Recruitment analytics are having a bit of a moment right now as everyone tries to navigate the great resignation and the turnover tsunami. Human resources leaders and recruiters are facing problems that they haven’t faced in quite some time: they have to do the courting and the chasing. For a long time, applicants and candidates had to worry about following up at the right time, finding the right language to use, and looking at the best job boards.
Now, HR leaders do it, and many are lost. It’s hard to completely change the way you do something, especially when you know what has worked for you in the past just won’t cut it anymore. However, all HR leaders, no matter where they work, are being called to meet the moment.
Recruiting analytics are part of people analytics and HR metrics. They are used to measure, collect, and analyze data about the hiring process to make better decisions, trim the fat off of processes, and streamline candidate experience.
HR leaders need to utilize recruiting analytics to make better, data-driven decisions around their hiring efforts. Bigger businesses have been doing this for years, but mid-market and even small companies now need to do it to keep up. Without recruitment analytics, many companies will fall behind and fail to make key hires.
Some companies will use predictive analytics to help them estimate what their needs will be during a hiring blitz and others use historical data (either their own or collated data) to predict what happens next. There’s a degree of empowerment behind these numbers because HR leaders can prove what they know to the C-Suite to get the resources they need.
Don’t pay attention to your recruiting analytics? Don’t panic – many people aren’t. However, now that you know you should be doing so, you need to start. This isn’t something meant to scare you, but rather inform you of what the potential could repercussions could be of just ignoring this data.
What is your timeline for hiring? How long does it take you, from the moment you post a job opening, to the moment you start onboarding them? It’s important to track these metrics so you can increase efficiency. Right now, people who have a faster speed-to-hire are more likely to get the top talent they want. If you are above the average speed, you may be able to take more time with specific openings. if you are below average, you may need to find ways to speed up the process or you’ll lose out on top talent.
Does this mean that every new hire is going to have the same speed? Not necessarily.
Another recruiting metric to track is your hire quality. How much of an impact did your new hire have on your workforce? Did they help you reach your goals and OKRs? How long did that new hire stay with your company before attrition, succession, or churn? These are longer-term metrics that you can track to see what methods are most effective at finding and retaining the best fit for your company.
You can tie these hiring metrics right into performance metrics. With a solution such as the Trakstar platform, you are able to make direct connections to hiring and performance, as well as to training and development. To learn more about the Trakstar platform, hiring and recruiting metrics, and so much more, you can schedule a personalized demo with the Trakstar team today.
With hiring and onboarding, you need to pay close attention to your results. Did a specific hiring class have a better outcome? You can attribute this to their hiring and their onboarding, only their onboarding, or neither. However, you can’t really make that judgment unless you are looking at the data. You can make a supposition, but we often need to be better than that.
Onboarding has less to do with recruitment analytics and more to do with training analytics, but we can’t ignore what went into that hire as well. Time-to-hire and onboarding may have a connection that would go unnoticed if not for analytics.
The Trakstar platform allows you to link hiring right to your learning initiatives to bring everything together. In talent development, it often isn’t one “thing” but a million little things coming together in the perfect way.
How diverse is your company? Hiring for diversity is important and you need to find a way to track your hiring pools. When you start tracking your diversity recruitment analytics, you are more likely to spot any biases you have within the hiring process. This is something you can pay more attention to and, of course, correct.
Most HR leaders know how they are doing in this area, but it’s always a good thing to have the numbers ready.
What job boards are giving you the best results? Which job boards never produce good hires? When you start keeping track of your recruiting analytics, you will be able to see what boards are better. You can even get deeper into the weeds and sort by type of opening, department, speed-to-hire with the specific board, and so much more.
Then, you can pick and choose which job boards to post on so that you get a better result.
Planning to do a hiring blitz in the near future? Use historical recruitment data to plan ahead for budget, timelines, workflows, and more. It can be really difficult to plan for specific hiring needs, but knowing your metrics can help you make an educated decision about hiring for specific roles or departments.
What phrases work in job descriptions? What skills should you list? Is there a way to position your headline so that it attracts attention? From a long list of jobs, particularly in industries where there are always a ton of openings, you need to find ways to differentiate yourself.
By tracking what job descriptions work best for specific roles, you can easily duplicate that success moving into the future.
Recruitment analytics are going to become even more important for companies of all sizes and scopes. It will help you make better decisions when it comes to posting openings an eventually hiring your top talent. Building a strong workforce is hard, but analytics can help you do it – but only if you do it correctly.
Tracking and evaluating these analytics can seem daunting and like it takes a lot of time. However, in a few weeks, Trakstar will be launching Insights for Trakstar Hire, a new way to look at your HR and recruiting analytics. Through this built-in dashboard, you’ll be able to continuously optimize your recruiting and hiring processes.
If you’d like to learn more about the Trakstar platform, you can schedule a demo with our team today. We’ll walk you through how we help you attract, retain, and engage top talent, no matter what the market is like.
Trakstar Hire is considered the most user friendly hiring software on the market. If you’re ready to take your recruiting and hiring to the next level, request a Trakstar Hire demo today.