Why should data collection and analyzation on the recruitment process matter?
Data collection and analysis is the only way to objectively and effectively access a process. Every business can benefit from evaluating where things are going well and where there is room for improvement—this can only be done with accurate data and analysis. Data analysis can identify the bottlenecks in a process, and then track the change once more resources or attention are added.
[click_to_tweet tweet=”Every business can benefit from evaluating where things are going well and where there is room for improvement.” quote=”Every business can benefit from evaluating where things are going well and where there is room for improvement.”]
What type of recruitment data is most valuable to an organization?
Your organization’s “most valuable recruitment data” really depends on what you are trying to measure and improve.
We use four core metrics to measure our recruitment programs: efficiency, effectiveness, sourcing and marketing ROI, and business impact.
Process efficiency is tracked by analyzing time to fill, days in process, and hiring workflow. Effectiveness is measured by looking at things such as cost per hire and hiring manager satisfaction surveys. Sourcing and marketing initiatives are tracked by looking at applicant flow, candidate source, career site traffic, and open/click-through rates of email marketing campaigns. We measure the overall business impact of recruitment function by assessing candidate performance, productivity, and retention, as well as tracking internal applicants, promotions, and transfers as part of our Integrated Talent Platform.
[click_to_tweet tweet=”Having “big picture” data is great, but just as important is the next level down in order to understand the “why” behind the stats.” quote=”Having “big picture” data is great, but just as important is the next level down in order to understand the “why” behind the stats.”]
Organizations should always look for new ways to search, find, and capture data. Having “big picture” data is great, but just as important is the next level down in order to understand the “why” behind the stats. For example, knowing time to fill is lagging in a certain location is great insight, but if you have no way of drilling down to the next layer to see what part is dragging out the process, knowing the time to fill is slow becomes much less valuable.
How can organizations humanize numbers to create feedback on the recruitment process?
As the unemployment rate continues to drop and we shift to a candidate-driven market, the rules for talent acquisition have changed. Therefore, we need to use a different lens when reviewing data. Historically, talent acquisition processes were built on efficiency, effectiveness, and speed of hire. Although tracking these metrics is still important, the candidate is now the front and center of the recruitment process, so tailoring the experience to be engaging and interactive around moments that matter during the talent acquisition journey is imperative.
When trying to engage with the passive candidate market, marketing and sourcing is not a perfect science, and tactics can vary search to search. However, it is important to use hiring data that tracks candidates submitted, interviewed, and ultimately hired to look retroactively at what marketing and sourcing approaches worked best, why they were successful, and how to replicate them in future searches.
How can we use the findings to make us better?
As HR teams continue to transition from transactional processing departments to strategic enablers of business objectives, metrics need to focus on business outcomes, not existing TA key performance indicators (Key Performance Indicators). As an RPO provider, we can offer a tremendous amount of data to our clients, but we differentiate ourselves from our competitors in our ability to turn data into actionable insights to ultimately improve the candidate and employee experience, while also positively impacting business performance.
With the launch of our Integrated Talent Platform, we are now using data to track and assess the complete candidate to employee to alumnus lifecycle. As a part of this process, we not only provide data on the recruitment process, but we also track employee engagement levels in real-time to produce predictive analytics on employee behavior. We can develop hiring profiles associated with high performance and high engagement, as well as monitor levels as a leading indicator of turnover.