Recruiting Analytics: A Data-Driven Approach to Talent Acquisition

Nirmala Pol, Data Visualization Analyst, SilkRoad
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As the job market continues to tighten, finding and acquiring the right talent has become a key success factor for many businesses. The shift in market dynamics has created a candidate-driven market, in which the best candidates carefully evaluate prospective employers and businesses strive to present a compelling and differentiated employer value proposition. Market-leading businesses have learned that recruiting analytics are an essential tool in optimizing their talent acquisition processes.

As with any complex business process, timely and accurate information is necessary in order to measure performance, gain meaningful insights, and make better-informed decisions. Integrated recruiting analytics, metrics, and dashboards enable business users to fine-tune their recruiting programs and secure the best talent available in their market. Analytics can help elevate the recruiting function to become a strategic partner to the business and drive better business outcomes.

Let’s examine some of the key business capabilities recruiters need:

Requisitions: Track, monitor and analyze the average time to fill positions across job roles. Gain deeper insights into how long it takes to fulfill a job requisition from the time the job has been requested until the actual hire. Get detailed, actionable information:

  • Time to fill
  • Requisitions posted vs requisition approved
  • Hiring manager
  • Recruiting manager
  • Special skills
  • Interview to hire conversion ratio

Job logs: Get smart about your recruiting process and empower HR to adjust strategies and allocate resources. Understand your employer value proposition and job board performance on a detailed level:

  • Jobs open by department/business unit/location
  • Jobs open by category
  • Number of days jobs are open per department/business unit
  • Jobs opened vs closed by department
  • Recruiter performance

Source of Hire: Build a detailed understanding of where your best candidates and employees come from, and allocate your resources more efficiently. Gain deeper insights into how to develop the best possible workforce.

  • Number of candidates applications by source
  • Number of candidates hired by source
  • Candidate to hire conversion by source
  • Quality of hire by source
  • Cost to hire by source
  • Employee lifetime value by source

Pipeline Report:

Analyze your prospect-to-hire pipeline in detail at every stage. Evaluate your processes, identify bottlenecks, and plan for the future. Gain insights into:

  • The total number of candidates per position
  • Current status of the candidate pipeline
  • Actual hire count
  • Hire ratio
  • Number of days per stage
  • Cost of hire

To learn more about the state of the recruiting market and the role that analytics can play, download SilkRoad’s 6th annual Sources of Hire 2017. The report examines results from 14 million applicants, and offers critical insight into how businesses can leverage data to gain knowledge and deliver a personalized candidate experience.

  • Best sources for hiring: employee referrals
  • What’s best—external or internal sources
  • Job boards vs. job engines—Indeed leads the pack
  • Top 5 branded job boards
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