A few weeks back we discussed key metrics that a recruiter should use to measure success not realizing the can of worms we opened. And after fielding so many questions on the topic, we decided to go a little deeper this time and take a look at the other data that recruiters should also pay close attention to.
As you are well aware analytics are now used in practically every facet of business. Even sports teams are making good use of data to determine whether or not an athlete is worth the investment. And while recruiters can and should apply this approach to their candidate searches, the analytics we’ll discuss today cover all aspects of the hiring process and beyond.
In our previous post 6 metrics to measure your candidate sourcing success, we took a look at
- Time to source
- Source of hire
- Cost of hire
- New hire retention
- Offer acceptance ratio
- Gender balance
Having already discussed the importance of this data we’ll leave it for now and concentrate on the other metrics we’d like to you to add to your checklist.
Any recruiter worth their salt these days understands the importance of a positive candidate experience. This is why you should always ask successful (and even unsuccessful) candidates for their feedback on your hiring processes. Create a survey and ask all your candidates to fill it out. The information collected in this survey is absolute gold and can help you ensure that your next campaign is a veritable walk in the park for candidates while creating an incredibly positive brand image.
Applicants for each position
Measure the number of applicants for each opening that you recruit for. This will give you an idea of how popular a job may be in the current climate. Having said that though, a lot of applicants for one position doesn’t necessarily mean that the job is one that everyone wants. If, after resume screening, you remove a large percentage of candidates from the process then it could be that your job description is too broad.
Application Completion Rate
Do a large percentage of your candidates get to the application form then abandon the process? If so, then there’s definitely some room for improvement. It could be that the process is too long or complicated. Either way, by analyzing this data you’ll have a clear picture of where your application process falls short and how to improve it. Then again, it could be that you’re focusing on the wrong sourcing channels.
Effectiveness of Sourcing Channels
Facebook, Linkedin, Twitter, and jobs boards, we all have our favourite channels from which to source our candidates. But while you may prefer the simplicity of Facebook’s ads, Linkedin may, in fact, bring in more potential hires. However, don’t simply measure the candidates coming from each channel, but how far along the application process they make it. Perhaps your Twitter sourced candidates rarely fill in the application form, but your Linkedin candidates often make it to the interview stage. And this feeds nicely into our next metric.
Cost of Sourcing Channels
Having an accurate record of the money you spend on advertising means that you can easily determine the cost of candidates from each particular channel. This allows you to budget for future campaigns knowing which channel offers you more bang for your buck. This is a simple metric that could, alongside effectiveness, could have a major impact on future campaigns.
Now, this is a metric that is often overlooked but that we feel is important nonetheless. If your candidate is happy in their new position, then you can bask in the glory of a job well done. But your feel-good factor isn’t the only reason to collect this data. It’s also an excellent way to judge how well you described the job at the interview stage and whether your job posting was in fact accurate. If they are unhappy with unexpected aspects of the job, then you know you’ll have to focus a little more on making your job descriptions more detailed.
Quality of Hire
This data will take some time to collect as it depends on the first year performance of your new hire. However, it is extremely important for the recruiter that plays the long game (everyone should play it). How you measure the quality of a hire is specifically down to the aspects of their employment that the company finds important. It could be cultural fit, a willingness to take on more responsibility, or their output. Sit down with the hiring manager before the recruitment process and determine what would make a good hire. This will give you a benchmark to refer to once the candidate has completed their first year.
Data is the fuel that drives the recruitment industry towards its ultimate goal, and we think that it may be helpful to also check our post on Make these data-driven decisions a part of your talent acquisition strategy.
While paying close attention to all of the above metrics is not absolutely essential, it can help improve future recruitment campaigns, and that is definitely a good thing. Recruitment, like many other industries, is all about adapting and improving processes to provide a better service and ultimately achieve better results. If marking a few things off your analytics checklist is all it takes to do so, then it’s an undertaking well worth the effort.
While we can’t help you track all the metrics mentioned above, we can certainly ensure that you are targeting the right candidates in the first place. Learn how our team can help you build the perfect candidate pipeline and we’ll even give you a free demo to show you how it’s done.