Living in the information age, it’s impossible to underestimate the importance of data. For recruiters, it’s time to break the recruiting analytics barrier and improve their recruitment process.
According to LinkedIn, talent acquisition teams with mature analytics are 2x more likely to improve their recruiting efforts. Hiring top talent is what sets your company apart. Here’s An overview of the impact of the top talent in any industry:
In this article, we will discuss recruiting analytics and how to drive tech adoption in your company’s recruitment process.
What are Recruiting Analytics?
Recruiting analytics is finding patterns within your data and providing real-time information to make efficient hiring decisions. It helps recruiters make data-driven and informed choices.
The most common employee and candidate data sources are:
Applicant Tracking System (ATS)
Customer Relationship Management System (CRM)
Human Resources Information System (HRIS)
Why it is Important to Drive Tech Adoption in Your Company?
From smartphones to Roomba, technology has made life easier for everyone. In 2021, HR has evolved in various ways. Not only are they responsible for choosing the right technology, but they also need to implement and adopt it. With that in mind, HR managers are looking for software that allows them to communicate with employees and foster a more inclusive and positive work environment. Therefore, they need HR technology that’s easy to adopt for everyone. If it’s easy to use, more employees will adopt it, making the life of the HR manager easier.
On top of that, tech adoption is about building an organization of the future – that can adapt to the trends of tomorrow. According to a Deloitte survey, 88% of the businesses believed that building an organization of the future is critical. We need to adopt technologies that combine the objectivity of machines with the decision-making powers of humans.
Here’s how you can drive tech adoption in your company:
1. Focus on the long-term aspect of tech adoption instead of just making sure that people are using the system in the beginning.
2. Target all user segments including recruiters, HR managers, analysts, marketing, finance, and business owners.
3. Make persona-specific adoption plans to segment users and their requirements.
4. Lead the change with innovative and fun ideas to motivate employees to do things more differently.
How to Utilize Recruiting Analytics to Improve Your Hiring Process
Track the Right Metrics
Getting started with recruitment analytics means selecting the right data metrics to track. There are dozens of metrics that other companies are tracking, but you can select the right metrics according to your company’s goals and objectives.
According to a Yello report on recruitment operations statistics and trends, the most tracked recruiting metrics are the time to hire, cost to hire, and retention rates. However, there are several other useful recruiting metrics that you can track:
Application completion rate
Job offer acceptance rate
Even after optimizing the process, continue tracking the metrics to improve the process even more.
Collect Relevant Data
An important part of utilizing recruiting analytics involves collecting relevant data and using it correctly. Collecting data is a long procedure because you need to have enough data for it to be actionable. Edward Tufte, renowned statistician said:
“If the statistics are boring, then you’ve got the wrong numbers”
Therefore, collect data for an adequate amount of time before making your hiring decisions. Otherwise, you might end up basing your decisions on short-term outliers.
Visualize Your Data and Put it into Perspective
Data is everywhere, and often there’s so much of it that it can be quite overwhelming. Visualize your data to make better sense of your data and help other people understand it.
That’s where recruiting dashboards come in. Recruiting dashboards visualize the data and make it easier to see patterns and trends. With a great dashboard, you can track metrics over time and get actionable insights from them. Numbers have a very important story to tell, but it’s up to you to give them meaning.
Optimize Your Hiring Process with Data Insights
With a dashboard, you should know where you stand. The next step is to improve from there. Recruiting analytics is all about collecting candidate and employee data to get actionable insights. For example, a low job offer acceptance rate from top candidates indicates that you need to optimize your onboarding process. That translates to higher costs and the position staying vacant for longer.
Plan for the Future with Data Insights
The ultimate goal of recruiting analytics is to plan for and improve the future. With predictive analytics, recruiters can plan the future based on the likelihood of certain events. For example, you can predict how much time it will take to fill a vacant position, the cost of hire, and which sources will lead to better results.
Predictive analytics does not tell you everything for certain but they give you enough data to make an informed choice. In the covid-19 pandemic, we saw first-hand how predictive analysis helps us think and prepare ahead of time.
Platform to Use in Recruiting Analytics
Working with data means working with the software. In recruiting analytics, there are a number of platforms that can help:
ATS (Applicant Tracking System): most companies are already using an ATS to optimize their hiring process. It’s an excellent tool for record-keeping, pre-screening, and automating your recruiting workflow.
BI (Business Intelligence) Platform: a BI platform can be used to collect raw data from various sources, organize, and present it in a human-readable format.
Recruiting analytics software: analytics software helps businesses analyze their data from the past and present to make informed choices in the future. It’s an excellent tool for strategic planning and helps companies diagnose the quality and diversify of their workforce.
Get Started with Recruiting Analytics
From recruitment to any major decision regarding work, data alone does not solve your problem. Dive deeper and check whether external factors are impacting your metrics. For example, the COVID-19 pandemic brought about a tremendous change in the labor market and workplaces.