With just a few short weeks serving as all that remains for 2017, enterprise companies everywhere have begun formulating their plans to execute on 2018 strategic initiatives. But one of the most critical tasks before looking forward is taking a step back and evaluating the data being complied in their recruiting platform of record.
The end of year is the perfect time to evaluate your recruiting analytics and adapt your hiring approach to improve overall business performance.
In today’s data-centric world, enterprise companies need recruiting metrics at their fingertips to keep a pulse on maintaining the heath of their business and enable swift action to drive a strong ROI. Because executives have warmed up to the reality that failing to recruit top talent results in the failure of their business, selecting a best-of-breed solution capable of producing robust reporting and metrics is a top priority.
Throughout the year, enterprise businesses have likely posted hundreds, maybe thousands of jobs, and the year’s end is the perfect opportunity to gain insights into their individual performance, social activity and even cost-per-hire to make tweaks where necessary.
The truth is, there’s a lot of value in these analytics that was once completely blind to leadership, but today’s executives have prioritized their importance. This is evident by the 77 percent of which have identified people metrics and analytics as a key priority in their business, according to recent research by Bersin by Deloitte, Deloitte Consulting LLP.
It goes without saying that employers who possess a best-of-breed recruiting solution have a distinct advantage from those electing throw-in recruiting apps supplied by HCMs. A focused solution affords companies and their leadership many advantages, highlighted by vast metric and reporting to supply them with detailed performance insights, ultimately saving serious dollars.
Knowing how to leverage your recruiting analytics to reach your hiring goals is vital when making informed business decisions. Whether it means measuring metrics alongside your business objectives, pinpointing your most successful hiring sources, looking for ways to improve your candidate experience or improving retention.
With a system that provides user-friendly reporting centers to house an array of metrics, HR leaders and recruiters can kick it up a notch to tailor reporting variables that deepen their analysis and understanding of the business.
This data is vital to recruiting more effectively and can be easily accessed in real-time via intuitive dashboards. These dashboards can be customized, making them as simple as a peek into top candidates/job postings, or expanded high-level global recruiting insights.
Another use case for applying recruiting analytics is improving the application experience for candidates, which often falls by the wayside, when it should be treated as a top priority. A great candidate experience can make or break a company’s relationship with both active and passive job seekers, but unfortunately, 46 percent of candidates rate their application experience as being poor (according to iCIMS research).
Recruiting metrics enable a valuable vantage point to scope data points like time-to-apply or completion rate, and could help paint the picture of how easy or difficult your application process is. Other key metrics, like recruiter response time, candidate satisfaction or offer acceptance rate can help you pinpoint weak spots in your candidate experience and act to swiftly improve it.
Administrators can use metrics like time-to-fill or interview-to-hire ratio to highlight broken internal processes, which may necessitate recommendations to company leadership and bridge inefficient gaps.
Ultimately, the possibilities of life with a best-of-breed recruiting solution are nearly endless, from improving efficiency and saving your business impactful dollars, to crafting great overall experiences for both candidates and employees. There’s simply too much ROI to ignore it. When you invest in your recruitment strategy to adapt with what works best, you’re investing in your businesses overall heath and prosperity.