Data-driven hiring has become an essential component of the recruitment process. Recruiting analytics can provide valuable insights into the effectiveness of recruitment strategies, the quality of candidates, and the overall hiring process. It offers valuable insights into the recruitment funnel, candidate quality, and time-to-hire metrics. By analyzing recruiting data, organizations can identify areas needing improvement, optimize their recruitment strategies, and reduce hiring costs.
What is Recruitment Analytics Software for Staffing Agencies?
Recruitment analytics tools provide concrete data that staffing agencies and hiring managers can use to make recruiting decisions based on evidence rather than gut feelings or a checklist. Hiring teams can use recruitment analytics to assess their results and adjust their hiring strategies. Rather than relying on guesswork, managers can track which sources have a record of delivering the best talent and which processes have proven most effective.
How Do Recruiting Analytics Work?
Recruiting analytics involves collecting and analyzing data at every stage of the recruitment process. The data is used to track key performance metrics, such as the number of applicants, the quality of candidates, the time-to-hire, and the cost-per-hire. These KPIs can be used to identify areas of improvement, optimize recruitment strategies, and measure the effectiveness of the hiring process.
Here are some of the significant advantages recruitment analytics software for staffing agencies and hiring managers offer:
- Enhances the efficiency of your selection and recruitment process.
- Improves the quality of your hires.
- Optimizes your recruitment costs.
- Provides valuable insights to monitor the performance of new hires.
- Facilitates diversity and inclusive hiring practices.
- Offers data to help predict future hiring needs and allocate budget accurately.
What Staffing KPIs Do Recruitment Analytics Tools Measure?
There are several types of data and metrics that organizations can use to track and optimize their recruitment process. Recruitment analytics tools can provide important information, such as:
- Time-to-fill: Measures the time it takes for a company to fill a vacant position.
- Time-to-hire: Tracks the duration between the start of the recruitment process and the onboarding of a new employee.
- Cost-per-hire: Calculates the total cost of each hire, including recruitment, onboarding, and other associated costs.
- Source-of-hire: Identifies the most effective recruitment channels for the organization to focus on.
- First-year attrition: Tracks the attrition rate of new hires in their first year of employment.
- Applicants-per-opening: Measures the number of candidates that apply for each job opening.
- Offer acceptance rate: Tracks the percentage of candidates that accept a job offer compared to those who decline it.
- Sourcing-channel cost: Measures the cost of each recruitment or sourcing channel.
Recruiting KPI Dashboards Report on Time-to-Hire
Time-to-hire is calculated by when the vacancy is posted, or the search begins and ends when the vacancy is filled. This metric reveals how long it takes to hire new employees, which can be used to assess the effectiveness of the talent acquisition process.
Time-to-Hire Metrics
Time-to-hire metrics track the efficiency of the recruitment process in filling positions. It’s just one of the many data points recruitment analytics software provides for staffing agencies and hiring managers. These metrics can help organizations identify bottlenecks and improve the efficiency of the recruitment process.
Standard time-to-hire metrics to track include:
- Time-to-fill
- Time-to-acceptance
- Time-to-onboard
This metric also provides insight into the costs associated with hiring each candidate. Recruiting software, advertising, travel expenses, and candidate accommodations are some of the costs companies incur when hiring new employees. By tracking this data, companies can budget accordingly and take action to improve employee retention rates.
Recruitment Analytics Tools Record Number of Applications
The number of applications received for each position is a valuable metric to track. It can indicate the level of interest in a job so you can adjust the job posting to increase click-through rates. This metric can also reveal the application completion rate. If the completion rate is low, look for technical problems, irrelevant questions, or trouble completing the application on mobile.
Recruiting Analytics Software Calculates Cost Per Hire
Time-to-hire measures the number of days it takes to hire a new employee from the moment a job vacancy is posted. It is a crucial metric because longer hiring times increase the risk of losing top talent to competitors. A lengthy hiring process may indicate bottlenecks or inefficiencies in the recruitment process. To calculate time-to-hire, divide your total recruitment costs by the number of new hires during a given period. Recruitment costs include advertising, candidate selection, interviews, and administrative expenses.
How Can Recruitment Analytics Tools Optimize Your Hiring Process?
Hiring managers increasingly rely on recruitment analytics to make data-driven decisions when it comes to finding, selecting, and hiring employees. Recruiting KPI dashboards & reporting provide valuable insights to optimize the company’s hiring process. Data-driven hiring can determine the best sources for candidates, calculate the cost of hiring candidates for each position, identify common characteristics among the best candidates, and pinpoint where most candidates drop out in the recruitment funnel. The ability to answer these questions can significantly improve the efficiency of decision-making in the recruiting process.
Sourcing Metrics Tracked by Recruiting Analytics Software
Sourcing metrics track the effectiveness of recruitment sources, such as job boards, social media, referrals, and career fairs. These metrics can help organizations identify the most effective sources for finding qualified candidates and adjust their sourcing strategies accordingly.
Some common sourcing metrics include:
- Source-of-hire.
- Cost-per-source.
- Time-to-fill by source.
Recruitment Analytics Software Improves Efficiency for Staffing Agencies
Recruiting analytics software is designed for hiring teams, organizing a company’s recruitment data and presenting it for strategic planning. This software can integrate data from various databases and touchpoint systems, with the ATS being a particularly important source. Users can view key recruitment metrics through multiple dashboards and visualizations.
Essential recruiting and staffing KPIs include:
- Job post performance: total applicants, open and closed jobs, days live, and hires made.
- Source quality: evaluating each inbound source’s performance in the hiring funnel.
- Job description content analysis: identifying content issues that may reduce the candidate pool.
- Open jobs reporting: overview of all open jobs.
Use Recruitment Analytics Tools to Make Better Hiring Decisions
Recruitment analytics can help you streamline your hiring process and improve the quality of your hires by allowing you to better understand what you should be looking for in a candidate. This can save you time and reduce turnover and associated labor costs by ensuring that the right candidate is selected for each position.
Recruitment analytics tools can give you a comprehensive view of your hiring process through a variety of diverse data. You can analyze costs, candidate characteristics, candidate sourcing, and other factors to consider. It can show which hires have been most and least successful in previous hiring efforts to inform future hiring.
Predict Future Hiring Needs with Recruitment Analytics Software
You can detect trends and patterns to anticipate future hiring needs by leveraging historical data from your recruitment process. This enables you to plan ahead and proactively address potential talent and skill gaps. Recruitment forecasting also helps you estimate potential hiring costs, allowing you to allocate resources and budget accurately.
Recruitment Analytics Tools Optimize Your Hiring Costs
Hiring ROI is maximized when you hire the right candidate for the job the first time. Data-driven hiring decisions help ensure selected candidates will be a good fit for the role, contribute to the company culture and remain with the organization for the long haul. Recruitment analytics provide insight into the moat cost-effective sources and processes so you can allocate your hiring budget effectively.
Improve Quality of Hire with Recruitment Analytics Software
The individuals comprising an organization are arguably the most critical component in its success. Their daily decisions and actions can significantly impact whether a business thrives or flounders. Therefore, making wise hiring decisions is crucial for companies to achieve success. Selecting a high-quality candidate for a position means they have the potential to enhance the overall success and productivity of the organization.
Quality of Hire Metrics
Quality of hire metrics track the effectiveness of the recruitment process in selecting high-quality candidates. These staffing KPIs can help organizations measure their recruitment strategies’ success and identify improvement areas.
Some typical quality-of-hire metrics include:
- New hire retention rate: the percentage of new hires who remain with the organization after a specific period.
- Time to productivity: the time it takes for new hires to become productive in their roles.
- Hiring manager satisfaction: the satisfaction level of hiring managers with the quality of candidates.
Improve Your Hiring Success with Recruitment Analytics Tools from Exelare
Exelare recruiting & staffing software can be customized to each company’s unique needs. It includes recruiting CRM, Applicant Tracking Software, candidate onboarding systems, and more to ensure hiring teams have the data they need to optimize their hiring results.
Learn More About Recruitment Analytics Software for Staffing Agencies
Exelare provides a secure, cloud-based software platform for staffing agencies that includes CRM, ATS and more. Request a demo today and explore the power, integration, and intelligence of Exelare.