We live in a data-driven world. If your organization’s hiring team doesn’t use analytics to monitor its recruiting strategy, it’s at a significant disadvantage. Leveraging recruiting metrics empowers hiring managers to make more informed decisions.
Recruiting milestones measure progress
A standard set of milestones provides you with a clear sense of which candidates are nearest to completing their journeys through the recruitment pipeline. Marking each candidate’s progress as they complete forms and participate in interviews provides a picture of available talent that you can use to make better placement decisions.
You can also use milestones to track candidates that aren’t a perfect fit for currently available roles, but who may be well-suited to a future position. Just because a candidate doesn’t fit in well today doesn’t mean that they should be written off completely. Creating a pool of passive applicants creates future opportunities for speeding up the hiring process as new positions become available.
Reporting brings new insights
Analytics are everywhere these days. Think about all of the technology available today that allows you to track your fitness levels. With little effort on your part, an inexpensive device can track your heart rate, daily step count, hours slept and much more. Just as your daily and weekly fitness reports help you to fine tune your exercise routine and sleep schedule, recruiting analytics support the health of your organization’s candidate pipeline.
According to TalentNow, only 41 percent of organizations use data to perform workforce planning. Not taking advantage of data-driven analytics is like walking through a dark room without a flashlight. You’ll probably make it to the other side, but you might stub your toe along the way. Analytics provide insights that help hiring managers make better decisions as they choose between qualified candidates.
Metrics track candidate movement within the pipe
The recruitment pipeline is really more like a funnel. Your funnel should be wide at one end, where applicants submit their resumes and fill out applications. It should then narrow at the other end, where your candidates have been screened and interviewed. Metric reports allow you to track how long candidates spend in the pipe as well as a number of other important data points. For instance, metric reports can show your which channels provide the best quality talent so they can optimize resource use in the future.
Metrics such as time-to-hire, time-to-fill and year-one attrition rates show your stakeholders how resources are spent and what results occur. For example, if referred candidates have a lower attrition rate than other recruiting channels, it could indicate that more resources should be directed to the referral channel.
To optimize the recruitment pipeline, hiring managers need reliable metrics because:
- Recruiting milestones track candidate progress in the pipe.
- Robust reports help recruiters anticipate future hiring needs.
- Candidate tracking can cut resource waste and improve outcomes.
To learn more about how to implement metric tracking within your organization’s hiring process, sign up for a free demo of JazzHR today.