How to improve your hiring process
If you’re looking for a specific skillset and competing for the best candidates, recruiting can be tough and time-consuming, particularly when unemployment is low. Want to know how you can get ahead of the curve and beat your competition?
What is data-driven recruiting?
By using data you’ve already got in your organisation, you’re developing your own crystal ball. Sound complicated and far-fetched? Well, more and more organisations are turning to HR Analytics to help them gain meaningful insights and plan for the future.
What is data analytics in HR?
The data analytics process takes raw HR data and turns it into meaningful insights that can help you make better business decisions. Data analytics transforms what you already capture about people in systems and spreadsheets. You get information you can act upon. Analytics can track the success of your recruitment activities and help you predict the posts and skillsets your organisation will need to be able meet its business targets.
How do you measure success in recruitment?
Successful recruitment is defined by a number of factors. Most important is what’s termed ‘quality of hire’; performance over a defined period combined with the length of time in the organisation. For example, Recruitment has not been successful if a new hire performs brilliantly for six months but leaves and you start recruitment all over again.
What are the most important recruitment KPIs?
There are a number of key performance indicators (KPI’s) for tracking the success of your recruitment activities.
The top 5 KPI’s include:
• Time to Fill: Number of days between publishing the job opening and hiring
• Time to Hire: Number of days between approaching the candidate and offer acceptance
• Cost per hire: Total cost of hiring and the number of new hires
• First year turnover rate: employees who left the organisation within 12 months and total number recruited
• Hiring manager satisfaction: based on the performance score the manager gives new recruits / total number of people they hired
Combine some of these metrics and you can begin to see trends that will help you refine your activities and become more effective.
How do I get started?
Don’t currently have automated reporting or metrics in place? It might seem a daunting task but help is at hand. If you’d like to find out more, BIAS can help you make the most of your existing data and we also have tools to help you implement your own data ‘crystal ball’.