Applicant Tracking Systems do more than just easing the recruitment process or saving time for your company. From improving your employer branding to automating the recruitment process to improving your talent brand or quality of talent, an ATS is the new superhero of your hiring system. So now you may ask – what is the source of its power? Hiring analytics – that would be the answer.
Today, we will take a look at 6 metrics (that should be a part of your hiring analytics) that you need to track to be one up on your talent brand.
1. Recruiting Campaign
This metric will tell you the success of your email campaign. Metrics like open rates, response rates, conversion rates, and bounce rates will help you understand the success ratio of your recruiting campaigns. So for any reason, you are not getting the desired ratio or responses, it would help you analyze what went wrong and change your campaign content or techniques.
2. Careers Page/Social Media Visitors
This is very crucial as it helps you understand, which sites churn out the best fit for your role. So ideally, your hiring software should provide you analytics on career site visitors, bounce rates, average session duration, conversion rates, traffic source, etc. if they come from career or social media sites. It would also help you track the sites that bring in most qualified candidates.
3. Application Form Metrics
Application forms are the key to getting applicants for your open positions. A modern recruitment software should help you track application form conversion rate, abandon and return rates. Once you get the metrics of candidate drop-off stages, it would be easy for you to rectify issues that may have happened at your end (especially, issues like a long application).
4. Hiring Source Metrics
There are two types of metrics under this one – Quantitative Metrics and Qualitative Metrics. Quantitative metrics tells about applicants per opening, number of applicants per source (social media sites, referrals, job boards, etc.), number of hires per source, number of qualified candidates per source, and the retention rate. Qualitative metrics deals with sources – that of best applicants, best hires and influencing channels.
5. Assessment Effectiveness Metrics
With companies focusing on getting the right fit, screening candidates has become a critical part of the recruitment process. Right questions, right skill tests, and the right assessment helps hiring managers to narrow down efficient candidates for the job opening.
6. Hiring Time
Hiring time or velocity metrics will tell you how long takes you to find and hire candidates. It will show you how quickly you are able to fill a position. These are of two types – pre-application metrics and post-application metrics. The former tells you the time gap between publishing your job opening until the receipt of the first application and the days it took you to source a qualified candidate. The latter tells you about the time it took to fill in a position, the total time is taken to hire, time in stages (application, screening, talent assessment, assignment, interviews, employment offers, etc.
Improving your talent brand means improved business growth. With many application tracking systems in the market, hiring analytics and metrics provided by each hiring software is a deciding factor in taking your recruitment strategy places. In turn, it means having the right fit for your job openings and thereby business growth.
At MyNextHire, we know the role that hiring analytics play in making or breaking your recruiting strategy. That is why hiring analytics is our USP. Talk to us if you want to know more about our ATS.