Talent acquisition analytics are critical for today’s savvy TA teams. The world of talent acquisition moves at a million miles an hour during the best of times. So, it can feel head-spinning when markets are lurching from one challenge to another at breakneck pace. The going gets even tougher for recruitment teams constantly faced with high staff rotation, high vacancy levels, and an ongoing need for high volume hiring.
Take the quick service restaurant (QSR) sector as a prime example. Many QSRs retained only a skeleton staff, or no staff at all, during the pandemic. But, they had to recruit high volumes of new staff at pace, in order to start re-opening their doors when lockdown and social distancing restrictions eased.
Yet, high turnover, high volume recruitment isn’t limited to QSRs. In addition, sectors such as contact centers, outsourced services providers and retailers also experience above average levels of staff churn and constantly recruit en masse to keep up with business needs.
The greater your recruitment needs, the more complex your challenges can be
Hundreds of thousands of organizations are upping their games by turning to talent acquisition analytics, to:
- Gain actionable insights into recruitment processes
- Identify areas for improvement
- Enables data-driven decision-making
After all, volume hiring against a revolving door of incoming and outgoing staff is daunting enough when everything is calmly ticking along. But it can be spectacularly overwhelming when you’re navigating market turbulence.
Now, talent acquisition analytics are transforming the lives of recruitment teams. So, let’s take a closer look at how it can better equip you to identify gaps in your hiring strategies and tackle high volume recruiting.
The Power of Talent Acquisition Analytics
Talent acquisition analytics involve the use of data and metrics to evaluate and optimize recruitment processes. You can leverage them to gain valuable insights into key elements. Key elements that impact your hiring processes and support the overall goals of the business.
It’s a compelling data-driven approach. You’re empowered to make informed decisions and focus your efforts on the areas that deliver the best results, such as:
Enhanced Recruitment Efficiency
One of the key benefits is the ability to skyrocket recruitment efficiency. You can identify bottlenecks in the hiring process and streamline your workflows. How? By analyzing data on key components like:
- Source of hire
- Candidate quality
And, for example, by then allocating more resources to channels that consistently produce high-quality candidates. Doing so reduces the amount of unnecessary time and effort spent on less productive sources.
Identifying and Addressing Skill Gaps
High turnover and high vacancy levels often indicate a mismatch between role requisites versus the actual skills of candidates.
For this purpose, talent acquisition analytics help you identify these skill gaps by analyzing candidate credentials, such as:
- Performance of successful hires
When you’re armed with this knowledge, you’re good to adjust job descriptions, requirements, and training programs to attract and develop not only the best fits for your vacancies, but also those who are more likely to stick around.
Maximizing Return on Investment (ROI)
Recruitment is a costly investment for any organization. So, maximizing ROI is crucial. Analytics provides you with a crystal clear picture of your recruitment spend, including:
- Cost per hire
- Cost per applicant
- Cost per source
When you understand the ROI of different recruitment strategies, you can:
- Allocate your resources more effectively
- Invest in the channels and methods that generate the highest returns
The possibilities are almost limitless. But you need clarity on the right metrics for your business – and how to leverage them – in order to experience the transformational benefits.
The Money Shots are in the Metrics
Fact: You need to get the right metrics in place to truly leverage talent acquisition analytics. But, how do you know what they are, and where do you start?
It’s easy when you work in partnership with a leading-edge provider. One who will remain at hand from the onset, and as your journey evolves.
In the meantime, here are some essential metrics to consider to reduce turnover in specific terms of high volume recruitment:
- Time-to-Fill: This metric measures the time it takes to fill a position, from the moment it becomes vacant. Tracking time-to-fill can help identify delays in the hiring process, consequently leading to unplugged bottlenecks and overall expedited recruitment.
- Quality of Hire: Measuring the quality of hire lets you assess the long-term success and performance of candidates, based on factors such as retention rates, job performance, and employee satisfaction surveys. As a result, you’re primed and ready to hone in on the best fits who represent a higher likelihood of staying the course.
- Source of Hire: Understanding the sourcing channels that produce the most successful candidates is crucial for optimizing recruitment efforts. By tracking the source of hire, you can invest resources in the most effective channels, while pulling back on underperforming sources.
- Applicant-to-Interview Ratio: It can be a revelation to measure the number of applicants who progress to the interview stage. For example, a low ratio might indicate any of the following needs:
- To revise the screening process
- To revisit job descriptions to attract better-suited applicants
- To pinpoint and address any DEI issues by hiring manager, department or site
All things considered, talent acquisition analytics can feel like a lot to take in. And truthfully, it’s not just a case of pressing a few buttons and suddenly having the answers to all your problems. But, with expert guidance, plus a little trial and error, the view from the other side can be magnificent.
It sure is for this PeopleInsight by HireRoad client…
A True Story of Harnessing Talent Acquisition Analytics to Recruit Volume and Pace
- The Challenge: Business X, as we’ll refer to them, juggle multiple job vacancies in a relatively high turnover industry. They need to continuously monitor and improve their recruitment process for maximum operational optimization.
- How Did Analytics Steer a Solution?: Business X started to measure, document, compare and present on a variety of data points, to ensure the fitness of their recruitment process for prime output. Their deep analysis included the interrelation of key but previously non-integrated components, such as:
- Number of open requisitions per recruiter
- Open requisitions by days open as well as by deadline
- Level and type of job vacancies open the longest (for assigning and monitoring time frames)
- Candidates the furthest along in the recruitment process (for getting job offers out faster to highly suitable and engaged candidates)
By segmenting their recruitment process, Business X is better prepared to identify and capitalize on opportunities, like moving candidates more quickly and further into the process, while monitoring for any bottlenecks.
As a result of leveraging analytics, they’ve discovered remarkable new ways to effectively streamline the process, prioritize their time, and drive optimization and scalability.
In turn, the overall success of the team and achievement of their business goals have soared as a result of a supercharged recruitment process.
At HireRoad, our premium PeopleInsight by HireRoad system is the smartest solution for unpacking invaluable information and analytics to inform and dictate greater success levels in terms of high volume recruitment against a backdrop of high staff churn. Plus, it can be newly deployed alongside other branded solutions, or seamlessly integrated with your existing disparate HR systems.
If you haven’t experienced transformational talent acquisition analytics yet, get in touch for a free demo right now.