Let's take a li'l look at recruitment analytics and how you can get going.
Basically, recruitment analytics means logging recruitment-related data to spot trends and work out how to hire smarter next time round.
With recruitment analytics, you can:
Figure out if your recruitment process is improving and plug any procedural gaps
Decide which recruitment resources/channels work best and when to use them
Work out which candidate skills have proven most profitable
Prove your ROI on every hire to the higher-ups
Predict how long it'll take to hire certain types of staff
See how awesome your onboarding processes are (and, where they need some sprucing up)
... And, much more!
75% of companies are pretty darn sure people analytics is the way to go, but just 8% reckon they're strong on this already. So, it's time you got cracking.
Here's a lightning-fast intro to help you get going with recruitment analytics:
You're gonna need a pretty swish tech set-up to get started, but the rewards will be worth it.
Call on your IT bods to help you create a system for collecting, cleaning and analysing data.
You might get away with using a spreadsheet for certain things. But, chances are you'll need some snazzy recruitment software.
The things you'll learn depend on the metrics you pick. Choose from:
Source of hire
Cost of hire source
Quality of hire (set your own benchmark)
Applicants per vacancy
Selection ratio
Cost per hire
Offer acceptance rate
Application completion rate
Hiring manager satisfaction
Candidate experience/satisfaction
First year attrition
The more you pick, the better the insight you'll get (but, the more homework you'll have to do too).
Make sure everyone's on the same page when it comes to gathering data.
Tell all the right people about the metrics you'll be using, and set a time to start logging data.
Ask line managers (super-nicely) if they'd be up for tracking all the employee quality-related metrics over time while you get busy with the recruitment ones.
Start with an easy-peasy test to prove recruitment analytics to the folks upstairs. Let's say you're trying to choose which of two job sites provides you with the best candidates.
Here's how it'd go:
Choose which employees you're looking at
Give each a score for quality, first year attrition and hiring manager/candidate satisfaction
Aggregate these scores to come up with an average rating
Split these folks into two groups depending on what site they were sourced from
Add the group member ratings and divide by the number in each group to create an average rating
Hey presto! You've just put a figure on the best job ad site for you.
Sounds simple, right? Even so, there are countless ways you can use recruitment analytics. Dive on in and see what works for you.