You may already know, but let me say it out loud anyway: your recruitment statistics are one of the most valuable business assets you have. And contrary to popular belief, the number of applications is not the only thing you can count – there are many more elements that are countable. You can easily use this knowledge to:
1. Save time and effort.
Your recruitment processes should be short. Remember that each additional stage costs time and effort, so you should limit the stages to the key ones. You should also make sure that they don’t take too long to complete. From your recruitment statistics you can learn what stages take longer than others, and which ones take too long and need to be shortened.
2. Save money.
Since you pay for publishing your job advertisements on external job sites, you should keep an eye on their effectiveness. Look for data that show what sites bring you the most applications, but don’t stop there. Note the sources that bring you high-quality applications, i.e., those resulting in hiring, and focus on them. If a source is not effective enough, don’t waste your money on it. You can spend this cash on something far more effective.
3. Find the weakness.
Your recruitment statistics can help you find weaknesses in your recruitment process and take action. Study the reasons for candidates rejection. Is it you who usually rejects them early in the process or do they quit by themselves just before the process is finished? If the former is true, spend time on polishing your job advertisement, as it may not be clear enough for the applicants. If the latter is the case, your employment conditions may not be particularly competitive – it’s time to start working on them!
4. Monitor your team.
If you’re a recruitment agency and work with an HR team, you can easily monitor their effectiveness. The statistics can show you the business and engagement of particular recruiters on your team. How many actions do they take daily? Are they passive and only wait for submitted applications or do they actively look for candidates and add them manually to the database? Remember that when unemployment is low, people don’t look for a job, it’s the (better) job’s job to look for them! Headhunting is the key here, and the statistics will show you if your team is on the right track.
Your recruitment reports can bring you valuable knowledge. Spend some time studying your statistics as they can help you optimize your processes and limit costs. But first, when choosing an ATS, make sure it offers detailed recruitment reports.