Up-to-date workforce analytics your recruitment team need in 2022
Up-to-date workforce analytics your recruitment team need in 2022
Recruiters are already facing big challenges in 2022.
The pandemic has prompted new models of working. There’s a labor shortage and a skills shortage to contend with. Competitors are also gaining an advantage with the help of advanced technology and tools.
That’s why now, more than ever, workforce analytics are an incredibly useful tool for your recruitment team.
What are workforce analytics?
Workforce analytics are tools and metrics that help you to get a big picture look at your workforce. They can help you to better understand:
✱ Staffing and recruitment
✱ Training and development
✱ Compensation and benefits
Workforce analytics tend to fall into two main categories.
People analytics — useful for measuring the performance of teams and individual employees
HR analytics — useful for managing HR issues, tasks, and data
Analytics tools provide accurate, real-time insight into your workforce activities. So they can help you to spot problems, make changes, or simply communicate your progress in a speedy, streamlined way.
Let’s look at how recruitment teams can use workforce analytics to maximize processes and performance.
What can your recruitment team learn from workforce analytics?
Recruitment process metrics
What problems does your recruitment team experience when trying to fill open roles? Do they struggle to find enough candidates? Or are too many people falling away at the acceptance stage?
Whatever headaches your recruitment team has, recruitment process metrics can reveal how to resolve them by tracking stats and ratios all the way from application to offer.
Recruitment process metrics offer insight into:
✱ Source of hire
You get to see where you’re finding your best candidates. This can help you focus attention on the most effective channels and stop wasting time on the channels that don’t prompt many applications.
✱ Application completion rate
How many people who begin an application actually finish it?
If many candidates are dropping out at this stage, there could be a problem with your application form. Perhaps it’s too long or confusing, or you’re asking the wrong kinds of questions. Maybe you need to make your application available in different formats.
✱ Application to interview ratio
When the candidates applying for a role just aren’t worth progressing to interview, you may need to hone your job ad.
This metric gives your recruitment team the insight they need to attract better candidates and reduce the amount of time they spend reviewing unsuitable applications.
✱ Interview to offer ratio
You spend a lot of time and money interviewing candidates. So you need to know how many interviews it takes to get to the offer stage. A high ratio suggests a problem with interview selection practices or with the interview process itself.
✱ Offer acceptance rates
How many candidates are accepting (and declining) your job offers? Knowing you’ve got a high decline rate will prompt you to examine your offers’ quality and process.
✱ New hire turnover rate
You need to know that your new hires are sticking around. If you have a high new hire turnover rate, you know there’s a disconnect between the recruitment process and the realities of the role.
Candidate experience metrics
When there’s such fierce competition for the best talent, building a great experience for candidates is crucial.
That means streamlining the recruitment process and maintaining good communication with candidates.
Reducing the time between application and first contact from the recruitment team is a great place to start as this sets the tone for the whole candidate experience.
Did you know that the average time to hire in the US is 23.8 days? This figure varies between industries and roles, but it’s important to note that a slow hiring process is a major reason for candidates choosing to go with a competitor.
Candidate experience metrics can help you to hone your communication too.
Use metrics to ensure you’re replying to all candidates — even the unsuccessful ones. They’re much more likely to apply for future roles or speak positively about your company if you respect the time and effort they put into an application.
This is especially important when you consider that four out of five candidates look at employer reviews and ratings when making a job decision.
A good candidate experience encourages candidates to stick with the recruitment process and helps you build an employer brand that attracts more great talent in the future.
DEI is a top priority for workers, job seekers, and employers.
If you’re looking to improve your DEI performance, you need access to diversity metrics. This data will help you understand how to attract diverse candidates and level the recruitment playing field.
Diversity metrics reveal the proportion of candidates belonging to different groups and how they move through each stage of the recruitment process.
For example, if you have 10 women and 20 men applying for a role, you can see whether the same gender ratio progresses to the interview stage.
By analyzing your diversity metrics, you can find ways to make your recruitment approach more inclusive.
Your recruitment team gets to see where diverse candidates are leaving the process and then find it easier to identify inequities in your job ads, the application process, or candidate communications.
They have all the data they need to make effective changes and improve DEI recruitment.
Meet the recruitment platform that does it all
Headstart is a recruitment platform that provides a heap of data insight and tons of handy tools for your recruitment team.
With Headstart you can:
✱ Manage candidates from a single easy-to-use dashboard
✱ Create an inclusive, streamlined application experience
✱ Automate candidate communications
✱ Spend 50% less time screening candidates
✱ Remove unconscious bias to increase hiring diversity
✱ View recruitment and diversity metrics and reports
✱ Reduce your cost-per-hire
Headstart makes it easier for recruitment teams to identify potential and hire the very best candidates.
It’s also really simple to get started. Headstart integrates with every major ATS, so there’s no need to replace the system you already use.
➡️ Want to know more? Book a personalized demo today. ⬅️
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