7 best practices to incorporate recruitment analytics in the hiring process

11/07/2022
Willing to get more benefits from data analysis in recruitment? David Patterson-Cole, CEO of Moonchaser shares his thoughts and tips. Recruitment analytics focus on collecting and
Zuza Dora
Zuza Dora
Content Specialist at TRAFFIT
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    Willing to get more benefits from data analysis in recruitment? David Patterson-Cole, CEO of Moonchaser shares his thoughts and tips.

    Recruitment analytics focus on collecting and assessing data, using predictive analyses to optimize your hiring process. It generates a statistical model to follow that helps you track the performance potential and workflow of the process you’re using. By using this analysis, you’re keeping necessary tabs from various sources that pinpoint the candidates you need. It essentially answers any questions or concerns you may have about how to get the most out of the hiring process. 

    When hiring new team members, you want to properly implement techniques that will ensure you’re working with well-performing, high-quality candidates who will add value to your business and its growth. Through recruiting analytics, you’re getting clear about what information you should take into account and what competitive advantages you should be looking for. Integrating predictive analytics allows you to use past data to track the future hiring activities and practices may be.

    Using data analysis for your recruiting improves your hiring process in many ways. 

    Optimizes costs 

    When budgeting in various recruiters and recruiting channels, you mustn’t be spending money to receive potential team members who do not suit your needs or are not of the skillset you’re seeking. By implementing a recruitment data process, you’re making sure things go smoothly based on the analysis, turning over high-quality employees that don’t take a long time to acquire. It’s not about saving money but rather using your budget more wisely. 

    Tracks performance

    You don’t just want to know how the potential employees are trending in a tight hiring market but also how your recruitment team is performing in their efforts to bring candidates that will benefit your business. You want to optimize their workflow, and tracking their performance through data will let you know where you stand. 

    Improves efficiency

    The process needs to feel productive and streamlined in a way that regulates the system you’re following. By organizing relevant information and keeping a record of results, you’re improving the backend functionality of your goals and creating more measurable benchmarks for the present market and the future. 

    Build a stronger workforce and grow your business by using metrics to your advantage. To guarantee you’re using recruitment analytics effectively, be sure you’re assessing the seven best practices to incorporate throughout the hiring process. 

    Decide what data to measure

    “It’s important for you to get clear about the data you’re looking to collect. What information do you want to attain from potential employees, and how do you plan to apply that information to the hiring process? Knowing this first sets you up for success,” says Max Wesman, COO of GoodHire

    While this question may seem broad, there is some core information you want to put at the forefront of your decision-making when figuring out which data you want to measure. This could include: 

    • How much time it takes to hire. 
    • How much it costs per hire.
    • The quality of your candidates. 
    • The best recruitment channels. 
    • How many applicants per hire. 
    • How many offers get accepted per hire. 
    • Hiring satisfaction rates.

    These decisions are based on your company’s goal, budget, and what you hope to learn from collecting this data. The experience is not linear. Some team leaders or HR representatives may be focused on hitting their desired budget, while others want to be sure they hire quickly for a high-demand job. Get to know your options and choose what’s right for your business. 

    Automate your systems

    Unless you’re an analytic specialist, collecting, reviewing, and utilizing data may feel like an overwhelming challenge to tackle–on top of a huge time-sucker. Thankfully, there are recruitment analytic tools and platforms that have the technological advancements to do most of the work for you. 

    To implement a highly effective, well-regarded candidate experience and increase company productivity and profit, you can use recruiting solutions software like TRAFFIT to help you publish, advertise, and track your recruitment. Using systems like this will not only help you find more high-quality candidates and reduce the cost in the process, it’ll give you the tools you need to manage your methods and systems with various key features. It sets you up for success in the long run. 

    Honor data and employee safety by complying with security guidelines

    When candidates are giving you personal information, you want to be the business that practices proper ethics concerning honoring your potential employees’ safety. Mandates like General Data Protection Regulations guarantee that you are obtaining employee consent and permission when processing any of their information. Not only does this protect you from infringing on any data security policies, but it helps you stay up-to-date on what your employees will allow access to about them. 

    You want to maintain that anyone you work with in the recruiting process knows what to expect from potentially being hired by you and what the application system requires. When you implement this, both parties have more clarity and understanding of what’s expected of them when going through the operations. Stay in compliance with data security by optimizing your recruitment tool elements like permission settings and presenting consent guidelines. 

    Scale data to see what works

    Once you start collecting data, put the results into perspective and visualize your progress. Assess what job boards or recruitment agencies are turning over the most candidates. You will be able to see if those potential hires are aligned with your business, noting whether the turnaround has been useful so far. 

    Check to see which skillset is most common among those candidates, paying attention to see if they match the needs you’re looking to fill. Analyze the effectiveness of your onboarding process to be sure you’re specifying your distinct needs. Be sure the turnaround provided by the advertising and recruiting you are using matches the role you’re hiring for. 

    Roy Morejon, President & Co-Founder of Enventys Partners said, “After collecting data and tracking it over time, you’re going to start seeing patterns in your information. This is pivotal for you. You want to know what works, what doesn’t, and how you can adjust the information you’re collecting to better serve the process.” 

    Make adjustments to your process

    Understanding what procedures work best is what helps you make the most practical adjustments to act on the recommendations the data shows you. You want to make changes accordingly, knowing that the information you get through analytics is only useful if you take action. It’s about your output of the recruitment data and what you choose to do with it. 

    A great example of this would be if you notice that a lot of people open up your application but don’t complete it. This could be a clear indication that your application may be complicated to fill out, is not clearly articulated, or maybe it takes too much of their time. 

    It could also be a matter of having to adjust the team you use to obtain your recruits. Whether it’s finding new ways to boost their productivity or seeking out another management team to assist you, the data could show you where the changes are needed. You just have to make moves that keep things modulated.

    Use data to plan for the future

    “Predictive analytics has been helpful for me to plan for the future. It helped me assess my budgets for hiring, which skills are most accessible in the market, and how to leverage the results,” says David Patterson-Cole, the CEO & Co-Founder of Moonchaser.  

    Now that you’ve gone through the procedure of recruitment analytics, the data you collect is going to help you establish more advantages in the hiring market because you know more about what to expect. Laying the groundwork for your budget, how much time it will all take, and what is necessary to enact will all be made available to you. 

    Understand data limits

    It’s important to note that things are always evolving, so data that was once relevant could become outdated. Remaining in tune with practices over time will prevent you from ever being behind in the times. However, using these tools is not an end-all to all of the problems you may have. There are always things that could be missing or external factors that could arise to adjust the course of the analytics. 

    Working with an expert or a leading recruitment software will help you attain valuable insight, but things happen. Our recent CO-VID19 pandemic attests to that. Besides, you don’t want just to collect data. You want to implement it and be actionable in driving its usage. 

    The recruitment process should help you develop relationships with potential recruits that are powerfully built. This includes making sure there is mutual respect, trust, and loyalty regarding the expectations of each other’s roles. When you’re assessing data and taking the initiative to best serve your business based on what you learn, you’re contributing to your candidate’s growth and your company’s expansion. 

    The recruitment experience matters and is a reflection of your business’s core values.

    Author:

    David PattersonColeCEO of the salary negotiation platform Moonchaser.

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