Data Analytics is a big topic and has affected nearly every field of business, including recruiting. We are inundated with data in all aspects of our careers, and are constantly hearing about how to process, analyze and use it to our advantage.
It can be overwhelming to think about, especially for smaller recruiting firms. However, you don’t need a data processing team or a sophisticated infrastructure to benefit from data. The key to using data effectively (and keeping it manageable) is knowing which metrics to track and why.
Below are a few performance and strategic recruiting metrics that can be easily tracked and analyzed, and can help your firm increase productivity, cut costs, make faster and better placements and attract new clients.
Internal Performance Metrics
- Number of open requisitions: Knowing the number of open requisitions per recruiter can help you with pipeline planning and allow you to see each recruiters’ availability for taking on new searches. If you’re ready for a deeper performance analysis, track the following for each open requisition:
- Number of candidates sourced
- Number of candidates interviewed
- Number of offers extended
- Number of offers accepted
These metrics will help you track important ratios that will reveal your teams’ productivity, success rate and where there is room for improvement.
- Candidates placed on assignment: Over 50% of recruiting professionals consider this the most important recruiting metric for agencies, which makes sense considering it pays the bills. Tracking this metric overall will help you set goals and forecast for the future.
- Time to hire: Track the length of time from the date the search was opened to the accepted offer. This can vary significantly from position to position and recruiter to recruiter. It helps you track efficiency, identify optimal positions to recruit for, and set appropriate expectations for hiring managers. You can also take a more micro approach and track time spent on each phase of the hiring process. This will help you identify snags and inefficiencies and create a plan for improvement.
Strategic Recruiting Metrics
- Source of Candidates: There are more sourcing options than ever before – job boards, social networks, career sites, etc. While it’s great to have options, searching all these sites for candidates can become time consuming and unproductive. Keeping track of where your best candidates are coming from will help you narrow your focus to your best sources for high-quality candidates and determine where to allocate resources to keep your team productive.
- Client Satisfaction: Is the hiring manager pleased? Ask for feedback on every search and each candidate submitted. Consider implementing a standard survey after each search closes so you can aggregate the data, identify trends, and monitor and improve your satisfaction rate.
- Candidate Satisfaction: How was your candidate’s experience? Remember, satisfied candidates can be a huge referral source. A standard survey could be useful here as well. Use this data to make improvements when necessary to provide an optimal candidate experience.
Tracking and analyzing data may not be the sexiest part of recruiting, but it enables you to make evidence-based decisions that make your recruiters more productive, your firm more profitable and your clients happier. Overall, it makes you more successful and that is sexy.