dashboard to measure the results. These are candidates who match your job opening, but are not actively searching for a job. This dashboard is built around the digital experience for potential new candidates. Cost per hire- the amount an organization spends throughout the hiring process Candidate experience- how candidates feel about a company's hiring process Offer acceptance rate- the number of job offers accepted out of total offers Age of job- The time period of an open job Analyze every aspect of your business with Zoho Recruit Get Started Source of hire 4. Choose the right metrics to track 2. It can be used to: Assess which of the qualification requirements were most likely to correlate with good job performance over time. Hiring Manager satisfaction 7. Quality of hire 6. Applicants per opening 9. It can be tough to know which quality is most important when it comes to how successful someone will be. 3. Offer acceptance rate 13. Time to fill = # of days job positions are open / total # of job positions open. Put simply, Predictive Analytics is the use of historical data to make predictions about the future. Time to fill 2. The most important key figures in recruiting. Let's have a look at an example. Recruitment analytics essentially informs HR leaders and recruiters of the present and future performance potential of their recruiting processes and workflows. This stage includes several of your most well-known recruitment metrics, such as: Cost of recruiting new hires Number of applicants per job opening Number of interviews conducted Recruitment analytics allows companies to connect data from disparate sources and link recruiting strategies to business objectives. They're fast becoming a must-have for all hiring teams. The KPIs you choose are based on your company's recruitment and growth objectives, these are best to start with. Recruitment Dashboard - Overview Figure 3: A generic recruitment dashboard | Image source: Indzara. Even simple hiring processes have costs. For example, you can add UTM codes to your job ads, then use Google Analytics to see which post brought in the most traffic. % of open positions 14. Candidate experience 12.
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