#recruitment analytics

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There is no second chance in hiring. Once a wrong fit is hired, the organization has to bear the cost of appointing and training the employee. That’s the reaso…

Recruitment is a crucial task and if you want to collect potential candidate data, recruitment analytics helps to make it perfect. It helps in tracking, measuring, analyzing data and simplifies quick hiring. Apart from recruitment, it also promotes employee retention.

[ivikashthakur]

Recruitment Analytics for a Better Hiring Picture

Recruitment is an ongoing process and employers put plenty of resources on hiring activities. It is a multidimensional aspect for any of the businesses. It becomes more complicated in larger organizations, in fact, recruitment plays a role of sister-concern industry for them. If such energy is put on hiring activities, every employer must be wanting an insight of each step taken and the outcomes of it.  

Basically, it is about ‘Recruitment Analytics’. Without analytics, it’s impossible to precisely project what your organization need, where it lacks, total impact and ROI.  It facilitates employers in decision-making to further make directional decisions about investments and alteration in the hiring process.

One of the biggest hitches of recruiting without right tools is you don’t have any record to learn from once everything is done. To mine full value from any recruitment process, you are able to see the steps taken and repeat them. Every hire is a chance to build new associations and widen the company network. Hiring professionals consider it as building a “talent pool”. Recruiting software provides you a perpetual data of every hiring and a flying start on further hiring activities.

It unravels the possibilities to absorb and improve the process itself on the basis of available analytics and reports. When there is a record of every step taken (source of candidates, total time consumed, interview etc.), it becomes easy to unlock valuable lessons. With a right recruitment analytics tool, you can easily know:

·       hiring blockages

·       best platforms to locate candidates

·       managers who need help

The best way to look into every inch of hiring activities, a right HR analytics tool is recommended to you if you are looking forward to making the recruitment process more robust, transparent and worth.

[ivikashthakur]

The Significance of Recruitment Analytics

If you are looking for better results in hiring practices being an entrepreneur, you have to make some alterations in your recruitment practice. One of the best changes is to adopt ‘recruitment analytics’. You need to collect and retain the accurate type of data, like the source of your candidates, how they are applying for the open positions that your organization has and what kind of skill the approaching candidates have. Intelligent practice of recruitment analytics facilitates you to find the difference between previous and present recruitment data against your business targets.

HR professionals understand the importance of recruitment analytics even if they don’t have any analytics tools in place or they don’t follow any plan for the same. According to a report, 75 percent of HR leaders believe that analytics are crucial for the success of business. But, it’s an irony that just over half of them don’t use any of the recruitment analytics tool. Those who are using any of the technologies, they are outdated or don’t fulfil the current requirements. On the other hand, it is surprising that less than 25 percent of companies analyze all the data they collect during their HR processes.

It is crucial which recruitment metrics tool you are using. If recruiting metrics are not according to the business goals, it will not help business in improving even make it complicated to understand through the unnecessary analytics tools used for your organization.

If you are looking to improve your hiring results, these are the three crucial aspects of recruitment metrics that you need to pay attention to - sourcing, quality of hire, and satisfaction rating.

Sourcing

Sourcing analytics track source of the best candidates. For example, you are able to track the platforms such as Linkedin, career site, job boards, referrals, etc.   If you know which platforms is proving to be a great source of great hires, you can better focus on it and improve the visibility on others as well.

Quality of Hire

As far as quality of hire is concerned, it would help you know the retention rate of the candidates hired, the value they bring to the positions they have been offered, what are the capabilities of them etc.

Satisfaction Rating

Knowing when improvements are required is crucial for any business. Satisfaction rating is important here. Once hiring is done, there is a possibility to overlook satisfaction rate. To take the recruitment analytics to another level, you need to work on the inputs from candidates through surveys, questionnaires etc.

Recruitment analytics help you more than just having reports of recruitment activities. When you are looking to improve the entire recruiting process and support retention, you must choose a suitable and robust modern day recruitment analytics tool!

Author Bio: A firm believer of “Everything Happens for a Reason”, Vikash has been writing on plenty of subjects for internet. Presently, he is associated with recruitment technology industry and sharing tips on the best HR practices through the use of HR technology and beyond that.