Like anything else, the more you can measure, the better you can improve. Measurements and recruitment analytics give you specific insight into your recruitment process to better understand:
- How effective your recruiting efforts are
- What stages of the process are lacking efficiency
- Where your recruitment budget is spent
- Areas that need improvement
- Areas where you should double down
In this post, we’re going to take a look at some key recruitment analytics that you should look at in order to improve and streamline your recruitment and hiring process.
Let’s get started.
Time to Fill Position
This is one of the most basic and foundational recruitment analytics that can help you understand exactly how long it’s taking to fill roles in your organization.
Time to Fill is the time it takes between the day you post a position to the day person steps through the door. (Don’t confuse this with “Time to Hire”, though, which instead of beginning when the job listing goes up, it begins when the company begins communicating with the employee instead.)
While this number could be impacted by other variables such as coordinating schedules, setting up interviews, and more, it’s a good baseline figure to give you an idea just how long it’s taking you to fill roles.
You can also break this down by department to see specifically who needs to increase their efficiency and who is rushing the process.
Reduce your “Time to Fill” by streamlining those beginning interview stages to be simple and straightforward. Use the second and/or third interviews to dive into the details once you narrow down a good pool of candidates.
You can also reduce this time by making sure your job ad is finding the right people by utilizing Google ranking signals, Google schema, and other job optimization techniques. This will get you more qualified candidates hiring faster and more frequently since your job ads will be near the top of Google for Jobs.
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Source of Hire
The name of “Source of Hire” is pretty self-explanatory: Where are your hires coming from?
Take a look at how your new hires found your company and the job listing specifically. Was it on a job board like Indeed or LinkedIn, through a referral or reference? Maybe it was from a Google search that brought them to Google for Jobs and then over to your company website.
If certain platforms aren’t yielding many (or any) candidates (let alone eventual hires!), you might be able to focus your efforts elsewhere instead, saving time and money.
On the other hand, if there is a specific platform that you have more success with compared to others, you could hone your focus onto that platform with increased ads, longer-lasting listings, and improved job description & listing optimization.
Channel Sourcing Costs
While you’re looking into the source of hire, take the time to look into the cost of each of these platforms.
Costs vary wildly and you’ll need to do some analysis to see whether the cost of using these job platforms balances out in the long run… or if it’s not worth it to shell out money on a platform that seldom yields success.
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Streamlining Your Technology & Recruitment Analytics
Looking into the technical aspects of recruitment often goes undone unless you have someone on your team with a recruitment marketing background. That’s understandable — many of the technical aspects behind ATSs and RMPs can be confusing and require additional training.
However, these technical aspects are definitely essential for understanding your recruitment analytics and processes.
Whether you’re using LinkedIn, Indeed, programmatic job ads, or other types of media, the biggest mistake you can make is not setting up proper tracking methods. These tracking methods can look at clicks, application numbers, application abandonment rates, application completion rates, and more to inform you about your recruitment process.
What’s important is that you are not looking at any of those data points in a silo, and understanding how each one affects the other.
Bottom Line of Recruitment Analytics
As you can see here, there are many variables that determine the time, quality, and cost of your recruitment process. These are just a few starting points that can give you a better overview and understanding of your recruitment analytics as a whole.
Once you have these more general numbers & recruitment analytics in your mind, you can use that information to delve deeper into areas that need improvement to find specific stats & numbers that can help you improve.
Once you uncover where you need to improve, partner with the experts to take those steps forward. Jobiak can help you optimize your job listings to get to the top on Google for Jobs. Learn how we can help you here.