Numbers can really help a company paint a picture of the hiring process. For instance, the average time-to-hire from a company career site is 45 days. For each open position, employers receive about 118 applications on average. Only about 17 percent of employers find candidates with the skills they need for their company. These numbers explain just how tough the recruiting process can be.
Companies can quickly and efficiently tailor their strategy to the practices garnering the best results if they pay attention to recruitment analytics. Simplicant’s next-generation platform and applicant tracking system make it easier than ever to use analytics to discover what in your process works and what needs to be tweaked.
Here are some of the top recruiting analytics hiring managers love and how they can help your company streamline its hiring process to find the top talent:
Source-of-hire: Where are your best candidates coming from?
Looking critically at candidate sources can be a great way to tailor your recruitment strategy to tap into the best talent pools.
For example, perhaps you’ve been spending time and energy making sure your positions are posted on the biggest job boards. Your hiring team thinks this is a good strategy because the best candidates are obsessively checking these boards for the newest positions. However, your recruitment analytics tell a different story. Turns out all your best candidates are coming from Twitter and Facebook. Now you know to tailor your strategy to focus on social media instead of spending so much time on job boards. You can use Simplicant to promote your open positions on social media and engage with candidates on these platforms.
Instead of sticking with a strategy just because “it’s always been done that way”, candidate sourcing analytics can help you change directions for a better outcome and your team can focus on the outlets actually giving you the best candidates.
Time-per-status: How long are you spending on each step of the process?
Do you feel like your hiring team has been stuck in the interview stage forever? Maybe you have! This is where Simplicant’s time-per-status feature becomes really helpful for companies looking to streamline the hiring process. This simple analytic can make a real difference for a hiring team trying to figure out how they currently allocate their time during the hiring process and how they can better redirect their efforts.
For instance, perhaps your candidates are spending far too long in the initial application stage before being either rejected or moved on to the interview stage. Looking at the numbers, you see you are actually skimping on the interview stage but really drawing things out when it comes to making job offers.
You can refocus your team to concentrate on various aspects of the hiring process when you know how much time is spent at each stage.
Referral rates: How many of your hires are thanks to current employees?
Last year, employee referrals were the number-one source of external hires at 28 percent. Employee referrals are essential because they often lead to better quality candidates. Your current employees personally know the individuals they are referring and can explain to you how they would fit into the position and overall company culture. They are unlikely to refer someone they truly feel would not fit because this would reflect poorly on their own judgment.
Using referral rates, you can see just how many of your new hires have come from your current employees. It might be time to rethink your incentive program if the rate is too low. Perhaps you have been using cash bonuses when employees really want added vacation days. An attractive incentive program will help you get the attractive candidates your company needs.
Candidate status: How far along is the candidate in your hiring process?
It can be easy to lose track of where candidates are in the hiring process with so many candidates applying for every open position. This is why Simplicant’s candidate status is so helpful for hiring managers.
One quick look at the candidate tab and you can see every applicant who has applied for a position, what job they applied for, and where they are in the hiring process. Now even the most overwhelmed hiring manager can quickly and efficiently take stock. You can quickly sort through to see how many candidates are vying for the job and find your top contenders if your department head or company CEO calls asking about the status of a current position.
Time-to-hire: How long is it taking your company to hire your next superstar?
Perhaps your hiring process is just taking too long in general. Simplicant’s time-to-hire analytics tell you exactly how long it takes an applicant to become a new employee, on average.
Simplicant also gets more specific and will allow you to see how long it takes to fill each particular type of job at your company. If your graphic designer jobs are flying by in a snap, but your communication jobs are lagging behind, your team now knows where they should be concentrating their efforts.
Knowing where the best candidates come from, how many are referred, where they are in the process, and how long everything takes is a good way to streamline your recruiting. With analytics, you can discover the strengths and weaknesses of your hiring process to address your current needs more informatively.
What are some of your favorite hiring analytics? Share in the comments!