With the help of historical data and recent numbers, recruitment managers, CEOs, and HR directors can identify bottlenecks, find more qualified applicants faster, and optimize hiring costs.<\/p>\n
Why is recruiting analytics essential for your business<\/h2>\n
With today\u2019s technological and economic seismic shifts, the business landscape is changing fast. As in, with supersonic speed.<\/p>\n
And this also applies to the job market \u2014 layoffs, new job roles, employee turnover, and recalibrating the way departments and companies operate. There\u2019s no doubt that the recruitment industry must keep up the pace and face several challenges.<\/p>\n
Let\u2019s break them down:<\/p>\n
Challenge #1: What are the recruitment costs<\/h3>\n
Unfortunately, many recruiting teams across the board still try to figure out the cost of a hiring process.<\/p>\n
How much do companies have to invest in finding and hiring qualified candidates? Is the cost-per-hire $3000 as it used to be in 2020, or is it more likely to hit $5000, the upper limit of the 2023 benchmark?<\/p>\n
Without analyzing data, you won\u2019t be able to know the cost of filling an open position.<\/p>\n
Challenge #2: Where are the bottlenecks<\/h3>\n
Time-to-hire is one of the key metrics that hiring teams use as a barometer of the effectiveness of their recruitment processes.<\/p>\n
According to TRAFFIT\u2019s recent study<\/a>, in most cases, the average time-to-hire has increased:<\/p>\n You can discover where the hiring process gets stuck by going deeper into your statistical analysis. Knowing those bottlenecks and diagnosing why particular stages consume more time than others will help you find solutions.<\/p>\n Without analyzing recruitment data, there\u2019s no room for streamlining and optimizing your talent acquisition program. In turn, discovering patterns and trends regarding your candidate sourcing will help you to revamp your tactics.<\/p>\n For example, your stats can prove that, over time, LinkedIn was the most successful applicant source. Once you know that, you can justify increasing your budget in that channel.<\/p>\n Speaking of LinkedIn, this platform\u2019s research<\/a> indicates that sourcing channel effectiveness (right next to the quality of hire) is about to become of the most valued recruitment metrics:<\/p>\n The last most common pitfall for recruiting managers is the lack of relevant technology. With no comprehensive software, neither predictive analytics nor operational reporting will be achievable. And \u2014 let\u2019s say it out loud: manual work in spreadsheets is NOT even a baseline for efficient recruitment analytics.<\/p>\n An ideal scenario is where you have access to an applicant tracking system<\/a> with a reliable and advanced reporting dashboard that will help you to track and analyze:<\/p>\n \u201cData is the new oil\u201d is an overused statement but extremely valid for talent acquisition. If you want to:<\/p>\n Then, searching for applicant tracking systems with comprehensive recruiting data should be your next move!<\/p>\n $60K is how much one of our clients saved after we walked them through their operational reporting and relevant data. Our recruiting analytics helped them to discover which application sources bring results and which are bad performers.<\/p>\n Diving into those key metrics, we\u2019ve found that some companies were unnecessarily paying for 20,000 candidates already in their talent pool!<\/p>\n Those valuable insights inspired us to collaborate with our clients and develop a revamped version of our recruitment analytics toolkit.<\/p>\n Here it is \u2014 TRAFFIT advanced reporting<\/a>!<\/p>\n What comes to your mind the first second you hear “analytics”? We’ll go first. A time-consuming process gated by a busy data-science engineer, which results in a report that is hard to understand. And on top of that, explaining it to your boss or your agency clients.<\/p>\n That’s the old-school way. And it’s time to leave it where it belongs \u2014 in the past.<\/p>\n With TRAFFIT, you don’t have to wait in the queue for your analytics department and measure your hiring efforts across numerous data sources. Instead, you have 24\/7 access to recruiting analytics and a clear overview of thousands of data points in seconds.<\/p>\n Each successful hiring team has one ultimate objective \u2014 finding and hiring the best candidates without wasting too much time, budget, and resources.<\/p>\n And that\u2019s why recruitment analytics plays a significant role here. Now, we will guide you through all the features in our brand-new analytical toolset!<\/p>\n If you work in an IT recruiting agency<\/a>, your benchmark for time-to-hire is 42 days. It gets quicker to land new hires for non-IT agencies (26 days), for IT companies (22 days), or non-IT brands (38 days).<\/p>\n But how to find out if your hiring team is above or below the average? Go to your TRAFFIT account, and select the \u201cApplication flow\u201d option in your recruitment analytics dashboard.<\/p>\n As you can see, three fundamental KPIs are right there in front of you, showing how many days it takes regarding:<\/p>\n Yes, optimizing time is one of the most crucial goals for building a company’s workforce. But there’s another metric around the corner you cannot oversee.<\/p>\n Here’s how the story goes: you managed to source several true talents. The interview process goes smoothly, the feedback from your hiring manager is excellent, and the assessment shows that you have your best candidates.<\/p>\n So, what happens next? You send the offer, but only in some cases applicants accept it.<\/p>\n With TRAFFIT, you know how many candidates take the job. In other words, you can easily measure your offer acceptance rate.<\/p>\n According to our 2023 benchmark report, talent pools are the leader when it comes to the top application source:<\/p>\n However, in terms of your hiring process, the situation can be different. It can turn out that LinkedIn generates the most applications, followed by your referral program.<\/p>\n The application source efficiency is the cornerstone of our recruiting analytics. But we encourage not to simplify it to an equation: the number of applications from a particular source = the number of new hires.<\/p>\n It\u2019s much more complex. With our recruiting software<\/a> tools, you can measure:<\/p>\n And apart from the in-depth character of our data, our reporting is super easy to digest and fun to present to other stakeholders. No more analytical drama!<\/p>\n As a recruiting manager, you spread the word about your job openings on social media and various job boards<\/a>. The ancient way of measuring the results of job advertisement activities was drowning in spreadsheets and jumping from one browser tab to another.<\/p>\n Luckily, the new opening for optimizing job ads is a few clicks away! With our recruitment analytics, you can see how many applications came from which job ads and what candidate conversions look like in each channel.<\/p>\n But hold on! The best is about to come! Instead of wondering which job description will make job seekers gravitate to your opening, you A\/B test it! Yes, A\/B testing is a good practice in email marketing and other digital campaigns, so why not implement it in your following recruiting process?<\/p>\n As a cherry on top, with TRAFFIT\u2019s recruiting analytics, you get an overview of your job boards publication breakdown:<\/p>\n Most candidates will not qualify for further stages of your hiring process, and that\u2019s OK. What\u2019s not OK, though, is losing sight of why they didn\u2019t meet the requirements and make it to the next stage of your recruitment funnel.<\/p>\n Again, manual notes in Excel are a no-go. Instead, have it all under your fingertips! With a detailed pie chart, you can see the percentage of rejection reasons.<\/p>\n The most common ones you can experience in your hiring process are the following:<\/p>\n An interesting metric you can find useful for your future recruitment process and informed hiring decisions is “promising for the future”. If you have a similar position to fill, you can reach out to those job seekers right off the bat.<\/p>\n It’s worth highlighting that we are not only providing quantitative reasons. We went further, connecting the dots between the reasons and stages of your application process. This in-depth analysis is scarce among application tracking solutions!<\/p>\n There is always room to optimize your recruitment process. And with a proper analytical toolset, you can make it an ongoing program.<\/p>\n Besides the above reporting capabilities, our web app brings much more to the HR table:<\/p>\n Remember that we mentioned our client that saved $60K<\/b> thanks to solving inefficiencies highlighted in our reporting module? The annual cost of using TRAFFIT recruiting software is $790 per user<\/b>. Even if you have a team of ten recruiters, that would cost $7,9K annually<\/b>. Considering the 60 thousand saved, even with a year’s software license investment, you will be ahead by more than 52 thousand.<\/p>\n Those numbers are examples, of course, but you see where we’re getting at. By implementing data-driven recruitment strategies and processes, your company can recalibrate how you handle each hiring process, improve candidate experience, and ultimately achieve a higher ROI on your recruitment investments.<\/p>\n With data assembled by your recruitment analytics software, you can come up with informed decisions about where to allocate your budget and resources:<\/p>\n According to LinkedIn<\/a>, 68% or talent acquisition pros declare that they need better recruitment tools<\/a> and technology to boost their performance by the end of 2025. We bet that you want to be in that winning camp as well!<\/p>\n There\u2019s no doubt that recruitment analytics plays a key role in discovering which recruitment activities work, and which do not.<\/p>\n By choosing TRAFFIT\u2019s reporting solution, you will:<\/p>\n Last but not least, to make the most of its features, you don\u2019t have to be a data science engineer!<\/p>\n Take TRAFFIT for a 14-day free test drive<\/a> (no strings attached!) or book a demo call<\/a> with us \u2014 we will show you how to use our recruitment analytics in detail!<\/p>\n","protected":false},"excerpt":{"rendered":" Efficiency, speed, and cost-optimization are the fundamental hiring principles. That\u2019s why handling recruitment analytics is paramount. Regardless of whether you need to measure the effectiveness of your internal hiring processes or you want to prove your worth to your clients. The reality is that most stakeholders know that they should measure and analyze recruitment data, […]<\/p>\n","protected":false},"author":6,"featured_media":7415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[118],"tags":[],"acf":[],"yoast_head":"\n![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics1.png\")
<\/p>\nChallenge #3: How to improve hiring processes<\/h3>\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics2.jpg\")
<\/p>\nChallenge #4: No tools to collect data<\/h3>\n
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Top reasons to start recruiting analytics<\/h3>\n
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Introducing new recruitment analytics from TRAFFIT<\/h2>\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics3.png\")
<\/p>\nAnalyze your hiring process in a snap<\/h3>\n
Optimize your recruitment funnel with analytical tools<\/h3>\n
Time to hire, time to offer, and time to reject<\/h4>\n
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![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics4.png\")
<\/p>\nOffer acceptance rate<\/h4>\n
Top application source<\/h4>\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics5.png\")
<\/p>\n\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics6.png\")
<\/p>\n![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics7.png\")
<\/p>\nJob posts performance<\/h4>\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics8.png\")
<\/p>\n![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics9.png\")
<\/p>\nRejections reasons breakdown<\/h4>\n
![\"\"](\"https:\/\/traffit.com\/wp-content\/uploads\/2023\/05\/recruitment-analitics10.png\")
<\/p>\n\n
And much more!<\/h4>\n
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Maximize your ROI with recruitment analytics<\/h2>\n
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Time for your data-driven talent pipeline<\/h2>\n
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