Last night I was working late, to look into the google analytics and understand which blogs have got the highest traffic. So that I can conceptualize the next one and do a little experiment for some new keywords.
Suddenly, a thought crossed my mind, looking at the word analytics which was sitting right there at the top left corner of the screen.
Think about it once. The person who invented this word, chose the 1st letter so wisely while constructing it! In the era of digitization, we practically live in the world of A for Analytics!
Hence my question to you, have you been implementing the analytics in your hiring process too? Or, do you know how analytics can show you the other side of your recruitment coin?
In this blog, I am going to tell you about the ways of getting benefitted from recruitment analytics. Do hit the subscribe button if you like the way I am going on and on about recruitment every week, will you?
The well known multinational professional services network, Deloitte, came up with a very interesting concept called “Datafy HR” a few years back. In their words, “The focus on big data will challenge HR leaders to build a people analytics team, build together multi-disciplinary skills, and develop a long-range plan to ‘datafy’ HR”.
They also analyzed, there is one big loophole in the concept of datafy HR. Most of the companies use data mainly to create descriptive reports. But they are not being able to use and leverage the data in a strategic way that align with business goals such as recruitment.
Research says, 78% of large companies rated recruitment analytics as a need of the hour. Whereas, only 7% of them have rated their organizations as having strong recruitment analytics capabilities.
Recruitment efficiency depends on various metrics. In our blog on Recruitment Metrics, you have already learned about the most effective ones. Now, it’s difficult to keep a track on every metric. Isn’t it?
Here, an applicant tracking system comes in picture. You will be awestruck if I tell you what wonders can an ATS do to bless you in the field of recruitment analytics. Let’s have a look at all its features then!
Analyzing the sourcing method:
Do I need to emphasize this part?
We all know how important sourcing is when it comes to recruitment.
A recruiter needs to dig into all the social media platforms and go through every profile that matches the requirement. Isn’t it?
But, how will you identify which sources have the highest turnover rate?
Or, do you keep a count on how many quality hires you are getting from each source?
I am sure you don’t. Also, it’s tiring as well.
David Mann, Global Recruitment Manager of L3 communications, was facing trouble with sourcing right after joining the company. For months he could not source the right talent, even when he did, they did not stick around till the time of the interview.
Afterward, he thought of fetching some help from an Applicant Tracking System. With the help of sourcing analytics, he chalked out the next plan of action, implemented it, and in the next three days sourced 250 candidate profile from LinkedIn, 200 from Monster and 50 from Github. Isn’t that amazing?
An Applicant Tracking System helps you to find out the sourcing capability of each source you are using.
Not only that, it shows you the number of quality applications too which came from different sources.
Have you ever sourced someone and did not do anything on that profile? Recruitment Analytics will help you to fish out all the unused sourcing so that you can use them as a backup too!
Find out Areas Which Are Being Cause Of Bottleneck:
Are recruiters not sourcing enough CV?
Are Interviewers not giving feedback properly?
Is the conversion ratio over a month good enough?
You don’t need these questions to clutter your mind always when you have the recruitment analytics handy.
It shows you your process bottlenecks through various graphs, bars and charts so that you can get rid of them completely.
Also, be it a recruiter or an interviewer, they will be able to see their performance analytics by themselves, and right the wrongs they have been doing!
How hard you need to work on a particular requisition?
Do you have various requisitions open at a single point of time?
I know how confusing it can get.
Every day while sourcing or calling candidates, you spend almost half an hour thinking: “Which one will I start with next?”
Fret not anymore! Applicant Tracking System has got your back here too!
Based on requisition classification, a detailed analysis will enlighten you about the requisitions which require your hard one.
Now that you know, you can go a little easy on the smooth going ones!
Are you building a good candidate experience?
In my blog on Recruitment Metrics, I have mentioned previously how important is the Time To Hire metrics to build a good candidate experience.
Remember the time when you were on a job hunt?
Some recruiters were literally after you to schedule an interview. But once it was done, you never heard from them again till now.
On the other hand, you have met a few recruiters who provided you detailed feedback even after you were not selected. They told you the reason for not being selected, explained the fields where you needed improvement. That helped you a lot to crack an interview in the future.
This is what Time To Hire Metrics is all about. Where you value the candidate’s time as much as yours.
And need I say again, Applicant Tracking System provides you with detailed analytics about Time To Hire as well?
That was all I had to say about Recruitment Analytics. Just one tiny but very important piece of information is left before I call it a day. If a metric is not bringing any change to your process, then it’s not a good metric. Hence, always choose your recruitment metrics wisely.
Want to have a look at which recruitment metrics I prefer mostly? Schedule a demo with MyNextHire, and go ahead!