It’s no secret that recruiters are huge fans of statistics, figures, and metrics. However, it is neither a personality trait nor a compulsion. All kinds of useful insights can be gained from recruitment analytics. Both internal teams and recruitment agencies will benefit from these new pieces of information in the long run.
An overview of recruitment analytics
Analyzing recruitment data and making predictions is the essence of recruitment analytics. Its main goal is to uncover (and showcase) some essential (and real-time) information to assist recruiters in hiring faster. These breakdowns allow us to dive into any business angle since there are several aspects and figures to keep track of. What is our goal? Improved recruitment is the short answer.
Why is it so crucial?
- Identifying new sources
- Having a much wider network of potential hiring candidates
- Building stronger relationships with passive candidates and applicants
- Most vacancies can be filled more quickly and easily
- Expense reductions
- Enhancing communication between recruiters and hiring managers by measuring performance more objectively
- Enhancing candidate and employee experiences
- Employer branding
The three most important recruitment analytics
- What is the average time it took you to hire a suitable candidate?
Speed, quality, and costs are inextricably linked in recruiting. It is usually more likely that quality candidates will be hired when the hiring process is smooth and fast. Empty seats can be costly, and often this aspect is overlooked. It is too expensive for some firms to call recruitment agencies for help.
- What is the cost of your recruitment process?
An excellent recruitment analytics example is the cost of hire. All recruiting and hiring costs can be measured relatively easily. It will help you gain a deeper understanding of your performance if you benchmark them against those of your direct competitors. Nevertheless, finding good sources and channels and developing new strategies to save and attract the right crowd cannot be separated from other metrics.
- How good is the higher quality?
It is important to pay attention to the quality of hire. Analyzing and measuring it doesn’t rely on just one metric. As an example, you could track if your new hire is considered a top performer. If your processes are too lengthy, something must be off. You should find the cause and resolve it.
Plus tips for utilizing these three analytics
- Make sure your company is focused on the right areas according to its unique values, goals, and mission.
- Make sure you pay attention to the time, location, and quantity of which stats you’ll choose to follow and analyze further.
- Use a recruitment analytics dashboard to visualize the data you collect.
- Learn the skills you need as a recruiter and improve your hiring process.
- Data is a fail-proof tool for planning a successful future. An efficient hiring process and better outcomes are dependent on predictive analytics.
The best recruitment analytics tools
The recruiting industry has embraced all kinds of Applicant Tracking Systems and other tools to help them. Having all these valuable numbers to track always seems daunting, so how about another super-simple tool? There are a few that immediately come to mind, like Google Analytics.
You should give these tools a try. Having stats at your disposal is a powerful ally.