Tips on How to Use Recruitment Metrics Best Practices
Tuesday, April 18, 2017
Successful Recruitment Strategies
There’s no doubt reporting has become an integral part of the talent acquisition lifecycle. More and more companies are recognizing the power of reporting, with 73 percent of companies wanting integrated data and analytics in their HR technology (Bersin by Dolitte, Deloitte Consulting LLP, 2016). Whether it’s job performance, time-to-fill, or career portal activity, knowing how to analyze and make the most out of your recruitment data can impact how you reach your recruitment goals. Here are four easy ways you can leverage metrics to make successful recruitment strategies.
Measure Metrics Aligned with Your Business Goals
Realize that, as important as reporting is for successful recruitment and growth, it’s unique and different for every organization. Consider your company’s exclusive values and goals when identifying the top recruitment metrics you want to measure and ensure they correlate back to your business strategy. Robust recruitment software, such as iCIMS Recruit, can pull vast amounts of data and expedite custom reports. While this is beneficial - it’s easy to lose sight of successful recruitment strategies and goals when you don’t have a focus. Be strategic in choosing which metrics you want to dive into, rather than overwhelming your reports with every aspect of your talent acquisition strategy.
Pinpoint Your Most Successful Sources
As the talent acquisition landscape evolves and the number of places to promote job opportunities grows, it’s important to look at your sourcing strategies and identify your top performers. Where are your most successful new hires coming from? For example, 30 percent of new hires come from job boards – which one works best for your organization? With thousands of different job boards to choose from, track performance and source-of-hire to see if your tactics are working, or if you should focus your efforts elsewhere. Whether it’s social recruitment, recruitment advertising, or your corporate career portal, tracking your source-of-hire allows you to make smarter recruitment decisions to better reach qualified job seekers, and in turn, fill roles faster.
Create a Better Candidate Experience
Recruitment is multi-faceted, and it’s easy to leave aspects overlooked. Oftentimes, the candidate experience falls by the wayside, when in reality - it should be a number one priority. A candidate experience can make or break a company’s relationship with job seekers, and unfortunately, 46 percent of candidates rate their experience applying for jobs as poor to very poor. With the help of a powerful applicant tracking software, quantifying your candidate experience doesn’t have to be a headache. Run reports to see just how user-friendly your applications are with recruiting metrics such as time-to-apply and completion rates. Is there room for optimization? Consider other metrics as well, such as recruiter response times, candidate satisfaction, and offer acceptance rate. Use this data to find the weak spots in your candidate experience, then make improvements.
Report on Onboarding to Improve Retention, ROI
Give your onboarding the attention it deserves. In fact, 69 percent of employees who participate in a formal orientation program are more likely to stay with a company for up to three years, making it a pivotal part of the recruitment lifecycle. Are you making the most out of your onboarding efforts? Measuring and reporting on metrics such as quality-of-hire, turnover, and employee participation can provide valuable insight into individual employee productivity and company retention rates. More importantly, utilize recruitment metrics best practices to see exactly how your corporate onboarding programs are performing and track your return-on-investment (ROI).