Numbers always facilitate an organisation to plan the efficiency of any activity. The same applies for hiring method as well. Using elaborated analytics reports bring out important insights to enhance the effectiveness of the hiring process.
1. Open vs planned vacancies
Start the hiring process by clearly mentioning what are the urgent job positions to open and what positions company is expected to open in future. This analytics will help hiring managers to manage the talent acquisition activities where exact timelines of next 6 months or a year can be provided.
2. Time for Hiring
When starting with the hiring process for new opening, it is recommended to take a note of the date of creation and planned closure date for the opening. This will help in managing the time and resources to meet the timelines.
3. Channel sourcing
Procuring the channels to source the candidates is the most crucial step for any recruitment process. Track the effectiveness of each channel in terms of no. of profiles received, candidates turned up for the interview, relevancy of the profiles, closures made and finally the cost per hiring from that channel. This will help in allocating budgets and resources to each channel accordingly.
4. Referral rate
Measure the number of referrals getting converted into new joinees, to plan a better incentive structure for the current employees. A well planned and attractive incentive program can be helpful in sourcing best fit candidates in the organisation. If the referral rate is too low then there is a need to rethink about the current incentive policies, or bring one if not implemented till now.
5. Rejection Rate
Rejection rate can be seen as the ratio of number of candidates got selected to the total number of candidates appeared for the interview. If the rejection rate seems to increase, then recruiters should look to discuss back with the requirement team on what kind of candidates they are expecting.
6. Offer acceptance rate
Measure the offer acceptance rate by no. of candidates accepted the offer against no. of offers released by the company. If the rate is going on a down slope it is recommended for recruiters to connect back to candidates and understand the reason – it could be better salary offered by competitor. mismatch in expectation vs reality during interview or less attractive employee policies.
7. Mixed Gender team ratio
There are many benefits with a mixed gender team which show results in greater profits. An organization should plan for a metric which measures the percentage of men and women on each team in all the front, middle and senior level positions. It’s always good to step back and maintain the gender mix within the teams and the whole organization.
8. Applicant Reports
Any effort put in recruitment process can turn out to be null and void if there is no tracker put in place to track applicants going through various interview stages. Recruiters should be able to track each applicant to know whom to reach for which interview process.
9. Recruitment Performance Report
Every recruiter should be evaluated on the basis of daily, weekly and monthly recruitment performances. This report should clearly mention profiles sourced for hiring, interview scheduled, closures made and time taken to close the vacancy. This will give a direct analysis to the management about each recruiter.
10. Cost of hire
The most importance analytics every company should track is the cost of hire for each applicant and each opening. The cost parameters can include – offline advertising to newspapers, billboards, online advertising to job sites or social media, recruitment fees to agency and even salary paid to each recruiter. A healthy ratio can be seen when total candidates joined to total money spent is lesser than the budget allocated by the company
To make it easy for the recruiters,Applicant Tracking System comes with integrated reports covering most of the analytics requirements mentioned above. This free cloud based recruitment management platform helps generate automated reports on channel sourcing, time taken for hiring, applicant tracking reports, recruitment performance report and much more.