Recruitment Analytics

    What are analytics? 

    Analytics are a way of analysing or dissecting data and statistics to discover, interpret and communicate patterns in data. Often software systems will have a section dedicated to data, so you can analyse aspects of your recruitment process through historical data and find meaningful patterns and actionable insights to help make decisions for recruitment. 

    How can recruitment analytics improve your hiring process?

    Data analytics are key for understanding your business operations and getting actionable insights throughout the recruitment process. Software such as the Eclipse Recruitment Software provides detailed data reporting, presenting it visually for analysis. Not only can you get valuable insights from analysing data, but you’ll also receive a number of other benefits, which include:

    Streamline Operations

    Efficiency in recruiting is absolutely paramount. When you analyse recruiters and candidates, you can identify trends and discover insights like bottlenecks, why candidates drop off, and more. Looking at time to hire, cost per hire, candidate experience, acceptance rate, and more will help you understand where you need to divert your attention and what needs fixing within your recruitment funnel.

    Improve your quality of hire

    Not only can you help improve efficiency, but using recruitment analytics, you can identify the most effective sources of top talent, discover how to best screen candidates, like through an applicant tracking system, and can find meaningful patterns that have led to the best candidates for each role. Understanding why a candidate has fit into a role well can help you find similar applicants that fit the same criteria.

    Optimising recruiting costs

    One of the key aspects of a successful recruitment agency is an effective team with a short time to fill and a low cost per hire. Without the right data and operational reporting, you won’t be able to have an effective hiring funnel. Recruiting analytics help to streamline the recruitment process by identifying trends within the candidate screening process, so you can identify how to better align the job requirements and candidate profiles and determine the best candidates for each role.

    What are the most important recruitment analytics to track?

    What makes recruitment analytics important is that they help improve hiring processes and hiring strategies to ensure that your talent acquisition teams are performing the best they can. By utilising a data driven recruitment strategy, you’ll have a more streamlined hiring process, better overall quality of hire, including a more positive candidate experience, and your recruiting process will be optimised based on costs. In order to reap the benefits though, you’ll need to know which recruitment analytics are key performance indicators and worth the time to track and analyse:

    Time to Fill (TTF)

    Starting off with the basics of recruitment metrics, time to fill measures the amount of time it takes to fill job postings, from when it’s first opened to when a candidate accepts the position. The TTF rate indicates how effective a recruiter’s hiring efforts are. A low TTF shows that the hiring process is efficient and effective.

    Time to Hire (TTH)

    Time to hire is one of the key recruitment metrics that an agency can track. It is how an agency measures the average time it can take to hire a candidate, throughout the application process, from the initial application on to their interview and up to when they actually start work. It includes time spent sourcing, screening, and their final onboarding. A short time to hire rate is indicative of a faster and more efficient hiring process.

    Cost per Hire (CPH)

    The cost per hire looks at how much it costs to fill a job opening, on average. The hire cost includes all of the recruitment costs, like advertising, agency fees, recruiting software, and staff salaries. A recruitment agency should look to be reducing this cost as it helps optimise recruitment spending.

    Fill rate

    Fill rate is the percentage of job openings that are filled with qualified candidates within a specified time period. It’s one of the KPIs used in recruitment to determine the effectiveness and efficiency of the recruitment process.

    Hiring Manager Satisfaction (HMS)

    Hiring manager satisfaction measures how happy hiring managers are with the recruitment process and the quality of candidates that they had presented to them. Positive feedback indicates that the recruitment strategy for this client produced an effective collaborating between recruiters and the hiring managers.

    By using recruitment analytics, recruitment agencies can look back at the key metrics above and determine the effectiveness of their hiring efforts. Once they have a keen understanding of the recruitment data and what’s worked in the past, they can then begin to use predictive analytics.

    What are predictive analytics?

    Predictive analytics use historical recruitment data analytics to predict the outcome of future hiring. It’s used in tandem with recruitment analytics to give actionable insights into the hiring process and determine how to improve any hiring efforts and recruitment strategies as impacted by both internal and external factors. Utilising predictive analytics has quite a few benefits, including:

    • Improved quality of hire

    • Reduced time to hire

    • A more favourable candidate experience

    • And less bias in recruiting

    By using all the data to create data driven hiring decisions, it can help identify bottlenecks, use candidate data to discover the best profile for specific roles, predict future hiring needs, determine the likelihood of a candidate accepting an offer, and discover what impacts employee referrals and turnover. Predictive analytics help agencies look forward and determine the best course of action for their recruiting efforts and hiring decisions.

    How are these tracked?

    In order to track these recruitment analytics, you can use a recruitment software, like Eclipse. Not only does the suite of software contain visual representations of recruitment data, but it also has dedicated data dashboards, which are a key tool that your recruitment team can use to get a quick snapshot of important key metrics. It allows for easy statistical analysis of complex data and can pull data from multiple different sources, such as applicant tracking systems, BI software, job boards, or anywhere else your hiring teams may be creating data.

    Using analytics and being able to see how recruiting analytics impact your recruitment funnel, allows for a busy agency to quickly improve their hiring process to get an edge in a competitive talent market.